Bankers back the new bankruptcy code, which would impose debt deadlines on failed firms and foresees up to five years in jail for debtors who conceal property or defraud creditors
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
At the heart of Friday's case lay an ICICI Bank loan owed by Mallya's Watson and CASL, for which Diageo stepped in as a backstop so that it could be refinanced by Standard Chartered Bank.
The apex court directed Mallya, who is currently in the United Kingdom, to appear before it on July 10 to argue on the quantum of punishment in the matter.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
The company contented before the tribunal that the amount was paid outside India.
Liquor baron Vijay Mallya's passport has been suspended.
Several of his lenders have a lot to answer for.
The court said the conduct of the directors was in 'gross violation' of its order.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
A revival in investment is likely to be a key near-term initiative.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
India's debt recovery and restructuring framework is still a work in progress, even six months after the President's assent to the Insolvency and Bankruptcy Code 2016.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
Enactment of Insolvency and Bankruptcy Code has been instrumental in pushing up India's ranking in the 'Doing Business' report
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
P P Chaudhary the newly-appointed minister of state for corporate affairs, is monitoring and coordinating actions against shell companies.
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
With strong long-term fundamentals, banking sector cannot be completely ignored
Analysts were expecting the government to propose higher capital infusion for banks.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
"By taking my passport or arresting me, they are not getting any money," Vijay Mallya said.
Raghuram Rajan explains the rationale for his policy stance and other issues.
The problem of stressed assets needs to be addressed with effective recovery.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
The Bill suggests an insolvency regulator.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Merging tribunals may lead to administrative convenience, but pendency of cases is likely to increase
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
Mallya is a fugitive from justice in India, Attorney General Mukul Rohatgi told the Supreme Court.
The need to allow government shareholding in public sector banks to come down below 51 per cent
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