Latest News for: Insolvent bank

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SC warns commercial court judges against delay in resolution of cases

Manila Bulletin 28 Jul 2021
In his letter, Dominguez cited the case of Land Bank of the Philippines, “a creditor party in numerous rehabilitation and insolvency proceedings where there appears to be a questionable trend of unwarranted delay and/or circumvention of court proceedings.”.
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SC to commercial courts: Avoid delay

Manila Standard Today 28 Jul 2021
... In his letter, Dominguez cited the case of Land Bank of the Philippines, “a creditor party in numerous rehabilitation and insolvency proceedings where there appears to be a questionable trend of unwarranted delay and/or circumvention of court proceedings.”.
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Nama earned €20m in profits in first quarter of year

The Irish Times 28 Jul 2021
The National Asset Management Agency (Nama) earned profits of €20 million in the first three months of the year, figures published on Tuesday show ... Nama bought Irish bank’s property loans for €31.8 billion in 2010 and 2011 in a bid to save the lenders from insolvency following a financial crash ... The State agency transferred €2 billion in 2020 ... .
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DNA Explainer: Vijay Mallya is going bankrupt, know what is the bankruptcy process in India

DNA India 27 Jul 2021
Fugitive Indian businessman, the 65-year-old chairman of UB Group, Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the ... This will help faster insolvency proceedings to help creditors, such as banks recover dues and prevent bad loans.
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DNA Explainer: What is Bankruptcy Code bill, need for it and how it will help ...

DNA India 27 Jul 2021
Union Finance Minister Nirmala Sitharaman on Monday introduced Insolvency and Bankruptcy Code (Amendment) Bill 2021 in Lok Sabha ... This will help faster insolvency proceedings to help creditors, such as banks recover dues and prevent bad loans ... It is legislation, which suggests time-bound settlement for insolvency cases.
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UK court declares fugitive Vijay Mallya bankrupt

Khaleej Times 27 Jul 2021
The verdict allows a consortium of Indian banks to pursue his assets worldwide. Fugitive Indian businessman Vijay Mallya on Monday was declared bankrupt by a British court, allowing Indian banks to pursue his assets worldwide. The Companies and Insolvency Court of UK passed the ruling, according to a statement of the UK High Court press office.
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UK court declares Vijay Mallya bankrupt allowing Indian banks to pursue his assets worldwide

Gulf News 27 Jul 2021
Fugitive Indian businessman Vijay Mallya on Monday was declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide. The Companies and Insolvency Court of UK passed the ruling, according to a statement of the UK High Court press office.
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Israel saw 38% increase in bankruptcy filings in 2020

The Jerusalem Post 27 Jul 2021
Most insolvency proceedings could have possibly been prevented had the state restricted the banks in granting credit ... “If there had been regulation regarding the granting and limitation of credit, it would clearly have helped in a significant reduction in insolvency proceedings,” advocate Oded Chen said.
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Opposition to move resolution against IBC (Amendment) Ordinance, 2021 today

Hindustan Times 27 Jul 2021
Opposition leaders will on Tuesday move a resolution in Lok Sabha disapproving the Insolvency and Bankruptcy Code (Amendment) Ordinance ... It lays down clear-cut and faster insolvency proceedings to help creditors, such as banks, recover dues and prevent bad loans.
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In 5 years of IBC regime, lenders took 61% haircut on claims, show data

Indian Express 27 Jul 2021
Public and private sector banks, non-banking financial institutions, and other financial lenders to companies undergoing corporate insolvency resolution process (CIRP) have taken a cumulative haircut of Rs 3.22 lakh crore — or 61.2 per cent of their admitted claims since the ...
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UCO Bank Q1 results: Net profit jumps over 4-fold to Rs 102 cr

The Times of India 27 Jul 2021
State-owned UCO Bank ... Also, for accounts covered under the provisions of the Insolvency and Bankruptcy Code (IBC), the bank is holding a 100 per cent provision (including technical write-off) against a total outstanding of Rs 4,730.28 crore as of June 30, 2021, it added ... "Bank has filed an appeal against the order of NCLT, Kolkata Bench," it added.
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FM Sitharaman tables bankruptcy code bill aimed at small firms

Hindustan Times 26 Jul 2021
It lays down clear-cut and faster insolvency proceedings to help creditors, such as banks, recover dues and prevent bad loans ... It lays down clear-cut and faster insolvency proceedings to help creditors, such as banks, recover dues and prevent bad loans, a key drag on the economy ... New restrictions on insolvency resolution professionals.
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UK High Court declares Vijay Mallya bankrupt for Indian banks to realise debt

Deccan Chronicle 26 Jul 2021
Fugitive Indian businessman Vijay Mallya on Monday (local time) was declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide. The Companies and Insolvency Court of UK passed the ruling, according to a statement of the UK High Court press office.
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UK court declares Vijay Mallya bankrupt

The Siasat Daily 26 Jul 2021
Fugitive Indian businessman Vijay Mallya on Monday (local time) was declared bankrupt by a British court allowing Indian banks to pursue his assets worldwide. The Companies and Insolvency Court of UK passed the ruling, according to a statement of the UK High Court press office.
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Reforms help banks recover Rs 5.5 lakh crore of bad debt: Govt

The Times of India 26 Jul 2021
The steps taken by the government over the last few years — from enacting Insolvency & Bankruptcy Code (IBC)and strengthening other laws to administrative measures — have helped banks recover around Rs 5.5 lakh crore of bad debt, including close to Rs 1 lakh crore from accounts that had been technically written off, top officials said.

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