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Monetary authority announces a nine-point plan that offers reassurance about access to credit relief amid market rumours of loans being called early.
RP-Sanjiv Goenka Group Vice Chairman, Shashwat Goenka, expressed confidence in achieving profitability for the group's consumer business, encompassing retail giants like Spencer's Retail and Nature's Basket, along with the FMCG sector. This financial turnaround, targeted within the next two to three years, involves a strategic approach, including debt reduction through restructuring, loan repayment, store closures in unprofitable segments, and the introduction of high-margin luxury gourmet stores.
The Kerala High Court has made it clear that the jurisdiction of writ court cannot be invoked against decisions of lending institutions like banks unless there were compelling reasons such as...
Bank of Maharashtra did not receive any firm bids for its loans to Asian Hotels (North) at an auction. The reserve price was set at Rs 330 crore, but no asset reconstruction companies submitted firm bids. Asian Hotels (North) had faced financial difficulties due to the impact of Covid-19 and had entered into a one-time restructuring. Lenders agreed to a restructuring proposal involving a moratorium on payments, and the company challenged the declaration of its account as a non-performing loan in court.
The rules under these measures specify several norms that must be followed for restructuring the loans, providing fresh loans and other measures, including KYC norms