The Insolvency and Bankruptcy Board of India (Board/IBBI) has suspended the registration of Savan Godiawala, an insolvency professional (IP), for violating various provisions of the Code and unnecessarily assigning half of his work to Deloitte Touche Tohmatsu India LLP (DTTILLP), where he is a partner.
State Bank of India (SBI) plans to sell over INR 960 billion ($12.9 billion) of distressed loans to asset reconstruction companies. The countrys largest bank prepared a list of 331 accounts, including loans to Future Group, Anil Ambani-promoted firms, Videocon Group and Jaypee Group, among others.