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Search resuls for: "Arpan Chaturvedi Siddhi Nayak"


2 mentions found


☆ India's Go First, lessors lock horns as bankruptcy hearings begin
  + stars: | 2023-05-05 | by ( Arpan Chaturvedi Siddhi Nayak | Arpan Chaturvedi | Siddhi Nayak | ) www.reuters.com   time to read: +3 min
The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.
☆ Indian banks must hear loan defaulters before declaring accounts as fraud – top court
  + stars: | 2023-03-27 | by ( Arpan Chaturvedi Siddhi Nayak | Arpan Chaturvedi | Siddhi Nayak | ) www.reuters.com   time to read: +1 min
NEW DELHI, March 27 (Reuters) - Indian banks must give defaulters an opportunity to be heard before they classify a loan account as fraud, the Supreme Court ruled on Monday. Banks cannot unilaterally declare an account as fraud without providing the defaulter the right to be heard, a top court bench led by Chief Justice DY Chandrachud said. However, there is no such requirement before registering a first information report (FIR) to declare a loan account as fraud, the bench observed. The apex court was examining judgements by the Telangana High Court and Gujarat High Court on the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select Fls Directions 2016) master circular. Telangana High Court had ruled that not granting the right to be heard infringes on the borrowers' constitutional right.
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