A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
Rating agency Fitch on upgraded outlook of 10 financial institutionals, including SBI, ICICI Bank and EXIM Bank of India to 'stable' from 'negative' earlier following revision in the country's outlook.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'Like doctors, health workers, police, bankers are also COVID warriors,' notes Tamal Bandyopadhyay.
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.
Green bonds refer to bonds issued mainly by power companies to finance energy efficient projects
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Industrial Development Bank of India Ltd on Monday said it will enter into a memorandum of understanding with Netherlands-based Fortis Insurance International NV for setting up a joint venture company. \n
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
Grasim Industries Ltd said Industrial Development Bank of India withdrew its nominee V Venkateswarlu from the companys board.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Sensex remained volatile through the day.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks have been struggling hard to recover dues from grounded Kingfisher Air.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Ratnagiri Gas & Power Pvt Ltd, in charge of Dabhol assets since 2005, has admitted it is passing through a difficult phase in the absence of gas allocation and low recovery of dues from the Maharashtra State Electricity Distribution Company.
For development finance institution to succeed now, the government must stand like a rock behind it and be patient.
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
"We will be guided by our national interest," he said.
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
First case filed after new norms come into force, NCLT admits plea.
The agency has registered the FIR after a preliminary enquiry on a complaint from the oil ministry.
Jaypee Infratech's financial creditors on Monday deferred the voting process on Suraksha group's offer to acquire the realty firm and will decide later this week whether bids of Suraksha group as well as NBCC should be considered again. Days after NBCC strongly objected to the Committee of Creditors (CoC) rejecting its offer and also questioned the jurisdiction of Interim Resolution Professional (IRP) Anuj Jain, the creditors held a meeting to discuss NBCC's addendum to its existing offer. The CoC, at its meeting on Monday, decided to conduct voting on May 27-28 on whether both contenders -- Suraksha group and NBCC -- should be allowed to submit their resolution plans for Jaypee Infratech Ltd (JIL), which went into insolvency proceedings in 2017.
Most of these road contracts are spread across Andhra Pradesh, Haryana, Karnataka, Odisha, Rajasthan, Tamil Nadu, Uttarakhand and West Bengal, with the government struggling to restart them.
The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
The company is pursuing the early scheduling of gas with the Centre to restart generation.
Firm makes disclosures of improper transactions worth Rs 1,225.3 crore with entities linked to beleaguered businessman
Banks are seeking an order that Mallya should appear in person before the court.
As many as 14,000 runners from across 15 countries will be lining up to take part in a nearly month-long initiative to raise funds for coaches and support staff in various sports amid the COVID-19 pandemic, the organisers said on Thursday. Championed by celebrated national badminton coach Pullela Gopichand, and Arjuna Awardees Ashwini Nachappa and Malathi Holla, 'Run to the Moon' will conclude on July 21 to coincide with the 51st anniversary of man's first landing on the moon.
Mixed global cues and decline in crude oil prices further dent the sentiments.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
The Enforcement Directorate (ED) had also published in leading dailies the court-issued proclamation against Mallya for appearance before the special PMLA court.
