Now, another tool for SBI to resolve stress
May 09, 2021
Bank pursuing board approval for policy framework on pre-packs, says MD
State Bank of India sees the recently-introduced pre-packaged insolvency resolution process (PPIRP) for MSME corporates as another good tool in its armoury for resolving stress.
Swaminathan Janakiraman, Managing Director (Risk, Compliance and Stressed Assets Resolution Group (SARG), SBI, told
BusinessLine that the bank was putting together a policy framework for the same.
“We are putting together a board-approved policy framework for implementation of pre-pack among our MSME corporate customers. Over the next 4-6 weeks, we will start implementation and much would depend on how the ongoing second wave of Covid-19 plays out,” said Janakiraman. He made it clear that SBI would like to have multiple tools for resolving stress and that PPIRP cannot be a one-size fits all solution for the bank.
Image by Shutterbug75 from Pixabay
Troubled company Housing Development and Infrastructure Limited (HDIL), which is in midst of the Punjab and Maharashtra Cooperative Bank (PMC) scam, has reported a total income of Rs 424.59 crore for FY 2020, a drop of 29.38 per cent. In 2019, the total income of the real estate company stood at Rs 601.20 crore.
Meanwhile, the company reported a loss of Rs 13,996.62 crore in FY 2020 before taxation. The loss after taxation was Rs 13,967.30 crore in FY 2020, a slump of 245 per cent. In 2019, the companyâs profit after taxation stood at Rs 96.18 crore. The rise in losses of the company was mainly seen in the fourth quarter of FY 2020 at Rs 13,422.11 crore.
Aircel, RCom lenders likely to challenge NCLAT order on spectrum sale
The NCLAT order on spectrum sale may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders
PTI | April 19, 2021 | Updated 08:04 IST
Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them.
The National Company Law Appellate Tribunal (NCLAT) in its order dated April 13 had ruled that the spectrum cannot be utilized without payment of requisite dues which cannot be wiped off by triggering CIRP (Corporate Insolvency Resolution Process) under I&B (Insolvency and Bankruptcy) Code .
Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K cr
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Aircel, RCom lenders may challenge NCLAT order on spectrum as they may lose Rs 60K crPTI
Last Updated: Apr 18, 2021, 09:07 PM IST
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Synopsis
According to the experts and sources working with a committee of creditors, who did not wish to be named, the order may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders.
Agencies
Lenders of debt-ridden telecom firms Aircel and
Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them.
Regulation of insolvent firms shares still remains a dilemma
By IANS |
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Sensex, Nifty hit new highs, oil & gas stocks rise (Credit: bsebti.com). Image Source: IANS News
New Delhi, April 17 : As India s Insolvency and Bankruptcy Code (IBC) evolves at a fast pace, a hard nut to crack for the market regulator has come up with regulations in terms of trading in the shares of companies going through resolution under IBC.
Several concerns have been raised in terms of trading in the stocks of insolvent companies as many of them gained substantially amid the bull run in the past one year.