Serial defaulters like Argentina might borrow themselves out of existence.
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Defaulters have been asked to cough up dues going as far back as 2008.
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By August 2016 defaulters had been stopped from buying airline tickets about 5m times.
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A FIRS spokesman said the banking checks targeting defaulters began around two months ago.
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Chinese officials have ordered provincial governments to set up online platforms to highlight defaulters.
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The move is expected to prevent wilful defaulters and promoters from buying stressed assets.
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It also suggested that banks make public the names of top 30 "wilful defaulters".
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This is the point in the process now being reached by the first dozen defaulters.
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Now, banks can decide for themselves whether they want to start insolvency proceedings against defaulters.
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Another spreadsheet from September 2018 shows lists of loan defaulters in Pilal Township, Akto County.
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The Singaporean government has clamped down on defaulters since redefining the sentencing framework in 2017.
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If companies missed repayment even for one day, lenders were required to identify them as defaulters.
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Banks are having to take higher provisions to account for more defaulters being pushed into bankruptcy.
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The court announced in June that it had published more than seven million names of defaulters.
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"Deny professional licenses to defaulters until they take steps to repayment," the department urged in 1990.
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The RBI said it had identified the 12 defaulters last week, but did not publicise their names.
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According to the supreme court, there were 3.1m defaulters on the list at the end of 2015.
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"Strategic defaulters (those with assets to sell) should be the first to be targeted," the source said.
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Bank chiefs can also authorise look-out notices for defaulters to prevent them from leaving the country.
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The government will repeal an ineffectual, century-old insolvency law and amend 11 laws now dealing with defaulters.
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American lenders have also had to moderate their treatment of defaulters after alleged violations of debt-collection practices.
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Umm thank you, government, for helping to fund my education ... and you're welcome, loan defaulters, for covering your risk.
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"Wilful defaulters" have strained Bangladesh's banks in the past three years, even as the economy has seen speedy growth.
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Under Indian law, willful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments.
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The Supreme People's Court's database, established in 2013, includes the names of defaulters who have been sued and lost.
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Jia had been added to a nationwide blacklist of debt defaulters maintained by the Supreme People's Court in December.
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Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments.
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Bankers reckon that 25% of defaulters are "strategic"—that is, they can pay but won't, believing foreclosure will never come.
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A new bankruptcy law also helped to give the government a better handle on the way banks dealt with defaulters.
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And the Reserve Bank of India last month directed lenders to begin proceedings against 12 of the country's largest defaulters .
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Now, Mr. Jia is the highest-profile name on something else in China: an official online blacklist of credit defaulters.
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Public-sector banks filed 1,475 police complaints against wilful defaulters in the last three financial years, the finance minister added.
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The Chinese government continued to pressure Jia throughout 2018, with his wife and sister being added to the list of defaulters.
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The RBI this week had identified 12 of the largest loan defaulters and said creditors must pursue bankruptcy proceedings against them.
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Meanwhile, the founder of Chinese tech company LeEco has been included on a nationwide list of debt defaulters, China Daily reported.
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Many of the leading loan defaulters are behind bars, their assets attached, and prosecutions are being pursued vigorously in the courts.
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In particular, they are concerned that enforcement agencies increasingly go after loan defaulters without differentiating between genuine business failures and corrupt practices.
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If companies missed repayment even for a day, lenders were required to identify them as defaulters, therefore file for a resolution plan.
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In addition, two recent retail defaulters, American Apparel and RadioShack, had high usage of ABL facilities at the time of bankruptcy filing.
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Defaulters tended to be older, nearly half never finished college and their median cumulative student debt held was rather low, at $9,625.
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If the questions seem easy to game, that is part of the point: the way that defaulters game it goes into the data.
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But the atmosphere in India is febrile when it comes to "wilful defaulters", those who could but won't make good on their debt.
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A dozen of the biggest loan defaulters are already at the bankruptcy court, while nearly 30 more could be headed there after December.
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Wilful defaulters are not sanctioned any additional facilities by banks or financial institutions, and they are debarred from launching ventures for five years.
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India's banking system has lost $24.8 billion due to non-performing loans of 416 defaulters being written off, CNN-News18 reported earlier this month.
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"The criteria must focus to those who really need it, not to strategic defaulters who could exploit it," Moscovici told reporters, in translated comments.
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Last year, India amended its insolvency and bankruptcy code, preventing willful defaulters from buying up any of their own troubled assets at discounted rates.
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It plans to securitize part of the backlog of unpaid bills to improve liquidity and recover money owed by what it termed strategic defaulters.
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The government has debarred wilful defaulters and companies with wayward borrowers from accessing capital markets to raise funds or participate in insolvency resolution process.
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It is exceptionally long, and made available to dozens of government departments and party organisations, all of which can apply their own sanctions to defaulters.
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From blacklisting debt-defaulters the system could be expanded a bit, say, to keep track of companies that sell poisoned milk or build shoddy houses.
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The lack of consensus on how to proceed stems from UAE insolvency laws that make it difficult for lenders to seek legal redress against defaulters.
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Small to mid-sized borrowers, whose businesses have been severely affected due to demonetisation and may have defaulted, will only be considered defaulters in Q223.
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Finance Minister Arun Jaitley told parliament on Thursday that the lenders will take every possible action to recover the debt from Mallya and other defaulters.
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The NEC also said Nigeria would offer a six-month window from May for tax defaulters to pay up in a bid to boost state revenues.
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Though it captures only a small slice of defaulters, the rate is considered the best approximation of how colleges and borrowers are faring on this front.
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ArcelorMittal announced last week that it had cleared the dues of Uttam Galva and KSS Petron, two other smaller defaulters that it was previously associated with.
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Federal Inland Revenue Service (FIRS) Chairman Babatunde Fowler told a parliamentary committee that banking checks on tax defaulters had resulted in 23.35 billion naira being raised.
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Felix Apollo, chairman of the Association of Auctioneers, said banks were moving much faster to seize property from defaulters since the cap was put into place.
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In fact, some of the biggest defaulters for India's state-owned banks are large steel and energy companies like Bhushan Steel, Electro Steels and Monnet Ispat.
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India must also tackle due diligence undertaken by banks to avoid repeat defaulters getting access to new loans, said the banker, speaking on condition of anonymity.
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In Cyprus, an effective foreclosure framework was needed to deter strategic defaulters and encourage other lenders to engage in voluntary debt restructuring agreements with the banks.
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In fact, even as India's state-owned banks are holding bad debt of about $186 billion, Mr. Modi's government has hesitated to go after big defaulters.
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In Australia, New South Wales was the first state to abolish incarceration as a punishment for fine defaulters after a teenager died in prison in 1987.
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The Supreme Court ruling had provided relief to some major corporate defaulters, but at the same time threw the country's still-nascent bankruptcy regime into question.
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In the latest blow to loss-making Pakistan International Airlines (PIA), the bourse placed the carrier on its "defaulters segment" list, citing failure to properly file accounts.
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Most of the 21 defaulters so far this year have been private businesses but there have been signs of debt stress in the publicly traded sector, too.
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It said the court in Wenzhou's Ouhai district had released the names and photos of 20 local defaulters owing a total of 10.7 million yuan ($1.61 million).
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Then, to avoid classifying them as bad loans, it lent funds to the defaulters' group companies that were used to repay the earlier loans, the filing said.
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NEW DELHI, Nov 23 (Reuters) - India has amended the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, the finance ministry said on Thursday.
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Last year, it ordered about 40 of the country's largest debt defaulters into bankruptcy courts, demanding creditors put aside at least 50 percent of loan amounts in provisioning.
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The move aimed at helping phase out Brazil's current scoring system based on the blacklisting of defaulters, with no incentives for those who are current with their debts.
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Jia Yueting, LeEco's founder, was added to a nationwide list of debt defaulters after he failed to obey a court order, local newspaper China Daily reported on Tuesday.
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Mr. Dai, who said just last year that Ofo had ballooned to more than $2 billion in value, was recently added to an official blacklist of credit defaulters.
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As of March 13 through September 30, student loan defaulters will get a break — the federal government will pause collection efforts under the recently signed coronavirus relief bill.
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However, under the recently signed coronavirus relief bill, also known as the CARES Act, the federal government will pause all actions against student loan defaulters through September 30.
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They offered amendments intended to relieve student loan defaulters, target relief for smaller banks, hold credit reporting agencies to tighter standards and bolster protections for military members abroad.
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An appellate court had asked the NCLT to rule on Essar Steel - one of the biggest defaulters in India's $150 billion mountain of bad loans - by Jan. 31.
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The central bank has ordered commercial lenders to take 12 of the biggest loan defaulters, accounting for about a quarter of the sector's non-performing loans, to bankruptcy proceedings.
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Jia was placed on an official blacklist of debt defaulters in early December, a move taken by Chinese courts to put pressure on people and entities to repay debts.
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Earlier this month, Jia was placed on an official blacklist of debt defaulters, a move taken by Chinese courts to put pressure on people and entities to repay debts.
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"Whilst cornering willful defaulters is critical, the limitations it could inadvertently impose on asset recoveries needs to be thought through," EY's national leader for financial services, Abizer Diwanji, said.
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He also said the government was planning to impose heavy penalties on tax defaulters and expand tax offices across the country as it aims to increase the tax base.
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It'll let people miss an entire year's worth of payments before putting the loan in default and even let defaulters get their loans back in good standing through rehabilitation.
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Under the new process, the RBI requires banks to figure out plans to resolve debts of defaulters with 13 billion rupees ($311 million) or more in outstanding debt by Sept.
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The Reserve Bank of India has ordered banks to initiate bankruptcy proceedings against 12 of the country's biggest defaulters that account for a quarter of the total non-performing loans.
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Countries with longer records of lending to poor countries often do the same: the Paris Club of creditors was formed in 230 to devise ways of reducing defaulters' debt loads.
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Essar Steel was among a dozen of India's biggest debt defaulters pushed to bankruptcy court last year by a central bank order aimed at clearing $147 billion in bad loans.
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Trump's plans for corporate tax reform are similarly hostile to debt, no small irony for a man whose businesses have been liberal users of leverage, and, on occasion, defaulters on obligations.
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They call the defaulters list "an important component of social-credit information", implying that it is part of a larger system, and that financial offences are only one category of wrongdoing.
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E-auctions have smoked out some strategic defaulters: perhaps a fifth of properties put up for sale have been pulled when borrowers found the money or asked to restructure the debt.
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Essar Steel, owned by the billionaire Ruia brothers, is one of a group of companies that are among India's biggest debt defaulters that were dragged into the bankruptcy court last year.
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Hu Wenyou, a partner at Yingke, a Beijing law firm, said the top court's database is generally effective at getting defaulters to cough up — but only if they are in China.
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India introduced bankruptcy resolution rules in 2016, after which the central bank initially notified 12 defaulters and then another 28 that the bankruptcy court would take steps to resolve their debts.
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The new circular gives borrowers additional time for the resolution process, but the RBI can still direct banks on a case-by-case basis to take defaulters through an insolvency process.
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To force its point home, the Reserve Bank of India (RBI) set strict timelines for lenders to take action against defaulters, threatening penalties if banks failed to act in a timely manner.
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"I completely understand why they want resolution for large defaulters quickly because the balance sheets have to be cleaned up," said Ashish Chhawchharia, a partner at accounting and consulting firm Grant Thornton.
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"We believe we should be able to go through 55,000 (tax defaulters) before the middle of this year, June 30th," Fowler told the committee in the House of Representatives, parliament's lower chamber.
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Earlier this week, the government approved amendments to the bankruptcy law, barring "wilful" defaulters - defined by the central bank as debtors who are able but unwilling to pay - from bidding for companies.
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Electrosteel Steels, which is setting up a 2.5 million tonnes a year steel plant in eastern India, is among India's 12 biggest loan defaulters which were pushed to bankruptcy proceedings last year.
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Mallya's case has taken centre stage at a time when the central bank and the government have begun a crackdown on bank loan defaulters to clean-up the nation's ailing state-run banks.
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The regulator also barred the defaulters from taking control of other listed companies, though they will still be allowed to make a counter-offer if their firms were the target of a takeover.
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Growing volumes of credit card bad debts are overwhelming retail bankers, who have to chase defaulters with phone calls, in-person visits, and even arranging alternative funding for those owing too much money.
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Mallya's case takes center stage at a time when India's government and central bank have begun to crack down on bank loan defaulters, in a drive to clean up ailing state-run banks.
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Modi's support would be important if the 53-year-old RBI chief is to get the big state banking sector to complete a cleanup of massive debts and force defaulters to pay up.
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Jet's borrowings are small compared to those of other big defaulters such as Videocon and some steel companies, so lenders likely can wait for some more time before commencing bankruptcy proceedings, the official said.
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Mitsotakis said that PPC, which is 51% owned by the state, would be revamped through the privatization of its networks and identification of habitual defaulters, before a strategic investor is sought for the utility.
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ABUJA, April 2 (Reuters) - Nigeria expects to raise around 750 billion naira ($2.45 billion) from tax defaulters by the end of the first half of this year, the country's tax chief said on Tuesday.
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It said the securitisation, which would not involve an outright sale to third parties, was intended to enhance its liquidity profile as well as to recover money owed by what it termed strategic defaulters.
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Their excuses—that the cheque was only ever provisional, that their domestic politics make it impossible and that times have changed anyway—serve only to confirm the impression of defaulters wriggling off the hook.
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NEW DELHI, Nov 22 (Reuters) - India's cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources.
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The list of companies identified by the RBI was drafted after the central bank in June asked banks to take 12 of India's biggest defaulters to bankruptcy court under new powers given to it.
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The central bank surprised the financial sector this week by halting all of its existing loan-restructuring mechanisms with immediate effect, and rolling out new rules that will push more debt defaulters into bankruptcy courts.
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Among the measures Modi's administration has announced so far include a roadmap for consolidation among public sector banks and warnings of severe penalties for corporate defaulters following the alleged charges behind liquor tycoon Vijay Mallya.
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Indian banks urgently need to reduce their troubled loans, a panel of lawmakers said last month, calling for measures that include bolstering bank credit-appraisal capabilities and making public the names of the main defaulters.
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The central bank last year ordered banks to push some 4.2.8050 of the country's biggest corporate defaulters into bankruptcy proceedings through greater powers given to it as part of the government's banking sector reforms program.
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MUMBAI (Reuters) - India's Supreme Court on Tuesday quashed a Reserve Bank of India circular on resolving bad debt, providing relief for some major corporate defaulters but throwing the country's still nascent bankruptcy regime into question.
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The Narendra Modi-led government has been tightening norms against wilful defaulters especially after Indian aviation tycoon Vijay Mallya, fugitive billionaire jeweller Nirav Modi and his uncle Mehul Choksi fled the country following repayment defaults.
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According to Xinhua, the state news agency, this union of big tech and big government has helped courts punish more than 1.21 million defaulters, who opened their Zhima Credit one day to find their scores plunging.
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In a bid to boost its liquidity, Hatzidakis said that PPC will also double its efforts to collect as much as it can out of the 800 million euros ($897.36 million)in arrears from habitual defaulters.
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He also said that the central bank will not stand in the way of revealing the names of defaulters if there was a "public case" for it after the Supreme Court allowed regulators to do so.
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The finance ministry had earlier asked banks to ensure that wilful defaulters were prevented from buying same stressed assets again as it strives to cut the record $147 billion soured loans accumulated in the banking sector.
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"We direct the RBI to file a detailed affidavit mentioning about the list of the companies which are defaulters of loans," Chief Justice T. S. Thakur said as he read out the Supreme Court's interim order.
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About 20 percent of defaulted borrowers put their loans through rehabilitation, so while there are currently about 8 million people in default on the books, the actual number of defaulters is closer to 9.6 million people.
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RISE OF DEBT COLLECTORS Growing volumes of credit card bad debts are overwhelming retail bankers, who have to chase defaulters with phone calls, in-person visits, and even arranging alternative funding for those owing too much money.
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Under the law, the government can still provide directions to banks to resolve corporate default cases, even as the court withdrew the RBI's power to push more large loan defaulters toward bankruptcy courts, the official told reporters.
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Essar Steel is among a dozen of India's biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country's banks.
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NPL stock is expected to drop by 1 billion euros this year, Sallas said, with strategic defaulters — borrowers who can afford to service their debts but instead take advantage of foreclosure protection regulations — beginning to pay up.
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Essar Steel had argued that it should have been given an opportunity to present its case before the Reserve Bank of India decided to include the company among 12 defaulters that would be referred to bankruptcy court.
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MUMBAI (Reuters) - Indian banks urgently need to reduce their troubled loans, a panel of lawmakers said on Wednesday, calling for measures that include bolstering bank credit-appraisal capabilities and making public the names of the main defaulters.
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India's central bank, the Reserve Bank of India has already told banks to push 12 of the largest defaulters into insolvency, but experts worry the framework is largely untested and hampered by a shortage of experienced bankruptcy professionals.
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Instead of restructuring the loans worth saving, calling the bluff of defaulters that could probably pay, and reclaiming and selling the collateral of the hopeless cases, they are counting on a return to growth to rescue delinquent borrowers.
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Essar Steel was among a dozen of India's biggest debt defaulters that were pushed to bankruptcy court last year after a central bank order aimed at clearing $147 billion in bad loans at the nation's banks choked lending.
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The latest list of companies that could be sent to bankruptcy court was drafted after the central bank in June asked banks to take 12 of India's biggest defaulters to bankruptcy court under new powers given to it.
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But the businesses all have one thing in common: they're among a rash of bond defaulters that has players wondering whether a day of debt reckoning in China's US$2.8 trillion onshore corporate bond market is finally dawning.
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The central bank has pushed about 40 of the biggest corporate loan defaulters into India's new bankruptcy proceedings and said creditor banks must ensure at least 50 percent of bad loans with those firms were provisioned by March.
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In a bid to resolve the country's $150 billion stressed loan problem, the Reserve Bank of India in June had urged lenders to start bankruptcy proceedings against 12 large loan defaulters, including Bhushan Steel, sources had told Reuters.
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They have already seen the amounts they must set aside to cover bad debts grow due to new central bank rules, and are staring at further loan losses as they pursue a host of defaulters through the bankruptcy court.
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Mundra, addressing reporters in the sidelines of a banking event in New Delhi, also said there was no specific timeline set by the central bank to identify additional loan defaulters on which bankers would need to start bankruptcy proceedings.
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The Reserve Bank of India has ordered banks to initiate bankruptcy proceedings against 13 of the country's biggest defaulters that account for a quarter of the total non-performing loans and also to step up provisioning on those accounts.
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Last month, the central bank ordered commercial banks - the main financiers of infrastructure projects in India, including the semi-complete, or largely mothballed power plants - to resolve non-performing debt problems in six months, or push defaulters into bankruptcy.
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Student loans are next to impossible to discharge in bankruptcy, and the federal government has the unique ability to garnish defaulters' tax refunds and even their Social Security checks, which can mean long-term consequences for borrowers' financial security.
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"I am not going to repay the loan because defaulters benefited from the previous waiver and I didn't get any government help even as I repaid the loan on time," said Gorakh Patil, a farmer from Jalgaon in western India.
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Jia, the high-profile founder of struggling Chinese tech conglomerate LeEco, has been placed on an official blacklist of debt defaulters, a further blow to a firm that had spent heavily to compete in areas from smart cars to online entertainment.
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MUMBAI (Reuters) - Indian banks taking 12 of the country's largest defaulters to bankruptcy court under a central bank directive, will need to make additional provisioning of at least 180 billion rupees ($2.8 billion), India Ratings and Research said on Tuesday.
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But the system, as it stands, is opaque; citizens are seemingly just as likely to be flagged for minor infractions like leaving bikes parked in a footpath or issuing apologies that are deemed "insincere" as major credit defaulters like Jia.
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The liquor tycoon and Formula 1 boss has not disclosed his whereabouts since flying first class from Delhi to London on March 2, leaving the Indian government and bankers red faced as they try to crack down on high-profile defaulters.
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NEW DELHI (Reuters) - India's market regulator said on Saturday it would ban "willful defaulters" from standing on boards of listed companies or raising fresh funds by issuing securities to the public, as part of a crackdown on bad bank loans.
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NEW DELHI (Reuters) - The Supreme Court has asked the Reserve Bank of India (RBI) to provide the names of corporate loan defaulters with outstanding debt of at least 5 billion rupees ($73.11 million), as well as details of restructured assets.
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All three institutions have pointed to bad loans as a major problem, calling for a crackdown on delinquent debtors, particularly strategic defaulters (who have money but do not pay) and the development of a market where bad loans could be traded.
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Debt BB then codes an algorithm to ensure fewer loan defaulters by targeting individuals through the use of big data, placing job ads on web pages they frequent so that the debtors can make money to pay off the debt.
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Letter To the Editor: "India's Battered Press" (editorial, June 7) gives the impression that action is not being taken against other big loan defaulters and that the raids on NDTV's founders were a part of a "vendetta" against the broadcaster.
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MUMBAI (Reuters) - India's central bank said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $73 billion in bad debt plaguing Asia's third-largest economy.
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Sentiment in India took a hit after the Reserve Bank of India late on Monday tightened its rules around bank loan defaults, seeking to push more large loan defaulters toward bankruptcy courts and abolishing half-a-dozen existing loan-restructuring mechanisms.
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According to Xinhua, China's state news agency, the database includes a list of more than 6m people who have defaulted on court fines, which has helped the courts catch up with more than 1.2m defaulters who found that their credit score had plummeted.
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Mallya has not disclosed his whereabouts since he flew first class out of New Delhi airport on March 2, his departure embarrassing the government at a time when it and the central bank have pledged to crack down on bank loan defaulters.
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SHANGHAI (Reuters) - The high-profile founder of struggling Chinese tech conglomerate LeEco has been placed on an official blacklist of debt defaulters, a further blow to a firm that had spent heavily to compete in areas from smart cars to online entertainment.
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State-run lenders swung between gains and losses amid worries they would have to raise provisioning levels after the Reserve Bank of India on Tuesday identified 12 of the largest loan defaulters and said it will direct lenders to begin insolvency proceedings around them.
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The Reserve Bank of India last month asked creditor banks to begin insolvency proceedings against 12 of the country's biggest loan defaulters, and subsequently mandated that the banks would need to make provision for up to 50 percent of the amount of soured loans.
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Sanyal's comments came a day after India's central bank revealed that it had identified 12 of the largest loan defaulters and would order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia's third-largest economy.
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A dozen of the country's largest defaulters, with nearly a quarter of the total bad loans, have already been pushed into insolvency at the command of India's central bank, but none of these cases are likely to be resolved in the next six months.
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The ruling is a boost to the government, which in May tweaked Indian banking laws to empower the Reserve Bank of India (RBI) to tackle the country's bad debt issue, allowing the RBI for the first time to direct lenders to force defaulters into insolvency courts.
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Then, the owners of one of India's biggest defaulters - Essar Steel, which owes 508 billion rupees ($7.11 billion) mostly to state banks - challenged the bankruptcy court's decision to sell the steel producer to Arcelor Mittal, taking it away from its previous owners, the brothers Shashi and Ravi Ruia.
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The steelmaker, owned by the billionaire Ruia brothers, is one of a group of companies that are among India's biggest debt defaulters that were pushed into the bankruptcy court last year after a central bank order that was aimed at clearing record bad loans at the country's banks.
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After a while, people just leave him alone and go about their business — all except a Spanish-speaking guest at the B&B who identifies this specter as a cobrador del frac, a collector of unpaid debts (including moral debts) who follows defaulters, shaming them with his remorseless gaze.
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Analysts said that the injections were just one step in the long process to clean up India's bad debt, and that the lenders' final capital position will also depend on how they undertake the central bank's directive to take nearly 40 large corporate loan defaulters to bankruptcy proceedings, which will likely involve haircuts on their loans.
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He also said the government was planning to impose heavy penalties on tax defaulters and expand tax offices across the country as it aims to increase the tax base.. The central bank has been under pressure from the International Monetary Fund (IMF) to continue rebuilding international reserves and maintain exchange rate flexibility to develop the foreign exchange market further.
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