Banks are going ahead with recovery proceedings despite the government’s one-time settlement plan.
A division bench suspended the orders passed by the NCLT on September 1, 2021. It may be recalled that CFM Asset Re-construction Pvt. Ltd. had submitted a bid for Rs 185 crore for the Viceroy Hotels.
Paris's famed Notre Dame cathedral caught fire on April 15, 2019, causing severe damage to the building and the collapse of its spire.
The biggest issue with the NARCL is that it will be owned largely by public sector banks and have its management drawn mostly from them.
IBA, entrusted with the task of setting up a bad bank, has put a preliminary board for NARCL in place. The company has hired P M Nair, a stressed assets expert from SBI, as the managing director.
R-Naval has a debt of Rs 11,000 crore and the banks have already provided for 100 per cent of the debt, for the last 8 years.
Ernst & Young said that the prospective investor should have a strong financial capability and should have substantial experience in the distressed asset space.
The other directors will include Indian Banks’ Association (IBA) chief executive Sunil Mehta, SBI deputy managing director Salee Sukumaran Nair and Canara Bank’s representative Ajit Krishnan Nair.
According to sources, the proposal is before the Cabinet and its nod is required to extend sovereign guarantee to security receipts issued by NARCL.
Lenders have so far reviewed 101 non-performing assets (NPAs) in the first phase and now plan to transfer 22 accounts amounting to roughly Rs 89,000 crore to the bad bank.
Doctors in one of the city's main public hospitals did the best they could to patch him up and stabilise his condition, but lacked the resources to fully repair his ravaged face.
Arcil was incorporated in 2002 and is owned by banks like SBI, IDBI, ICICI, PNB and strategic foreign investors such as Avenue India Resurgence Pte Ltd.
The government has decided to treat around 1.15 lakh hectare (ha) of land under 152 micro-watershed units in five pilot districts of Koraput, Nayagarh, Dhenkanal, Deogarh and Sambalpur.
The state government had originally proposed a 10 per cent cess on SGST that would mobilise anything between Rs 700 crore and Rs 900 crore a fiscal.
The 11-member team, led by Home Ministry’s Special Secretary B R Sharma, will visit all 12 affected districts in the state till September 24.