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RBI to initiate insolvency proceedings against 12 mega defaulters

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RBI to initiate insolvency proceedings against 12 mega defaulters

[vc_row][vc_column][vc_column_text]The Reserve Bank of India on Tuesday identified 12 accounts – each having more that Rs 5,000 crore of outstanding loans and constituting 25 percent of the total non-performing assets (NPAs) of banks – for immediate resolution under the Insolvency and Bankruptcy Code.

The central bank, without naming the accounts, said that the lenders would be asked to initiate insolvency proceedings against all accounts with an outstanding amount greater than Rs 5,000 crore with 60% or more classified as non-performing by banks.

RBI also informed that the Internal Advisory Committee (IAC) has arrived at an objective, non-discretionary criterion for referring accounts for resolution under the Insolvency and Bankruptcy Code (IBC).

“In particular, the IAC recommended for IBC reference of all accounts with fund and non-fund based outstanding amount greater than Rs 5,000 crore, with 60 per cent or more classified as non-performing by banks as of March 31, 2016,” the RBI said.

Once the process is initiated, banks will have to dissolve the existing board of the company and appoint a professional who will be entrusted with the task of coming up with a workable solution for the company so that it can repay its loans. The professional will initially get 180 days which can later be extended to 90 more days. A liquidator would be appointed if the company fails to come up with a solution within the 270 days.

The banking sector is saddled with NPAs worth over Rs 8 lakh crore, of which Rs 6 lakh crore is with public sector banks (PSB).[/vc_column_text][/vc_column][/vc_row]

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3-year-old found dead inside Patna school drain, crowd sets school on fire

Superintendent of Police Chandra Prakash said an investigation is launched and three people have been arrested

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Protests erupted in Bihar’s capital after a three-year-old child was found dead in a private school in the city. The body of the child was discovered in the school’s sewage system, prompting a mob of protesters to attack the building and attempt to set it on fire.

The tragic finding was reportedly made when the child’s family began looking for him after he did not came back home from school. As soon as they went to the school, family members began to suspect more after school administrators allegedly made an effort to divert questions regarding the child’s whereabouts.

The family continued in their quest to find the truth, which finally led them to a devastating revelation. The three-year-old’s body was discovered hidden in a drainage gutter deep within the school grounds.

Soon the local authorities were informed about the incident after which the police launched the investigation. Superintendent of Police Chandra Prakash said, the child was observed entering the school but did not exit.

Chandra Prakash said the child was observed entering the school in the CCTV video, but he was never seen exiting the school grounds. The school was hiding the body, which indicates criminal intent, therefore the police will look into it as a murder case, he added. An investigation is launched and three people have been arrested, Chandra Prakash added.

The parents rushed to the streets seeking justice for their child. They  claimed that the school was trying to hide what had happened to their child. The angry protesters blocked traffic on roads and set fire to school walls. The cowrd also blocked the road leading to school.

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Swati Maliwal undergoes medical check-up, internal injuries on face

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AAP Rajya Sabha MP Swati Maliwal sustained internal injuries in her face after being reportedly assaulted by an aide to Delhi Chief Minister Arvind Kejriwal, as per reports. Maliwal spent more than three hours on Friday at AIIMS, Delhi, having a medical examination.

Meanwhile, the Delhi Police has stepped up its hunt for Bibhav Kumar, Kejriwal’s assistant, one day after filing a formal complaint in relation to the incident. After a Delhi Police squad recorded Maliwal’s statement at her home, a FIR was filed.

The former head of the Delhi Commission for Women (DCW) said in her complaint that Bibhav Kumar had punched, kicked, slapped, and beat her with a stick.

Earlier, on Thursday evening, Swati Maliwal underwent a medical check-up for about four hours. Along with Maliwal, a Delhi Police squad arrived at AIIMS at 11 p.m. and left at 3:15 a.m. Maliwal was accompanied by Vandana Singh, a member of the Delhi Commission for Women. There was a CT scan and an X-ray.

Swati Maliwal has claimed in her lawsuit that she was repeatedly struck on sensitive body parts and subjected to physical assault.

Delhi Police has stepped up its investigation into the matter in the interim.A team of police reached Bibhav Kumar’s house, but he was not found.

Approximately ten police teams are looking into the matter; four of the units are tracking Bibhav’s whereabouts. According to sources, Bibhav might be in Amritsar. Additionally, since the INDIA bloc is planned to have a rally in Mahrashtra, police believe Bibhav may be there.

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PM Modi slams Congress, SP for stance on CAA, says nobody can remove

PM Modi today addressed a rally Lalganj, Azamgarh, Uttar Pradesh, where he said nobody can remove CAA

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Prime Minister Narendra Modi on Thursday, May 16, attacked the opposition for allegedly trying to spark violence by disseminating false information over the Citizenship Amendment Act (CAA). He continued by saying that citizenship under the CAA is now being granted by the country.

The prime minister claimed no one can do it, despite the INDI alliance members claims that they will remove CAA. Get real-time updates about the 2024 Lok Sabha elections.

PM Modi said, on the CAA issue, political parties like Congress and Samajwadi Party propagate false information. They made every effort to ignite riots and burn the entire nation, including UP, the PM added. Members of this INDI alliance still maintain that Modi introduced the CAA and that it will be removed the day he leaves the office.

Challenging the opposition, PM said, Desh mein koi maai ka laal paida hua hai jo CAA hata sake? (has anyone been born in this country who has the ability to repeal the CAA?) No one is able to remove CAA, he said. Addressing the rally in Lalganj, Azamgarh, Uttar Pradesh, PM Modi said, they tried to do votebank politics under the guise of fake secularism, and they made Hindus and Muslims fight against each other.

Under the CAA, the process of giving citizenship certificate to refugees has already begun, the PM added. These are the individuals who have long been residents of the county as refugees and who suffered from the country’s religiously motivated division, PM Modi continued.

Additionally, PM Modi alleged that the Congress was ignoring these refugees.

Under the mask of CAA, the Congress and the SP attempted to spread misinformation. They tried to create disturbances in Uttar Pradesh and all across the country, he claimed.

PM Modi added that the enthusiasm displayed by Srinagar voters during the polls is evidence that nobody can reinstate Article 370 and engage in vote-bank politics.

Congress and Samajwadi Party wanted to split the national budget and give 15% to minorities, PM Modi said.

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