Latest News for: Insolvent bank

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CUB’s stand upheld by NCLAT

Business Line 15 May 2022
The National Company Law (Appellate) Tribunal, has upheld an order of the Chennai Bench of NCLT admitting an insolvency case filed by the City Union Bank against one Mr Amar Vora, suspended director of Milan Textiles, Madurai, who had borrowed from the bank to develop a shopping mall, and defaulted.
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UN poverty expert blames Lebanon government and central bank for humanitarian and economic crisis

Jurist 15 May 2022
The report categorises the crisis as entirely manufactured by failed government policies which makes the Lebanese government and the central bank responsible for human rights violations ... The report particularly blames the Lebanese central bank, Banque du Liban, and the mostly insolvent banking sector, which collapsed in 2019.
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ALEX BRUMMER: Crypto currencies crash to earth

This is Money 13 May 2022
Across the globe, central banks did a great job pin protecting Western economies from the worst impacts of the 'Great Financial Crisis' and, a decade later, Covid ... Significant banks were saved and have come out of the other side stronger ... The Bank of England engaged in an £895billion bond-buying spree (almost half the national debt).
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ALEX BRUMMER: Investors have been drawn to crypto currencies on grounds that it is supersafe ...

The Daily Mail 13 May 2022
Across the globe, central banks did a great job pin protecting Western economies from the worst impacts of the 'Great Financial Crisis' and, a decade later, Covid ... Significant banks were saved and have come out of the other side stronger ... The Bank of England engaged in an £895billion bond-buying spree (almost half the national debt).
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Stocks To Watch: Sbi, Tech Mahindra, Ril, Bank Of Baroda, Airtel, Tata Motors | Mint

Live Mint 13 May 2022
Punjab National Bank has said it would subscribe to the rights issue of its associate mortgage ... (FRL) to file its response to a Bank of India petition seeking to initiate insolvency resolution proceedings against the company for defaulting on loans ... Ujjivan Small Finance Bank.
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Amazon appeals not to admit bankruptcy proceedings against Future Retail

Financial Express 12 May 2022
NCLT Mumbai bench, which is hearing the insolvency petition filed by BoI, will hear Amazon’s arguments at its next date on June 6 ... Amazon is opposing initiation of insolvency proceedings, alleging the banks had colluded with FRL and that bankruptcy proceedings at this stage will compromise the e-commerce firm’s rights.
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FRL gets time till June 6 to file reply on insolvency plea

The Times of India 12 May 2022
The National Company Law Tribunal (NCLT) on Thursday gave time till June 6 to Future Retail Ltd (FRL) to file its reply on the insolvency petition filed by Bank of India, which told the tribunal that any delay in initiating the resolution process could jeopardise recovery of money lent to the firm.
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Nclt Grants More Time To Frl To Reply To Boi Plea | Mint

Live Mint 12 May 2022
The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday granted more time to Future Retail Ltd (FRL) to file its response to a Bank of India petition seeking to initiate insolvency resolution proceedings against the company for defaulting on loans. Bank of India, ...
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Crypto Lending: Unregulated crypto-backed loans get popular, but not without risks

Gulf News 12 May 2022
When a lender normally deposits money with a bank for loan purposes, the overall risk of losing all the money is very low, and the lender is assured of some compensation even if the bank goes insolvent. In crypto lending, deposits are not insured like it is for bank loans, and you might lose all your money if the platform provider goes insolvent.
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Amazon files plea against Future Retail insolvency

Business Line 12 May 2022
Amazon has filed an injunction petition against the Future Retail (FRL) insolvency petition filed by Bank of India. The bank had dragged FRL to the NCLT over unpaid dues to the tune of ₹1,441 crore ... The matter was being heard in the insolvency court on May 12 for admission of the petition.
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Amazon tells RBI banks colluding with Future Retail: ReportThe online retail giant said that the ...

Deccan Herald 12 May 2022
... alleging repeated collusion by Future Retail Ltd and banks to deny its rights, according to a report by the Mint ... Future had in January challenged its lenders in the Supreme Court to avoid facing insolvency proceedings over missing bank payments, citing its dispute with Amazon.
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Poor response to Reliance Capital resolution: Committee of creditors extends date to June 30

Financial Express 12 May 2022
Of the eight “prospective resolution applicants” (PRA), only three – a Piramal Group-led onsortium, Yes Bank and HDFC Ergo – have held their own internal meetings ... The regulator also filed an application for initiation of corporate insolvency resolution process against the company.
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KPMG fined £14m for forging documents over Carillion collapse

The Daily Telegraph 12 May 2022
Since John Holt took over as its chief executive in April 2021, KPMG has also been handed a £13m fine for serious misconduct in its handling of the insolvency of mattress company Silentnight; pulled up by the FRC over the quality of its banking audits; and dropped out of bidding ...
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Banks Colluding With Frl: Amazon Tells Rbi | Mint

Live Mint 11 May 2022
Amazon alleged that FRL was attempting to initiate a corporate insolvency resolution process through Bank of India to utilize the provisions of Section 14 of the Insolvency and Bankruptcy Code to seek an illegal injunction in the ongoing arbitration and litigation involving Future Retail.

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President Joe Biden signs S. 583, the “Promoting Rigorous and Innovative Cost Efficiencies for Federal Procurement and Acquisitions Act of 2021” or the “PRICE Act of 2021,” Tuesday, February 22, 2022, in the Oval Office at the White House.
White House / Adam Schultz
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