1. Home >
  2. Export Import News >
  3. Economy News >
  4. United Bank ready to settle out of court with debtors >
  5. United Bank ready to settle out of court with debtors

Online Export Import Data Search

Complete Training Video : Click Here

United Bank ready to settle out of court with debtors.

Date: 15-05-2019
Subject: United Bank ready to settle out of court with debtors
KOLKATA: City-based United Bank of India  (UBI) is open for an ‘out-of-NCLT’ (National Company Law tribunal) settlement in those cases where it is the sole lender. The bank, which is under an RBI-prescribed prompt corrective action (PCA), is hoping to come out of that framework by the end of the first quarter of the current fiscal.

The public sector lender’s MD & CEO Ashok Kumar Pradhan on Tuesday disclosed this to reporters while analysing the fourth quarter results of the bank. After seven quarters of consecutive losses, the bank on Monday reported a net profit of Rs 95 crore in the fourth quarter of 2018-19 despite higher provisioning.

Elaborating the plan for an out-of-court settlement in the NCLT, Pradhan added that the price discovery  in such cases would be important. “In NCLT, all banks and financial institutions are facing haircuts — that is through a legal framework. But when you will go for a haircut through negotiations, a price-discovery mechanism is required to avoid future controversy, though most of the IBC cases have gone much beyond the stipulated timeframe,” he added.

According to him, the net present value (NPV) of an asset could be a benchmark to discover value. The UBI MD pointed out that it has referred 33 cases to the NCLT - Kolkata bench in the last four-five months. Out of these, two cases have been admitted. “In these cases, UBI is the sole lender and the total exposure is Rs 300 crore. These are mainly mid-sized companies. We may start negotiations with them for settlement,” he added.

He pointed out that with the increase in the number of NCLT benches, there will be speedy disposal of cases.

UBI ED Sanjay Kumar said that from written-off account, UBI has recovered Rs 220 crore in the fourth quarter and Rs 340 crore in the entire fiscal. In the current fiscal, it is hoping to recover Rs 800 crore from written-off accounts.

Source: timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 16-05-2019
Notification No.37/2019 - Customs (N.T.)
Exchange Rates Notification No.37/2019-Custom(NT) dated 16.05.2019

Date: 15-05-2019
Notification No. 36/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 15-05-2019
Trade Notice No. 14/2015-2020
Three months time window for applying for MEIS for shipping bills with HS Codes which were harmonized and notified under MEIS Appendix 3B, Table 2 after a delay

Date: 15-05-2019
Policy Circular No. 23/2015-20
Non-requirement of submission of Hard copy of application at RAs for issue of Advance Authorisation (AA) & EPCG Authorisation

Date: 15-05-2019
ECA Circular No. 24
Administrative Review of Adjudication Orders passed by subordinate officers - regarding.

Date: 14-05-2019
TRADE NOTICE NO. 13/2019-20
Imports of Maize (feed grade) under the TRQ Scheme for 2019-20.

Date: 14-05-2019
Notification No. 15/2019-Customs
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019.

Date: 13-05-2019
TRADE NOTICE NO. 12/2019-20
Discontinuing submission of physical copy of RCMCs with effect from 1.7.2019 while filling application for incentives/entitlements under FTP

Date: 13-05-2019
Notification No. 20/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI-reg.

Date: 13-05-2019
Notification No. 21/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI-reg.

Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001