Banker Confidence: Clan Capitalism Stole Problem Loan Settlements?

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If bankers act quickly and preserve the corporate value of defaulted companies, the level of damages will improve even if a new insolvency law, like the GST, is still in the works.

Topics
Bad loans | debt restructuring scheme | clan capitalism

Tamal Bandyopadhyay

In the last week of June, a consortium led by the State Bank of India that loaned fugitive businessman Vijay Malla, founder of the now defunct Kingfisher Airlines Ltd, received Rs 5,824.5 crore from the sale of shares in the group company, which were secured under anti-money laundering law … Kingfisher owes the banking system about Rs 9,000. Thus, banks have recovered at least 70% of their investments in the airline.

They will get more by selling the seized assets. Overnight, the scoundrel of Mallle’s borrowers gained sanctity. But new villains have appeared …

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First published: Sun 11 Jul 2021 20:52 IST



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