SpiceJet To Deposit $5 Million In 2 – Latest news headlines


Madras High Court has ordered winding up of SpiceJet and taking over of its assets over unpaid dues

Madras High Court has ordered winding up of private carrier SpiceJet Limited and directed the official liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company over unpaid dues.

The airline had failed to make payment of over $24 million to a Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts.

The order was passed by the high court on December 6, 2021.

However, SpiceJet in a filing to the Bombay Stock Exchange today said, “the Madras High Court through its order dated December 6, 2021 has stayed the earlier order of winding up and appointment of official liquidator for a period of three weeks, subject to the condition that the Company deposits the amount equivalent to $5 million within a period of two weeks.”

The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which appealed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the Liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet’s assets, properties, stock in trade and books of accounts.

The “respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co. v. Madhu Woollen Industries (P) Ltd., and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956,” Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.

According to the petitioner, SpiceJet had availed of the services of SR Technics, Switzerland, for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts, which are mandatory for its operations. An agreement for performance of such services for a period of 10 years was entered into between SpiceJet and SR Technics on November 24. 2011.



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Latest News Today – Government Introduces Deposit Insurance And Credit


The government on Friday introduced the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill in the Rajya Sabha, which aims to provide timely support to depositors of stressed banks. Minister of State for Finance Bhagwat Karad introduced the Bill, which seeks to provide immediate relief to thousands of depositors who have their money parked in stressed lenders.

The Bill has proposed that even if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation (DICGC). For this, the Bill seeks to insert a new Section in the DICGC Act, 1961.

It also seeks to amend Section 15 of the DICGC Act to enable the Corporation to increase the ceiling on the amount of premium, with the prior approval of the Reserve Bank of India (RBI). Besides, it will also provide that the DICGC may defer or vary the receipt of repayments due to it from the insured bank and to empower the Corporation to charge penal interest in case of delay in repayment by the banks to the Corporation.

Though the RBI and the central government keep monitoring the health of all banks, there have been numerous recent cases of banks, especially cooperative banks, being unable to fulfil their obligations towards depositors due to the imposition of moratorium by the RBI. Earlier this week, the Union Cabinet cleared amendments to the DICGC Act. Last year, the government had increased insurance cover on deposits by five times to Rs 5 lakh. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a press release)



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Latest News Today – SBI Offers 5.4% Interest On Fixed Deposit Of Up To 10


Interest rate payable to SBI staff and SBI pensioners is 1% above the applicable rate.

State Bank of India, the country’s largest lender, offers interest rate up to 5.4 per cent on fixed deposit of five years and up to 10 years on amount below Rs 2 crore, the Mumbai-based lender said on its website. Tenors for State Bank of India’s fixed deposit accounts start from a minimum of 7 days and go up to 10 years, according to information on State Bank of India’s website https://sbi.co.in. The State Bank of India revised its interest rates on fixed deposits on January 8, 2021 and the rates mentioned below are on deposits not exceeding Rs 2 crore.

Below are the latest interest rate offered by State Bank of India:

Maturity Period Interest Rate
Public Senior citizen
Seven days to 45 days 2.9% 3.4%
46 days to 179 days 3.9% 4.4%
180 days to 210 days 4.4% 4.9%
211 days to less than one year 4.4% 4.9%
One year to less than two years 5.0% 5.5%
Two years to less than three years 5.1% 5.6%
Three years to less than five years 5.3% 5.8%
Five years and up to 10 years 5.4% 6.2%
(Source: sbi.co.in)

The interest rate payable to SBI Staff and SBI pensioners will be 1.00 per cent above the applicable rate. The rate applicable to all Senior Citizens and SBI Pensioners of age 60 years and above will be 0.50 per cent above the rate payable for all tenors, SBI said on its website.

SBI fixed deposit holders can opt for receiving interest amount on monthly, quarterly, half-yearly or yearly basis, SBI added.



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SBI Offers Interest Of 5.4% On Fixed Deposit Of Five | Sidnaz Blog


SBI fixed deposit interest: SBI offers 0.50 per cent extra interest rate to senior citizens.

State Bank of India, the country’s largest lender, offers interest rate up to 5.4 per cent on fixed deposits amount of below Rs 2 crore for tenor of five years and up to 10 years, according to information on its website https://sbi.co.in. State Bank of India’s fixed deposit interest rate payments can be availed by its customers on a monthly, quarterly, calendar quarter, half yearly and yearly basis as per the requirement of the customer, SBI noted. Senior citizens who go for SBI FD get 0.50 per cent extra interest rate for amount of Rs 10,000 and above, SBI added. SBI’s fixed deposits start from tenor of 7 days and go up to 10 years and any individual can open fixed deposit account with State Bank of India for minimum deposit of Rs 1,000, according to State Bank of India. (Also Read: India Post Offers These Interest Rates On Small Savings Schemes)

Here are the latest fixed deposit interest rates offered by the State Bank of India

Maturity Period Interest Rate
Public Senior citizen
Seven days to 45 days 2.9% 3.4%
46 days to 179 days 3.9% 4.4%
180 days to 210 days 4.4% 4.9%
211 days to less than one year 4.4% 4.9%
One year to less than two years 5.0% 5.5%
Two years to less than three years 5.1% 5.6%
Three years to less than five years 5.3% 5.8%
Five years and up to 10 years 5.4% 6.2%
(Source: sbi.co.in)

State Bank of India last revised its interest rate on fixed deposits on January 8, 2021 and the interest rate payable to SBI Staff and SBI pensioners will be 1 per cent above the applicable rate, SBI said.

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