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Tag: resolution

Feb72021 by adminNo Comments
PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

Finance
NEW DELHI: State-owned (PNB) is expecting to recover a substantial Rs 3,800 crore from Bhushan Power and Steel under debt resolution in NCLT, which will help it achieve the target of Rs 8,000 crore cash recoveries during this fiscal, its managing director and CEO S S Mallikarjuna Rao said. Besides, the city-based lender also hopes to make good recovery of its exposure in crisis-hit , which is undergoing a resolution process currently. Sticking to the bank's previous guidance on restricting the gross NPAs below 14 per cent and net NPAs lower than 5 per cent by the end of the current fiscal, Rao said there has been an improvement in collection efficiency as well in January after a dampened December. Across the banking industry, the collections were much better in October and November, befor...
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Jan172021 by adminNo Comments
DHFL resolution: Lenders approve Piramal’s bid

DHFL resolution: Lenders approve Piramal’s bid

Finance
NEW DELHI: Debt-ridden mortgage lender DHFL Ltd on Sunday said the Committee of Creditors (CoC) has approved resolution plan submitted by Piramal Capital and Housing Finance Limited, a Piramal Group company. This was approved by the CoC in its 18th meeting concluded on January 15, 2021, DHFL said in a regulatory filing. The "resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code....as the successful resolution plan," it said. Piramal's bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Since the conclusion of the fifth and final round of the bidding process last month, Piramal and Oaktree Capital each claimed that their bid was t...
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Jul202020 by adminNo Comments
IL&FS says aims to resolve nearly 60% of debt despite Covid-19 delays resolution process

IL&FS says aims to resolve nearly 60% of debt despite Covid-19 delays resolution process

Finance
MUMBAI/BENGALURU: Infrastructure Leasing & Financial Services (IL&FS) said on Monday it expected to resolve about 57% of its near trillion rupee ($ 13.35 billion) debt pile even as the pandemic delayed the resolution process in some of the group companies. About 50% of the debt is expected to be resolved by March 2021, the indebted infrastructure lender's board said in a progress report, with 18% already addressed as of June end. The board had said in an update in October that it aimed to resolve 50% of the debt by March this year. "So far whatever we have achieved, I do believe, is relatively successful given the current macro-economic situation, because this has been a triple whammy for all of us: bad lending, no follow up, and economic disaster all around," Vice-Chairman Vinee...
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Dec302019 by adminNo Comments
DHFL: Resolution professional discusses plan with lenders

DHFL: Resolution professional discusses plan with lenders

Finance
MUMBAI: The Reserve Bank-appointed administrator Monday met committee of creditors (CoC) of Dewan Housing Finance (DHFL) and discussed about the resolution plan for the crippled lender and the Rs 87,905.6 crore worth of claims received from banks, employees and bond holders, sources said. The administrator, R Subramaniakumar, met the committee of creditors for the first meeting after the stressed financier was admitted for insolvency proceedings on December 2. "This was the first meeting of CoC. The RP (administrator) discussed about the resolution plan and the way forward," a banker who attended the meeting said. All creditors of the company including banks, bond holders, insurance and mutual fund companies attended the meeting. "The CoC also discussed about the claims which have been sub...
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