The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.
The settlement terms are unknown but Peninsula Land will have to meet certain payment milestones as the withdrawal of the insolvency petition is conditional. Peninsula Land and ICICI Prudential did not respond to queries until press time.
The Mumbai-based non-banking finance company (NBFC) has also offered an additional upfront payment of ₹250 crore over and above its original amount of ₹3,240 crore in a petition filed before the court. The next date for the hearing is set for February 28.
Higher share of cash transactions, better-quality assets, and quicker implementation of resolution has meant that the majority of SRs (61%) are higher rated versus 40% in 2016.
The offer from ACRE, an asset reconstruction company, is at the reserve price set by the bank and equates to a recovery of 33 paise on outstanding loans for the country's largest state-run lender by assets, the people said.
The digital economy -- the digital infrastructure, e-commerce and other digital payments and services segments--can be the country's biggest growth-driver and can contribute as much as 25 per cent of the incremental GDP by the time India becomes a$7-trillion economy by FY29. Currently, the share is a low 4 per cent, Kamath told PTI in an interaction over the weekend.
The Securities and Exchange Board of India (Sebi), however, opposed it alleging violation of its circular related to voting process of debenture holders (DHs). A Bench led by Justice BR Gavai - while reserving its judgment on giving approval for AII's resolution process (RP) - asked all parties to file a small note of their submissions.
"Digitization in collections in the microfinance sector has been a great challenge as most of the MFI clients do not possesses smartphones. The association with NextGen, Federal Bank and IDFC First will help in developing a new payment and collection system by using feature phones with the technological intervention being provided by them," said Jiji Mammen, ED & CEO, Sa-Dhan.
Despite a sizeable sheet cleansing by large microfinance institutions (NBFC-MFIs) and small finance banks in the third quarter of this fiscal year through write-offs, the amount of sectoral non-performing assets jumped to about Rs 42,300 crore as of end-December — an about 16% increase from three months earlier. This is the highest ever NPA for the sector.