Loan Defaulters

RBI calls on lenders to hear borrowers before declaring account fraud

Move follows SC ruling for complying with principles of natural justice

Lenders must hear loan defaulters before declaring accounts fraud: RBI

Banks will now have to issue a show-cause notice to fraudulent entities, with complete details of the fraud, the Reserve Bank of India said in a release

Mumbai Special Court issues non-bailable warrant against Vijay Mallya

Vijay Mallya was declared a fugitive under the Fugitive Economic Offenders Act in 2019. The recent non-bailable warrant has been issued for a Rs 180 crore loan default

RBI defers implementation of norms on penal charges levied by banks

Initially issued in August, these norms were set to be implemented from January 1, 2024

Crisis-hit Jaiprakash Associates defaults on Rs 3,961-crore loans on May 31

Crisis-hit Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans worth Rs 3,961 crore, including principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the company on May 31 defaulted on repayments of a principal amount of Rs 1,600 crore and interest of Rs 2,361 crore. The loans pertained to various banks, and the nature of the obligation is fund-based working capital, non-fund-based working capital, term loans and FCCB (foreign currency convertible bonds). "The total borrowing (including interest) of the company is Rs 29,429 crore, repayable by 2037, against which only Rs 3,961 crore is overdue as on May 31, 2023," JAL said. Out of the total borrowing of Rs 29,429 crore, the company said that Rs 18,231 crore will get further reduced on transfer to the proposed Special Purpose Vehicle (SPV) for which the scheme of arrangement duly approved by all the stakeholders, is pending sanction of National Company Law Tribunal

India tribunal allows bankruptcy proceedings against Future Lifestyle

A company court on Thursday admitted Bank of India Ltd's petition to begin insolvency proceedings against Future Lifestyle Fashions Ltd on an alleged loan default

SBI invokes personal guarantees of Bhushan Power & Steel promoter

Action against Sanjay Singal comes within days of the Finance Ministry asking banks to invoke personal guarantees in all insolvency cases

Moratorium could be a costly affair, use these strategies to reduce burden

By how much your interest cost rises depends on a few factors, the first being loan tenure

Rs 411-crore fraud: SBI approaches CBI as three loan defaulters flee India

Besides SBI, other members of the consortium that has been cheated are Canara Bank, Union Bank of India, IDBI, Central Bank of India and Corporation Bank

Loan defaults mainly due to salary delays, biz downturns, says survey

The survey comes months after official data showed that unemployment is at a four-decade high, the pace of economic growth slipping to a six-year low

Credit rating agencies likely to get access to loan default details

At present, banks do not share with CRAs details of a company's existing and future borrowing

Govt issues 83 LOCs against loan defaulters to stop them from fleeing India

A look out circular can be opened by the Bureau of Immigration in respect of Indian citizens and foreigners on the request of an authorised originator

Share info of assets, accounts of defaulters with banks: CBDT to I-T dept

CBDT asks I-T dept to share assets, accounts info of defaulters with banks

Disclose action taken against loan defaulters over Rs 500 mn: CIC to FinMin

The defaulters above Rs 500 mn were given high concessions in the name of one time settlements and their names are hidden from exposure to secure their reputation

FM fooling people on not giving loan waiver to defaulters, alleges Congress

BJP government has already waived loans of wilful defaulters worth Rs 1,88,287 crore: Abhishek Singhvi

Videocon, JP Associates, IVRCL on RBI's 2nd list of loan defaulters: Report

These firms, about 40 of them, will be sent to NCLT if debt issue is not resolved by mid-December

Name top 100 bank loan defaulters, demands Opposition in Rajya Sabha

Gross NPAs of public sector banks stood at Rs 5.02 lakh crore at the end of March 2016

Loan defaulters must not be judged by their lifestyle: CII President

Naushad Forbes said flamboyant lifestyle is not against law. It is a moral issue