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IDBI Bank settles loan with Aircel founder Siva


IDBI Bank settles loan with Aircel founder Siva
© Provided by The Times of India
Mumbai: IDBI Bank has said that it has accepted the one-time settlement offer by Siva Industries’s promoters a part of Aircel founder C Sivasankaran’s group as it would lose more money otherwise.
IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019. The loans were availed by a group company that later merged with Siva Industries. Sivasankaran is facing investigations by the authorities for causing a loss to banks.
According to banking sources, IDBI Bank has already written to the CBI, which has confirmed that commercial dealings will not affect the criminal investigation process. ....

International Asset Reconstruction Company , Siva Industries , Union Bank , Asset Reconstruction Company , Yes Bank , Royal Partners , சர்வதேச சொத்து புனரமைப்பு நிறுவனம் , சிவா தொழில்கள் , தொழிற்சங்கம் வங்கி , சொத்து புனரமைப்பு நிறுவனம் , ஆம் வங்கி , அரச கூட்டாளர்கள் ,

IDBI Bank settles loan with Aircel owner's company | Chennai News


C Sivasankaran is facing investigations by the authorities for causing a loss to banks
CHENNAI: IDBI Bank has said that it has accepted the one-time settlement offer by Siva Industries’s promoters a part of Aircel owner C Sivasankaran’s group as it would lose more money otherwise.
IDBI Bank had initiated bankruptcy proceedings against Siva Industries in 2019. The loans were availed by a group company that later merged with Siva Industries. Sivasankaran is facing investigations by the authorities for causing a loss to banks.
According to banking sources, IDBI Bank has already written to the CBI, whichhas confirmed that commercial dealings will not affect the criminal investigation process. “Recovery for the bank through one-time settlement will be higher vis-a-vis recovery through NCLT liquidation based on the valuation of assets available as security. ....

Tamil Nadu , International Asset Reconstruction Company , Siva Industries , Union Bank , Asset Reconstruction Company , Yes Bank , Royal Partners , Chennai News , Hennai Latest News , Hennai News Live , Hennai News Today , Oday News Chennai , Union Bank Of India , Time Settlement Offer , Idbi Bank , Company Chennai , தமிழ் நாடு , சர்வதேச சொத்து புனரமைப்பு நிறுவனம் , சிவா தொழில்கள் , தொழிற்சங்கம் வங்கி , சொத்து புனரமைப்பு நிறுவனம் , ஆம் வங்கி , அரச கூட்டாளர்கள் , சென்னை செய்தி , தொழிற்சங்கம் வங்கி ஆஃப் இந்தியா , இட்பி வங்கி ,