Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Delhi-based Nilesh Sharma, among the first IPs, said while the framework is in the initial stage and might have teething trouble, the opportunity is immense in the long run.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
The company contented before the tribunal that the amount was paid outside India.
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
There are NPAs on account of the industrial downturn in sectors like steel, infrastructure and power.
Enactment of Insolvency and Bankruptcy Code has been instrumental in pushing up India's ranking in the 'Doing Business' report
With strong long-term fundamentals, banking sector cannot be completely ignored
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
Only 40 per cent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued. He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya.
Several of his lenders have a lot to answer for.
To tackle increasing demand, the Union Ministry of Power has urged central and state public-sector power-generating companies (gencos) and state power and energy departments to pick projects that are undergoing insolvency proceedings. The power ministry is looking at a quicker turnaround of these stressed power plants and enhancing power supply. Increasing demand is pushing states to scout for more power sources. "It is requested that state-owned gencos may be encouraged to participate in the corporate insolvency resolution process (CIRP) of stressed power assets, which are of strategic and commercial significance to the capacity addition plans of the states concerned.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
Vijay Mallya left India on March 2, presumably for London.
IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL, said a regulatory update from the media major. IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company, it added.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
The bankers also alleged that the Rs 594-crore claim at this point of time is a clear-cut tactics of UBHL to delay the process of justice, knowing fully well that the case is on the verge of disposal.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
The IT department has a designated official to execute these rare powers.
It will take over large non-performing assets of banks and help in revive companies ridden with bad debts.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
A roadmap for the consolidation of public sector banks will be outlined during the year.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
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.
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
The order grants permission to the UK High Court Enforcement Officer to enter the 62-year-old tycoon's properties in Hertfordshire, near London.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etcetera owe their existence to the recommendations of the first Narasimham Committee.
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
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