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While seeking to recover Rs2,320.45 crore from former promoters of Amtek Auto Ltd, the ministry of corporate affairs (MCA) has asked the Serious Fraud and Investigations Office (SFIT) to investigate the books and dealings of the company.

Synopsis In May, banks decided to appoint Padmakumar M Nair, chief general manager in charge of stressed assets in SBI, as the MD of the NARC. According to RBI norms, an ARC should have minimum net-owned funds of not less than 15% of the total financial assets that it plans to acquire on an aggregate basis or Rs 100 crore. Agencies (This story originally appeared in on Jul 13, 2021)Public sector lenders led by Canara Bank have officially formed the bad bank — the National Asset Reconstructi...

New bad bank expected to be launched in July Lenders have so far reviewed 101 non-performing assets (NPAs) in the first phase and now plan to transfer 22 accounts amounting to roughly Rs 89,000 crore to the bad bank. Share Via Email   |  A+A A- By Express News Service NEW DELHI:  The new bad bank is likely to be launched later this week with all the regulatory approvals in place. According to sources aware of the development, the Indian Banks Association (IBA) has already filed an a...

Revenue minister K Rajan added that the relaxation now under consideration is based on the previous all-party meeting convened by the chief minister.

The CREDAI report noted that these delays are attributed to a range of factors, with 92 per cent developers experiencing labour shortage at sites, 83 per cent developers are working with less than half the workforce, and over 82 per cent of developers are facing project approval delays.

For banks, however, the resolution is not the end of the road because NCLT orders are still being challenged by other creditors and debtors as the bankruptcy code is put to the test in higher courts.

According to banking sources, work is progressing on multiple fronts to ensure that the bad bank starts operations as soon as possible. On Wednesday, bankers met to finalise the capital structure of the bad bank (NARCL). Sources said that the company would need at least Rs 6,000-crore capital of equity and debt to start operations.