ONE TIME SETTLEMENT
Delhi HC sets aside Punjab and Sind Bank's withdrawal of one-time settlement
The OTS offer, its acceptance and the sanction letter constitute a sufficient contract, the judge said. “Thus, the Punjab and Sind Bank, which is a nationalised bank and an instrumentality of the state, cannot act arbitrarily or whimsically in matters of contract.” The Punjab and Sind Bank (PSB) withdrawing the OTS was a “cryptic order, bereft of any reasons”, Justice Pushkarna said.
India must reflect & implement essential reforms to strengthen the arbitration process
The recent finance ministry notification in India has raised concerns by discouraging automatic arbitration clauses in procurement contracts. The move aims to address the unsatisfactory experience of the Government of India (GoI) in arbitration and promote mediation or court resolution for disputes. This decision has sparked a debate on the effectiveness of alternative dispute resolution methods and their impact on business dealings, particularly with global companies.
Delhi HC sets aside Punjab & Sind Bank's decision to withdraw its Rs 120 cr OTS given to real estate co Ambience Pvt Ltd
The Delhi High Court has ruled against Punjab and Sind Bank's withdrawal of a Rs 120 crore loan settlement from Ambience Pvt Ltd. The court deemed the withdrawal as arbitrary and unsustainable. The bank has been directed to release the securities provided by the company. The court clarified that the terms of the settlement, once accepted and sanctioned, are binding. Ambience had made the full payment as per the agreed terms, refuting the bank's allegations of deviation and concealment. A legal dispute over the loan settlement has been resolved by the court.
Lenders turn down revised one-time settlement offer by Jaiprakash Associates
Jaiprakash Associates Ltd's lenders reject the revised ₹500 crore OTS proposal. With personal guarantees covering less than 2% of the ₹52,000 crore debt, creditors face challenges in recovering debt.
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
PJTL lenders agree for Rs 1,020 crore one-time settlement
Lenders of Panipat Jalandhar NH 1 Tollway (PJTL) have agreed to a one-time settlement on Rs 3400 crore dues, accepting a Rs 1,020-crore all-cash offer from promoters Roadis Group and Soma Enterprises. The settlement, impacted by farmers' agitation, is subject to approval by all ten lenders in the consortium. SBI is the largest creditor.
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Is your medical claim stuck? Find out why you face problems in health insurance claim settlement and how to avoid them
While health insurers can sometimes be blamed putting customers through unending hardship in clearing claims, many a times it’s the policyholder who is at fault. A significant portion of these health insurance claim rejections can be prevented by asking the right questions during policy selection, carefully reviewing policy documents, and conducting thorough research. This article explores common health insurance claim rejection scenarios and explains how to avoid them.
India’s new finance hub in Gujarat eyes real-time dollar settlement by 2025
Real-time dollar settlement in India’s newest financial hub in Gujarat, GIFT City, is set to begin later this year. The service aims to attract foreign investors by streamlining transactions and reducing delays.
Jaypee Associates offers improved settlement terms to its lenders
The debt-ridden construction and infrastructure company - which was admitted for insolvency resolution proceedings earlier this month - informed the National Company Law Appellate Tribunal (NCLAT) on Monday that it has revised its offer after the appellate tribunal asked it to consider a higher amount of deposit.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
Motor insurance rule change: No arbitrary claim rejection, quicker claim settlement, pay as you drive option must, says IRDAI
Motor Insurance New Rules by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has updated the master circular clarifying important rules for motor insurance policyholders. The regulator has proposed the implementation of strict timelines for claim settlements of auto insurance policyholders. It is a crucial step towards improving efficiency and customer satisfaction. Another key change is the introduction of a customer information sheet (CIS) for auto insurance policies to enhance customer awareness.
Jaiprakash Associates Insolvency: NCLAT asks ICICI to consider one-time settlement proposal
NCLAT issues notice to ICICI Bank over Jaiprakash Associates Ltd's one-time settlement proposal, opposed by creditors. JAL aims to pay debt of over Rs 26,000 crore within 18 weeks if OTS is accepted.
G20 Sherpa Amitabh Kant lauds India's digital transformation journey in 9 years
India has made significant strides in digital transformation over the past nine years, with a 96% reduction in data costs and a 1.4 billion people now having a unique digital identity (Aadhar). This has led to greater access and usage of digital services across the country. India's Unified Payments Interface (UPI) has seen exponential growth, contributing 46% of the global share in real-time digital payments.
Sebi launches beta version of settlement calculator
It also enables the applicant to select the appropriate options with respect to their past regulatory track record on the basis of actions of Sebi as well as the details of other ongoing proceedings, if any, as on date of filing the settlement application, the regulator said in a release.
Wall Street's faster trade settlement sees some temporary bumps
The transition to faster trade settlements in the U.S. faced bumps despite a mainly smooth switch to T+1 settlement cycle from T+2, mandated by the SEC. Market participants anticipated increased trade failures and hiccups in the securities market.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
IRDAI in favour of 100% cashless claim settlement in health
In terms of cashless claims, the regulator wants insurers to decide on authorisation requests within one hour of receipt. It has directed insurance companies to put in place necessary systems and procedures to meet the new guidelines by July 31, 2024.
Why reforming the WTO dispute settlement mechanism is imperative
The 13th Ministerial Conference of WTO in Abu Dhabi renewed commitment to a well-functioning Dispute Settlement Mechanism (DSM) by 2024, crucial for the rules-based multilateral trading system.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Govt recovers Rs 852 crore under amnesty scheme for exporters
The government recovered Rs 852 crore under the amnesty scheme for exporters for one-time settlement of default in export obligation. The scheme, part of the new foreign trade policy, aims to settle default in export obligation by holders of advance and EPCG authorisations. Small exporters in Ludhiana have urged an extension of the scheme.
Sebi extends settlement scheme period till June 10 in illiquid stock option cases
"It has been observed that during the last few days, a large number of entities have shown interest in availing the scheme. Considering the interest of entities in availing the scheme, the competent authority has extended the period of the scheme till June 10, 2024," Sebi said in a statement.
ICICI Pru Life pays Rs 1,867 crore towards death claims in FY'24
The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents.
Britney Spears and Sam Asghari divorce: All about settlement and custody arrangements
Britney Spears and Sam Asghari have officially finalized their divorce proceedings, signaling the end of their marriage, which began to unravel eight months ago. Know about the challenges they faced as the star couple are set to go separate ways.
T+0 settlement cycle: Dalal Street ahead of Wall Street, a precursor to instant settlement
Last month, after a long debate we witnessed the part implementation of T+0 settlement cycle for trading in the securities markets. Timely and quicker settlement is a sign of an efficient market as it reduces the risk of any wrongdoing.
Britain to follow U.S. move to halve stock settlement time
Britain's stock markets should halve the time it takes to settle a share trade to stay competitive and complete this shift by the end of 2027, a report recommended on Thursday, a step the UK government has backed to play catch up with Wall Street.
Punjab cabinet approves new excise policy, aims at over Rs 10,000-Cr collections
The Punjab cabinet approved an excise policy to generate over Rs 10,000 crore from liquor sales. Colonisers can pay development charges in instalments. The One-Time Settlement scheme for tax arrears was extended. 1,390 medical officer posts will be created.
Govt offers debt restructuring and one-time settlement to sugar mills for loans taken under SDF
The government has issued revised guidelines for loans taken under the Sugar Development Fund (SDF), providing relief to sugar mills. The guidelines offer debt restructuring and a one-time settlement option for outstanding loans. The outstanding loans of sugar mills as of January 31 amount to Rs 3,730.15 crore, with penal interest of Rs 939.87 crore.
'Inflated' bills: AAP will do everything to implement one-time settlement scheme, says Arvind Kejriwal
Interacting with the families, Kejriwal said his government will soon bring a scheme for a one-time settlement of water bills.
Serious constitutional crisis has arisen in Delhi, says CM Kejriwal
Delhi Chief Minister Arvind Kejriwal raised concerns over a "serious constitutional crisis" in the capital, attributing it to officers' refusal to work due to alleged "threats and pressure" from the BJP. He highlighted hindrances faced by a one-time settlement scheme for rectifying water bills, which he claims is being obstructed by officers under BJP pressure. Kejriwal urged Lt Governor VK Saxena to intervene, emphasizing that the scheme would benefit 10.5 lakh families.
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