RBI releases Framework for Revitalising Distressed Assets in the Economy

The Reserve Bank of India today released on its website the Framework for Revitalising Distressed Assets in the Economy. The Framework outlines a corrective action plan that will incentivise early identification of problem cases, timely restructuring of accounts which are considered to be viable, and taking prompt steps by banks for recovery or sale of… Read More

Tags: Economy of IndiafinanceGreen paperLoanReserve BankReserve Bank of IndiaRestructuringSteps (group)

Restructuring of Loans in Public Sector Banks

The Reserve Bank of India (RBI) has informed that five complaints /representations regarding irregularities in restructuring of loans in public sector banks in the country have been received. One representation is from Institute of Cost & Works Accountants of India (ICWAI), a complaint from a Member of Parliament and three complaints are from other persons.… Read More

Tags: Finance MinisterFinance MinistryRajya SabharbiReserve Bank of IndiaRestructuringRun batted inWorking Group

Restructuring of CIL to be Undertaken Soon

Restructuring of CIL to be Undertaken Soon The Expert Committee headed by T.L Shankar recommended that the issue of major restructuring of CIL should be considered during the 12th Plan Period. This information was given by the Minister of State for Coal, Shri Pratik Prakash Bapu Patil in a written reply in Lok Sabha today.… Read More

Tags: CILCoalCoal India LimitedGovernmentLok SabhaNew DelhiRestructuring

Corporate Insolvency under SARFAESI

A reasonable person acquainted with the business world would concur with me if I say that it is almost impossible to conceive of a business that is completely insolvency-free. Laws relating to corporate insolvency and restructuring were enacted to serve several objectives, namely, to restore the debtor company to profitable trading where this is practicable;… Read More

Tags: Central bankCompanies ActCompany LawDebtorfinanceFinancial servicesIndian Contract Act 1872InsolvencyMerchant Shipping ActNon-performing assetReconstruction of Financial AssetsRestructuringSARFAESISecured creditorSecuritisationSecurity interestSpecial purpose entity

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