SARFAESI News

The NPA problem: Lessons from South Korea

The NPA problem: Lessons from South Korea

Reserve Bank of India's (RBI) Financial Stability Report released in June warned that the banking system's gross bad loan ratio could rise to as high as 10.2% of the total loan book by March 2018 from 9.6% in March 2017. ... Unfortunately, the numerous ...

This is how you can declare yourself bankrupt in India if you can't repay loan

This is how you can declare yourself bankrupt in India if you can't repay loan

The government is making it easy for people to deal with bankruptcy. So unlike now, someone who fails to repay loan of a bank cannot be bogged down and made to pay up at once. Learning from various incidents, the government is now coming up with ...

India: Enforcement Challenges For Lenders Under RERA

India: Enforcement Challenges For Lenders Under RERA

Even secured creditors and notified NBFCs under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI") could take recourse under SARFAESI which included the sale of the charged property ...

Ramsarup Industries moves NCLT, declares itself insolvent

Ramsarup Industries moves NCLT, declares itself insolvent

Describing the application as “fraudulent”, Siddhartha Dutta, partner, Shardul Amarchand Mangaldas and Co., submitted before the bench that his client ICICI Bank had already taken possession of several assets of Ramsarup under the Sarfaesi Act. He also ...

ICICI Bank opposes Ramsarup's insolvency petition at NCLT

ICICI Bank opposes Ramsarup's insolvency petition at NCLT

“Sarfaesi Act has already been invoked by ICICI Bank and steps are ongoing. But, the bank ... Last month, the CBI had filed a case against the promoters and directors of Ramsarup Industries on the allegations of cheating United Bank of India of `184.43 ...

How have bad loans recoveries by banks progressed; the crisis numbers in brief

How have bad loans recoveries by banks progressed; the crisis numbers in brief

While banks like State Bank of India (SBI), ICICI Bank and Axis Bank have reported higher recoveries, others like Punjab National Bank (PNB), Canara Bank and Union Bank of India have shown a dip in recoveries in Q1. ... MD & CEO Sunil Mehta told ...

Meet IFCI - A Financial Institution With 35% Bad Loans

Meet IFCI - A Financial Institution With 35% Bad Loans

Government-owned IFCI Ltd. has reported a gross non-performing asset ratio of 35 percent as of June 30. That's higher than IDBI Bank's 24 percent, the worst among listed banks in India. IFCI's gross NPA ratio stood at 32 percent as of March and 19 ...

Nagarjuna Oil files for bankruptcy

Nagarjuna Oil files for bankruptcy

The bench also accepted the IRP proposed by the vendor petitioner, who is a Chennai-based Company Secretary registered with the Insolvency and Bankruptcy Board of India. As a result of this, recovery actions by lenders under SARFAESI Act etc. will be ...

Bleeding banks need more than a bandage

Bleeding banks need more than a bandage

The Reserve Bank of India (RBI) has decided to act against 12 big corporates responsible for 25 percent of the Rs 10 lakh-crore non-performing assets (NPAs) in Indian banks. However, despite the Supreme Court order in 2015, the .... SARFAESI Act, 2002 ...and more »

India: NCLT, Courts And The RBI Work Together To Implement The Bankruptcy Code

India: NCLT, Courts And The RBI Work Together To Implement The Bankruptcy Code

The financial creditors of Leo Duct had already initiated proceedings under the SARFAESI Act which were considerably in the advanced stages of fructification. The secured assets of Leo Duct were due to be repossessed by the financial creditors on the ...