Wilful Defaulter

In September 2023, the RBI had released the master directions for the comments from stakeholders and members of the public.

RBI’s latest crackdown on wilful defaulters: Draft Directions have glaring loopholes

Whilst the Draft Directions are a step in the right direction towards consolidation of legal framework governing WDs, few of the suggested changes may have sweeping undesired implications.

Banking Central | Why outrage against RBI over compromise settlement for wilful defaulters is misplaced

The debate is largely due to a confusion between compromise settlement and restructuring facilities offered to wilful defaulters. The RBI's 2019 circular had prohibited restructuring of wilful defaulter loans, not compromise settlement.

India’s top 25 wilful defaulters owe about Rs 59,000 crore to banks, says Centre

Mehul Choksi promoted Gitanjali Gems Ltd is the top wilful defaulter with Rs 7,110 crore in dues

Wilful defaulters owe Rs 1.5 lakh crore to public sector banks: How big is the mess?

A wilful defaulter is a borrower who has the ability to repay the bank but wouldn’t so deliberately. Here, the intent to pay back the money to the lender is absent.

Vijay Mallya’s Kingfisher House goes unsold for fifth time

The Mumbai property failed to attract bidders even after lowering the reserve price to Rs 93.50 crore.

Lenders invoke bankruptcy law against REI Agro

Bankers are set to write off loans worth Rs 5,200 crore to REI Agro, a wilful defaulter as the creditors invoke Bankruptcy and Insolvency Law against the company.

Will make list of wilful defaulters public: RBI Governor

Reserve Bank is working on a new system for making public the list of wilful defaulters, while a new mechanism is being put in place for out-of-court settlement of bad loan-related disputes, Governor Raghuram Rajan said today.

Negotiate with Mallya on dues, cut losses: Assocham to banks

Mallya's settlement offer has already been rejected by banks, who want something concrete on the table, while he has failed to appear before various investigative agencies like ED and SFIO despite repeated summons issued in connection with probe into alleged irregularities at his group.

Delhi HC refuses to hear Mallya's plea on wilful defaulter tag

According to SBI, a similar case is already pending before Bombay High Court.

BoB has 186 wilful defaulters who owe a total of Rs 1663 cr

BoB only added 9 wilful defaulters between September 2015 and March 2016. These new defaulters increased the total amount owed to the bank by Rs 470 crore.

RBI tightens norms for labeling of 'willful defaulters'

Banks will now have to refer each case of a wilful default to a review committee which will take the final call on the matter. The review committee, as directed by RBI, is to be headed by an executive director and consist of two other senior officers of the rank of general manager or deputy general manager.

KFA's defaulter case dismissed on technical grounds: UBI

In an interview to CNBC-TV18, Deepak Narang, executive director, United Bank of India expects the airline to be declared a wilful defaulter in 15-20.

Sebi plans to impose restrictions on wilful defaulters

The Securities and Exchange Board of India (Sebi) is expected to discuss the proposal during its board meeting scheduled for Wednesday.

UCO Bank sends notices to Kingfisher Airlines, another firm

The source said the letter sought to explain the reasons behind identifying the two firms as `wilful defaulters', adding that time had been given to them for giving reply on why they should not be declared as `wilful defaulters' as per RBI guidelines.

Deloitte analyses RBI's wilful defaulter norms amendments

In an interview to CNBC-TV18's Ekta Batra, KV Karthik, Senior Director, Deloitte India gave his outlook on the RBI's tightening of wilful defaulter norms.

Guarantors of defaulters at risk; SBI to target UB Holdings

The Gujarat High Court on Wednesday had partially struck down the earlier RBI circular on wilful defaulters calling the restrictions imposed on directors as "arbitrary and unreasonable." But the amended RBI circular states that guarantors, who refuse to fulfil obligations despite having resources, will also be treated as wilful defaulters.

RBI may implement wilful defaulter norms prospectively: OBC

As per new rules, guarantors, who refuse to fulfil their obligations to banks despite having adequate resources, will also be treated as wilful defaulters.

Mallya's MCF fight may hinge on 'wilful defaulter' battle

Vijay Mallya‘s bid to hold on to another firm in his crumbling UB empire, Mangalore Chemical & Fertilizer, may now boil down to whether he is able to fight off the ‘wilful defaulter‘ tag that has been labeled on him by United Bank of India.

Wilful defaulter: Is this end of the road for Vijay Mallya?

Under law, willful defaulters cannot have access to any further bank funding and neither can companies where they serve as directors.

KFA case: Decoding implications of 'wilful defaulter' tag

United Bank has declared Kingfisher Airlines and its promoter Vijay Mallya as ‘wilful defaulter‘. The bank is in the process of sending formal notices to the company and will inform RBI as well.

Bank fights Mallya MCF bid: Will KFA claim another UB firm?

According to a report in the Business Standard that quoted persons privy to the development, United Bank of India has asked the regulator to reconsider the approval given as the UB-Zuari joint open offer for MCF, as it had identified Mallya‘s now-grounded airlines, Kingfisher, a ‘wilful defaulter‘.