Debt-ridden engineering company Punj Lloyd has failed to attract any buyers in the second round of e-auctions conducted by its liquidator. The auction, conducted on the directions of the National Company Law Tribunal, had a reserved price of Rs 1,061 crore on a going concern basis. This comes after the company also failed to find buyers in the first round of e-auctions.
IDBI Bank Ltd, which has received multiple bailouts in the past few years, recovered just 7% from big defaulters who have an outstanding of Rs100 crore and more, from Rs45,536 crore bad loans it wrote off since financial year (FY)2016-17. What is more shocking is IDBI Bank took a haircut of 60% while settling loans worth Rs15,623 crore through the national company law tribunal (NCLT), reveals a reply received under the Right to Information (RTI) Act. IDBI Bank was re-categorised as a private sector lender in January 2019 after the Life Insurance Corporation of India (LIC) increased its stake to 51% in the lender.
Since Tal Dilian's upbringing, through his education and achievements in intelligence, cyber and tech, he never forgot the role education played in his success.
The Supreme Court has paved the way for banks and financial institutions to initiate recovery proceeding against individuals, who have guaranteed corporate loans by upholding the government notification of 15 November 2019.