Tag: canara bank

Latest StoriesRegulatory

NCLT Accepts Insolvency Plea for Supreme Housing & Hospitality

MUMBAI: The National Company Law Tribunal (NCLT) has accepted Canara Bank’s insolvency petition against Supreme Housing and Hospitality Private Limited, a Mumbai-based real estate firm, over outstanding dues exceeding ₹567 crore. This move follows several unsuccessful attempts at a one-time settlement and extended litigation. The Mumbai bench of the tribunal commenced the corporate insolvency resolution process (CIRP) against Supreme Housing on May 13 under Section 7 of the Insolvency and Bankruptcy Code (IBC). Canara Bank indicated a default amounting to ₹567.43 crore as of October 31, 2025, which includes a principal amount of ₹175.83 crore and interest dues of ₹391.60…

Latest StoriesRegulatory

NCLAT Abolishes Insolvency for Embassy Development

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has overturned an NCLT decision allowing insolvency proceedings against Embassy Development, a real estate firm. In December 2025, the Delhi bench of the National Company Law Tribunal (NCLT) ordered the initiation of insolvency against Embassy Development following a petition by Canara Bank. The bank claimed that Embassy Development owed ₹200 crore as a corporate guarantor for a loan given to Indiabulls Realtech (now Simar Thermal Power). This NCLT decision was appealed by Rajesh Kaimal, a member of the suspended board of Embassy Development. The NCLAT ruled that the default claimed by…

IndustryLatest Stories

Canara Bank Seeks Bids for ₹577-Crore Housing Loan Sale

MUMBAI: Canara Bank is seeking offers from financial institutions and asset reconstruction companies (ARCs) to sell its ₹577 crore debt concerning the real estate firm Supreme Housing and Hospitality, with a reserve price set at ₹500 crore through a Swiss challenge auction. The Bangalore-based bank has also filed a petition with the Mumbai NCLT to restart insolvency proceedings against the company after a one-time settlement (OTS) proposal in July did not materialize, according to a knowledgeable source. “This debt auction allows the bank to gauge interest from investors while waiting for guidance from the Mumbai NCLT. The company previously made…

Latest StoriesRegulatory

Allahabad HC: No Tenancy Agreement Doesn’t Block Rent Authority

PRAYAGRAJ: In a landmark decision, the Allahabad High Court has determined that the lack of a written tenancy agreement or failure to provide tenancy details does not prevent the rent authority from exercising its jurisdiction. The court stated that, under the Uttar Pradesh Regulation of Urban Premises Tenancy Act, 2021, the rent authority is authorized to consider a landlord’s eviction application even if no written agreement exists and the landlord has not submitted tenancy details. Justice Rohit Ranjan Agarwal, delivering the judgment on December 16, remarked, “This provision leads to the conclusion that the jurisdiction of the rent authority under…

Latest StoriesRegulatory

ED Arrests Galaxy Constructions Director in Bank Fraud Case

MUMBAI: The ED has taken into custody the director of a Pune-based real estate firm from a five-star hotel in Mumbai, along with Rs 9.5 lakh in cash and gold and diamond jewelry valued at Rs 2.3 crore in connection with a bank loan fraud investigation. Amit Ashok Thepade was arrested on Sunday at the luxury hotel in south Mumbai, where he had been residing for the past two months. According to the federal agency, a special Prevention of Money Laundering Act (PMLA) court has remanded him to ED custody for five days. The ED reported that Thepade, who had…

Housing FinanceLatest Stories

Mortgage Rate War Hits Housing Finance Companies Hard

Housing finance companies (HFCs) are under considerable strain due to aggressive mortgage pricing by public sector banks, leading to reduced margins. Although loan disbursals are growing, many HFCs are not experiencing a corresponding rise in assets under management (AUM), primarily because borrowers are transferring their home loans to rival firms. In the June 2025 quarter, Bajaj Housing Finance reported a 0.5% drop in net profit, while Aadhar Housing Finance and LIC Housing Finance experienced growth rates of 10% and 5%, respectively. The recent reduction in lending rates by the Reserve Bank of India, which cut the repo rate by 100…