defaulters-personal-wealth-can-be-auctioned-under-ibc/

http://economictimes.indiatimes.com/news/economy/policy/defaulters-personal-wealth-can-be-auctioned-under-ibc/articleshow/59640543.cms http://economictimes.indiatimes.com/news/economy/policy/0articleshow/59640543.cms

Remedy Under SARFAESI Act Subject To Provision Of Limitation Act: Calcutta HC

Remedy Under SARFAESI Act Subject To Provision Of Limitation Act: Calcutta HC [Read Judgment]...

Read more at: http://www.livelaw.in/remedy-sarfaesi-act-subject-provision-limitation-act-calcutta-hc-read-judgment/

12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.

Banking and Financial news as per Today's Newspapers and Media 19.06.2017

Bankers are meeting from Monday to finalise their next course of action on six of the 12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.  According to RBI, these 12 accounts owe Rs 2.5 trillion to the system, which constitutes around 25% of gross bad loans. The troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), Lanco Infra (Rs 44,364.6 crore), Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore) Jypaee Infratech (Rs 9,635 crore)ABG Shipyard (Rs 6,953 crore) and Jyoti Structures with a defaulted loan of Rs 5,165 crore.  Since these are large accounts and involve multiple banks, the lenders will try to take a common view on all administrative requirements before referring these accounts to the NCLT and appointment of insolvency professional.
-Economic Times

Lanco Infratech Ltd confirmed  that RBI had directed IDBI Bank to initiate a corporate insolvency resolution process under the country's bankruptcy laws. 
-Economic Times

The finance ministry has asked 4 large PSU lenders  to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said. One of the possibilities is that large PSBs like PNB,  BOB,  Canara Bank and BOI  could try looking for potential candidates for acquisition, they said.  However, the clear picture would emerge only after the Niti Aayog  report sets the tone and tenure of the roadmap for the second round of consolidation in the banking sector. 
-Economic Times

The Maharashtra Govt will ensure with the help of a digital platform that only needy  farmers  benefit from its loan waiver scheme,  CM  Devendra Fadnavis has said. He said his dispensation took the decision in view of "the big scam" which occurred in Maharashtra after the then Govt at the Centre wrote off debts in 2008, which, he said, deprived distressed peasants of the benefits intended for them. 
-Economic Times

The Central Govt has undertaken an exercise to review the service records of about 67,000 employees, including IAS and IPS officers, to identify non-performers. A senior official in the Dept of Personnel and Training  said the exercise may result in punishment to those who do not conform to the code of conduct framed for them
-Economic Times

The Govt is planning an outright sale of Dredging Corporation of India (DCIL) through auction, which could fetch about Rs 1,400 crore to the exchequer.  Besides, there is a proposal to sell 100% Govt holding in four unlisted companies- Kamarajar Port, HLL Lifecare, Indian Medicines & Pharmaceutical Corpn Ltd, and Karnataka Antibiotics and Pharmaceuticals Ltd.  The Govt think tank Niti Aayog  too has favoured disinvestment. 
-Economic Times

With nearly 2 lakh  jobs  expected to be slashed in the IT sector in the next 2 years, all is not lost as more than 50% of the laid off employees will be re-skilled and transfered to other opportunities, a survey said. The survey was conducted by CIEL HR Services among mid to senior-level professionals in 50 IT companies. 
-Economic Times

12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.

Banking and Financial news as per Today's Newspapers and Media 19.06.2017

Bankers are meeting from Monday to finalise their next course of action on six of the 12 bad loan accounts for immediate referral to NCLT after the RBI named the largest defaulters to face bankruptcy proceedings.  According to RBI, these 12 accounts owe Rs 2.5 trillion to the system, which constitutes around 25% of gross bad loans. The troubled accounts are Bhushan Steel (Rs 44,478 crore), Essar Steel (Rs 37,284 crore), Bhusan Power and Steel (Rs 37,248 crore), Alok Industries (Rs 22,075 crore), Amtek Auto (Rs 14,074 crore) and Monnet Ispat (Rs 12,115 crore), Lanco Infra (Rs 44,364.6 crore), Electrosteel Steels (Rs 10,273.6 crore), Era Infra (Rs 10,065.4 crore) Jypaee Infratech (Rs 9,635 crore)ABG Shipyard (Rs 6,953 crore) and Jyoti Structures with a defaulted loan of Rs 5,165 crore.  Since these are large accounts and involve multiple banks, the lenders will try to take a common view on all administrative requirements before referring these accounts to the NCLT and appointment of insolvency professional.
-Economic Times

Lanco Infratech Ltd confirmed  that RBI had directed IDBI Bank to initiate a corporate insolvency resolution process under the country's bankruptcy laws. 
-Economic Times

The finance ministry has asked 4 large PSU lenders  to explore opportunities for acquisition of small and mid-sized banks with a goal to create global sized lenders, sources said. One of the possibilities is that large PSBs like PNB,  BOB,  Canara Bank and BOI  could try looking for potential candidates for acquisition, they said.  However, the clear picture would emerge only after the Niti Aayog  report sets the tone and tenure of the roadmap for the second round of consolidation in the banking sector. 
-Economic Times

The Maharashtra Govt will ensure with the help of a digital platform that only needy  farmers  benefit from its loan waiver scheme,  CM  Devendra Fadnavis has said. He said his dispensation took the decision in view of "the big scam" which occurred in Maharashtra after the then Govt at the Centre wrote off debts in 2008, which, he said, deprived distressed peasants of the benefits intended for them. 
-Economic Times

The Central Govt has undertaken an exercise to review the service records of about 67,000 employees, including IAS and IPS officers, to identify non-performers. A senior official in the Dept of Personnel and Training  said the exercise may result in punishment to those who do not conform to the code of conduct framed for them
-Economic Times

The Govt is planning an outright sale of Dredging Corporation of India (DCIL) through auction, which could fetch about Rs 1,400 crore to the exchequer.  Besides, there is a proposal to sell 100% Govt holding in four unlisted companies- Kamarajar Port, HLL Lifecare, Indian Medicines & Pharmaceutical Corpn Ltd, and Karnataka Antibiotics and Pharmaceuticals Ltd.  The Govt think tank Niti Aayog  too has favoured disinvestment. 
-Economic Times

With nearly 2 lakh  jobs  expected to be slashed in the IT sector in the next 2 years, all is not lost as more than 50% of the laid off employees will be re-skilled and transfered to other opportunities, a survey said. The survey was conducted by CIEL HR Services among mid to senior-level professionals in 50 IT companies. 
-Economic Times

Banks Not Liable For Theft In Lockers, Reveals RBI In RTI Query..

Banks Not Liable For Theft In Lockers, Reveals RBI In RTI Query...

Read more at: http://www.livelaw.in/banks-not-liable-theft-lockers-reveals-rbi-rti-query/

Debt Recovery Tribunals poor performance has worsen the crisis in Indian Banking

Debt Recovery Tribunals poor performance has worsen the crisis in Indian Banking - http://supremelaws.com/blog/debt-recovery-tribunals-poor-performance-worsen-crisis-indian-banking/?

Loan Recovery Goondaism - How to Deal?

Indian Content-08/03/2017-Law News and Updates - Compiled by Absolute Guilt for #M&JServices.
----------------------------
Loan Recovery Goondaism - How to Deal? | By Adv. Nithia
https://goo.gl/FCvzN3
Source: Be your Own Lawyer – You Tube
----------------------------
You’ve probably missed these changes in the AIBE X syllabus: BCI adds tax, PIL, drops CSR, jurisprudence
https://goo.gl/2pHlI7
Source: Legally India
----------------------------
Patna High Court Lawyers Demand Resignation of the Chief Justice
https://goo.gl/SxHtu2
Source: Patna Daily
----------------------------
Frivolous petitions a menace to administration of justice, must be punished with exemplary cost: Supreme Court
https://goo.gl/rGo5lE
Source: Times of India
----------------------------
The Week That Was: The Supreme Court of India
https://goo.gl/TddCJX
Source: Bar and Bench
----------------------------
Law to regulate use of air conditioners
https://goo.gl/BkuLVH
Source: The Hindu
----------------------------
Rich thieves roam free, poor detained: Supreme Court to Telangana Govt
https://goo.gl/xO9cJH
Source: Deccan Chronicle
----------------------------
Other Legal Headlines
*Panel set up to look into Ramjas College violence:police to HC
*HC questions criteria for appointing civic police volunteers
*Trust not a consumer, can't file pleas in consumer fora: SC
*Rajasthan govt challenges Salman in Arms Act case
*SC for exemplary fines on litigants for filing frivolous pleas
*Uphaar case:Victims' body moves SC, wants Sushil Ansal in jail
*Panama papers case: SC asks Centre to file six reports of MAG
*HC declares Manipur economic blockade 'illegal'
Source: PTI
-------------------------
*Law Books and More @ M&J Services*
Locate us on Google Maps: https://goo.gl/maps/9XL4cXTewqJ2
Books @ www.bigbookshop.com ; Law Accessories @ www.absoluteguilt.com