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Inside the frantic race for answers to the shadow bank crisis

Vital projects are starved for funds following the crisis. The desperation for solutions is palpable.
The Economic Times

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DHFL BANKRUPTCY

Terms set for DHFL liquidation after big loss

India’s bankruptcy courts attempt to resolve its first shadow bank insolvency.

Thapar Group’s BILT in bankruptcy court

IDBI Bank has the largest exposure to the company with Rs 400 crore of loans outstanding.

Bankruptcy board set to tackle group insolvency

Bringing entities on the basis of inter-connectedness or common assets into the group resolut...

ET Prime Distribution
  • With AUM of Rs 30 lakh crore, LIC is the largest domestic institutional investor.

    It had posted consolidated net profit of Rs 439.51 crore in the year-ago period.

    The developer had moved the appellate tribunal after the National Company Law Tribunal (NCLT) held the company to be in default of its obligations to two home buyers who had approached the tribunal.

    Former BJP leader Yashwant Sinha asserted that the economy was passing through its "worst-ever crisis" due to the "death of demand" in sectors. He was speaking on the sidelines of his "Gandhi Shanti Yatra" against Citizenship Amendment Act (CAA) and National Register of Citizens (NRC). Sinha served as finance minister of India during 1998-2002.

    Liquidation amount would be distributed to company’s creditors in accordance with the “waterfall” mechanism set out in Section 53 of Insolvency and Bankruptcy Code, as per the plan. Under this mechanism, all claims of secured financial creditors must be fully paid before payments are made to unsecured financial creditors, who must in turn be fully paid before operational creditors.

    Many global investors are looking for the first time to deploy $3 billion into India’s credit market, especially the structured credit segment.

    DHFL bonds were traded in two tranches on Thursday and Friday last week at 80-73 per cent discounts.

    This week, the Central government approved second installment of Rs 699 crore for the flood relief work. With it, the total compensation amount for the state so far is Rs 1,869 crore, which both Chief Minister B S Yediyurappa and former CM Siddaramaiah have said is inadequate.

    Once India's biggest private carrier, Jet stopped flying in April after running out of cash, leaving thousands without jobs and pushing up air fares across the country. Shares of Jet Airways were trading 4.92 per cent lower than their previous close on BSE at Rs 45.40 apiece.

    Flipkart co-founder Sachin Bansal’s bet on the insurance firm is part of his broader ambition in financial services industry.

    The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of NCLT had admitted the company for insolvency resolution on December 2 and appointed IOB's former MD and CEO R Subramaniakumar as the company's administrator.

    "The writ petition has been filed by 11 petitioners of 11 projects being constructed by Pioneer Urban Land & Infrastructure, Emaar MGF Land, BPTP, Supertech, Ansals, among others," said advocate Aditya Parolia of PSP Legal, representing the buyers.

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