The Bombay High Court has ruled that the Prevention of Money Laundering Act (PMLA) takes precedence over debt recovery laws like SARFAESI and RDB Acts when it comes to the attachment of proceeds of crime.
The National Consumer Disputes Redressal Commission dismissed a flat buyer's plea for a refund from a builder facing liquidation, highlighting the challenges faced by consumers in stalled real estate projects.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, allows banks and financial institutions to auction properties (residential and commercial) when borrowers fail to repay their loans.
NCP (SP) MLA Rohit Pawar has filed a discharge application in connection with the Maharashtra State Co-operative Bank (MSCB) 'scam' case, claiming the predicate offence has been closed and no money laundering case is made out.
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
Public sector banks (PSBs) have written off bad loans of about Rs 5.82 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2024-25, the loan write-off of PSBs was at Rs 91,260 crore, compared to Rs 1.15 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
The Supreme Court has ruled that a bank's one-time settlement (OTS) scheme cannot be invoked as a matter of right and that borrowers must strictly comply with its mandatory conditions, including upfront payment of a specified portion of dues, to avail themselves of the benefits of the scheme.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the IBC in India can be largely attributed to the initial economic conditions of companies entering the Corporate Insolvency Resolution Process (CIRP). IBC experts also say the trend shows a certain stabilisation in IBC with the Code now rid of legacy bankruptcy issues.
A total of 161.30 acres of land, plant, machinery and building of the Kannad Sahakari Sakhar Karkhana Limited (Kannad SSK) located in Kannad village of Aurangabad district has been provisionally attached under the Prevention of Money Laundering Act (PMLA), the ED said in a statement.
The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
State-owned Bank of Baroda on Monday said actor Sunny Deol has offered to settle the dues related to his bungalow in Mumbai.
Providing some relief to borrowers under the Securitisation Act, the Supreme Court has ruled that secured creditors cannot straightaway attach the defaulter's assets after giving the mandatory 60-day notice.
The government may exempt investments in asset reconstruction companies from income tax in the forthcoming Budget to boost the bad assets recovery business.
The shutdown has been complete in not only major cities like Kohima, Dimapur and Mokokchung, but even smaller towns such as Tuli, Jalukie, Pfutsero, CNCCI president Khekugha Muru told PTI.
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
The change may give "secure creditors" the first right to auction an asset in order to recover the dues.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
The Dun & Bradstreet Composite Business Optimism Index stands at 81.1 during the 2nd quarter of 2016
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
Pulbic banks have no reason to cheer Budget announcement.
The ministry further told banks that "it would be prudent to take steps against guarantors immediately when no sign of revival is visible".
Such measures are expected to further enhance the protection of investors in the securities market
To minimise hardship for legal heirs, home loan borrowers must purchase additional insurance cover while taking a home loan.
The finance ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak. The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.
Pawar said he was upset that his three sisters were dragged into this.
At present, Sebi norms bar wilful defaulters from issuing convertible debt instruments.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The finance minister's meeting with chief executives and managing directors of banks ahead of the Union Budget assumes significance in view of the critical role the banking sector plays in boosting consumer demand across sectors.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
CBI has registered a case against general secretary of Mumbai BJP Mohit Kamboj, his jewellery manufacturing firm Avyaan Overseas, its directors, few mid-level bankers and others for alleged diversion of funds by availing fraudulent foreign bills negotiation limit and export packaging credit limit, issued by lender Bank of India between 2013 and 2018.
The Kingfisher House has a built-up area of over 17,000 sq ft and is located in plush Vile Parle area near domestic airport in Mumbai.
The meeting will be attended by all heads and EDs of public sector banks
MCA blamed its financial troubles on non-receipt of payments from the Board of Control for Cricket in India for the last 10 months.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
The Union Budget 2016-17 has cheered the NBFC sector
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