When Insolvency and Bankruptcy Code (IBC) came into effect in 2016, it became the preferred debt default resolution route. Around 1,858 companies have been admitted to the corporate insolvency resolution process between January 2017 and March 2019. The central promise of IBC was a time-bound resolution of debt that has gone bad. This promise now appears to be under threat. Suman Layak explains what ails the bankruptcy process under IBC and the way forward. Watch
Despite the IBC, NPAs continue to haunt the banks in the form of unresolved bad loans. A lack of clear business vision and structure, mainly among public sector banks, also ails the banking sector. Dheeraj Tiwari of The Economic Times lists out what troubles the banking sector and announcements that we can expect from the Budget 2019.
Chanda Kochchar won't appear before ED due to ill health. The Enforcement Directorate on Saturday once again summoned former ICICI Bank MD and CEO Chanda Kochhar for questioning on Monday in connection with ICICI Bank-Videocon loan case.
The Reserve Bank of India today issued a draft circular on liquidity risk management for NBFCs. "The circular on the “Liquidity Risk Management Framework for Non-Banking Financial Companies (NBFCs) and Core Investment Companies (CICs)” to be adopted by all deposit taking NBFCs; non-deposit taking NBFCs with an asset size of Rs 100 crore and above; and all CICs registered with the Reserve Bank," RBI said in a press release.
A day after the Enforcement Directorate summoned former MD & CEO of ICICI Bank Chanda Kochhar on May 3, in connection with the Videocon money laundering case, the agency today wrote to investigative authorities in Singapore, Hong Kong on Chanda Kochhar quid pro quo case, according to sources quoted by ET NOW.
NCLT Mumbai approves IndusInd Bank and Bharat Financial Inclusion Ltd merger. Nayantara Rai and Pankaj Poddar speak to PH Ravi kumar. Non-Exec Chairman of BFIL to understand the operative parts of this deal. Listen in.
In a move that may change the very basics of the India's bankruptcy regime, the Supreme Court Tuesday declared RBI's momentous circular on defaulting companies as unconstitutional. The circular in question sought to deal with resolution of stressed assets by way of a revised framework. Commonly referred to as the February 12, 2018 circular, it had forced seriously stressed companies to come clean and declare bankruptcy. Tune in as ET's Joel Rebello brings you all the details. (Text: ET Online)
Making the first arrest in the Infrastructure Leasing and Financial Services (IL&FS), the Serious Fraud Investigation Office (SFIO) arrested the former Chairman of IL&FS Hari Sankaran. A special Session court in Mumbai has remanded him to SFIO’s custody till Thursday. “ Shankar has been arrested in connection with the ongoing investigations in to the affairs of IL&FS and its group entities.. Hari Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd,” the press release by SFIO read.
SBI Chairman Rajnish Kumar after meeting Fin Min India on Jet Airways resolution plan, says "Not all hopes are lost; IBC is the last option for Jet. What can banks do if both equity partners in Jet can’t reach a consensus?"
Former CEO and MD of ICICI Bank, Chanda Kochhar was summoned at Enforcement Directorate for the fourth consecutive day on Monday. Kochhar is being probed into the alleged irregularities and corrupt practices in sanctioning Rs 1,875 crore loan by the bank to the Videocon Group. On Saturday, the ED questioned Chanda Kochhar, her husband Deepak Kochhar and Videocon Group promoter Venugopal Dhoot. The development comes weeks after the ED registered a criminal case for money laundering.
Videocon Group chairman Venugopal Dhoot and former ICICI Bank Managing Director, CEO Chanda Kochhar’s husband Deepak Kocchar left Enforcement Directorate’s (ED) Mumbai office after about 12 hour of questioning. They were called by Enforcement Directorate, Mumbai for questioning in ICICI Bank-Videocon loan case. ED had searched premises of Chanda Kochhar and Venugopal Dhoot on Friday. This is the first time a lookout circular (LOC) has been issued against Chanda Kochhar. The CBI had earlier issued LOC against Deepak Kochhar and Dhoot after it registered a preliminary enquiry in March last year to keep a tab on their travel plans at the immigration desks at the international airports. Chanda Kochhar stepped down from the post of CEO and MD on October 04 last year after expose of the loan saga. Her tenure in the bank was to end this March.
The Central Bureau of Investigation (CBI) has issued look out circulars (LOC) against former ICICI Bank chief executive Chanda Kochhar, her husband Deepak Kochhar and Videocon managing director Venugopal Dhoot. An FIR was registered last month for alleged corruption in six loans worth Rs 1,875 crore given to Videocon group during 2009-11. The Enforcement Directorate (ED) is extending the probe into possible forex rules violations.
The Finance Ministry on Wednesday announced to pump in Rs 48,239 crore in 12 public sector banks (PSBs) in this fiscal to help them maintain regulatory capital requirements and finance growth plans. With this funding, the total amount of capital infusion would increase to Rs 1,00,958 crore of the planned recapitalisation of Rs 1.06 lakh crore for PSBs for the current fiscal, according to Financial Services Secretary Rajiv Kumar.