Latest news with #SARFAESI
Deccan Herald
2 days ago
- Business
- Deccan Herald
6,000 coffee growers in Karnataka stand to lose plantations over unpaid loans
Banks are gearing up to recover their dues by auctioning the plantations under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.
Time of India
4 days ago
- Business
- Time of India
Chikkamagaluru planter seeks euthanasia after farmland auction for loan default
Chikkamagaluru: A coffee planter from Chikkamagaluru district, struggling with debt, sought permission for euthanasia after his bank auctioned his farmland under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), leaving him without means of income. Dr Vijaya and his wife HN Parvathi presented their petition to the President of India through tahsildar, Rajshekhar. Vijaya borrowed Rs 25.9 lakh against his four acres of coffee plantation located at survey number 40/2 in Kelluru village. In addition, his wife borrowed a Rs 6 lakh agricultural loan against her 3.39 acres under survey number 40/1. However, they both failed to repay the loan due to repeated crop loss, price drop, the Covid-19 pandemic, and bad weather. Apart from this, wild animals damaged the coffee plantation put the couple into hardship to repay the loan amount. "In 2024, we repaid Rs 5.3 lakh, and the bank had assured us time to repay the remaining dues but they auctioned our property," Vijaya said. He stated, "Property worth nearly Rs 3 crore was sold online for just Rs 89.5 lakh. We are now left with no means to survive." The Raitha Hitha Rakshana Vedike condemned the banks for the inhumane act. BK Lakshman Kumar, president of the Vedike, said for the first time in the history of the district, a farmer has pleaded for mercy killing due to distress caused by SARFAESI Act. He there are 2,700 farmers under the SARFAESI bracket in the district, of which 400 have repaid loans. However, 2,300 farmers are at risk of losing their lands. He urged the authorities concerned to protect the welfare of farmers.
India.com
24-06-2025
- Business
- India.com
Anil Ambani continues to rise! once office seized by this bank, now pays Rs 2730000000 to…, share price surged by…
Anil Ambani (File) Anil Ambani's fortunes are changing so fast. Five years ago, when Anil Ambani was unable to secure a bank loan, Yes Bank had seized the Reliance Center, the headquarters of the Anil Dhirubhai Ambani Group (ADAG) in Mumbai. Under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, the bank had taken possession of Anil Ambani's office. However, after five years, both the situation and circumstances have changed. Now, Anil Ambani has repaid Rs 273 crore to the same bank, making his company debt-free. Reliance Infra Repays Loan Reliance Infrastructure on Monday said its wholly-owned subsidiary JR Toll Road Private (JRTR) has paid the entire debt settlement amount of Rs 273 crore to Yes Bank Ltd (YBL). Reliance Infrastructure in a regulatory filing said the agreement has also resulted in full settlement/discharge of the company's obligation as a guarantor for the said loan on behalf of JRTR. YBL does not hold any shares in the Company and is neither a related party nor part of the promoter group, it added. ' …we hereby inform that JR Toll Road Private Limited (JRTR), a wholly owned subsidiary of the Company has entered into an addendum to the settlement agreement today with Yes Bank Limited (YBL) for the entire outstanding debt obligation of Rs 273 crore (including interest) owed by JRTR to YBL, and has duly paid the entire settlement amount,' Reliance Infrastructure said. Reliance Infra Share Price Surge After this update with the stock market, the company saw a surge in Reliance Infra shares price. Despite overall market declines, Reliance Infra's shares rose by 1.81% to Rs 380. Over the last month, the stock has gained 20%, delivering a 77% return in the past year, and has grown ten times over five years.
Business Standard
05-06-2025
- Business
- Business Standard
Technology Startup 'Resollect' Secures Funding to Transform India's Debt Recovery Landscape
PNN New Delhi [India], June 5: NPAs have been impacting the growth and profitability of India's banking sector. With more than 80% of SARFAESI cases disputed by borrowers and recovery timelines running into several years, financial institutions have been stuck in an inefficient loop that technology startup 'Resollect' hopes to solve. Manually and branch-dependent processes not only breed inefficiencies in debt recovery but also leave banks vulnerable to huge regulatory risks due to compliance gaps. Over 40% of delayed cases could be processed just through the availability of automated workflows tracking actions and ensuring compliance, a bottleneck costing the industry millions every year. Abhishek Rao, former consultant with the Boston Consulting Group and distressed investment professional saw the magnitude of this underserved market. Having seen firsthand how NPAs are managed by banks that have little or no technology integration, he seized a huge opportunity to revolutionize the space through automation and data-driven solutions. "Current workflows in handling NPAs are fundamentally flawed," says Abhishek, an industry expert who also happens to be the All India Rank 2 holder in the Chartered Accountancy examinations. "Banks rely on Excel spreadsheets and manual procedures for something that ought to be highly automated and compliance-driven. This increases operational costs and also diminishes recovery efficiency." Abhishek's 'Resollect' is the ultimate solution but in the approach of debt recovery by institutions. This AI-powered platform creates an integrated ecosystem for banks, legal teams, and recovery agencies, automating complex recovery processes while keeping full regulatory compliance. While current solutions mainly focus on early bucket collections, 'Resollect' takes on the much tougher late-stage recovery and secured lending management. The platform's approach is indeed holistic, covering all the NPA lifecycle stages-from pre-collection risk assessment to post-write-off recovery plans. AI-driven segmentation and risk ranking allow lenders to detect imminent problem loans well before they become critical. The system's automated workflow capabilities eliminate many manual tasks, up to 60%, whereas real-time tracking ensures that no case slips through administrative cracks. What differentiates 'Resollect' from other fintechs is its focus on a truly underserved market segment. Existing technology solutions in the financial services space primarily focus on consumer lending or early-stage collections; Abhishek and his team built specialized tools for the nuanced space of secured lending and agency management within post-NPA workflows. A perfect illustration of this strategic approach is the strategy builder tool within the platform, which enables institutions to craft, implement, and fine-tune recovery strategies using an intuitive drag-and-drop interface. Ready-made templates alongside customizable parts guarantee fulfillment of even the most intricate regulatory demands while keeping the operation effective. The system will automatically generate triggers for specific intervals and standardize processes to perpetually comply with RBI and SARFAESI requirements. Abhishek's vision has recently been validated with a pre-seed funding round led by the well-known venture capital firm Antler, along with strategic angel investors such as senior chartered accountant Mr. Sudhir Prabhu and others. This fund will help 'Resollect' improve product offerings and broaden service capabilities in the niche NPA management space. "What truly stood out to us about Resollect was not just the scale of the opportunity, but the sharp clarity of the team's vision. They're addressing one of the most intricate and underserved challenges in lending with a highly strategic, tech-powered approach. By seamlessly connecting fragmented players, from NBFCs and recovery agencies to auction participants, Resollect is building the foundation for a more transparent, efficient, and scalable recovery ecosystem. The team's deep industry expertise and hands-on operational experience give them a unique competitive edge, and we're confident they are well-positioned to become a key enabler of India's financial infrastructure," says Nitin Sharma, Partner at Antler in India. The impact of such technological intervention is realized not just in operational efficiency but also in recovery outcomes. Industry statistics indicate that a best-recovery process can drive costs down by nearly 30% while bottom-line performance gets boosted by 2% and lending capacity increases by another 8%. In an industry that plays with thousands of crores in distressed assets, these tweaks translate into massive economic benefits. 'Resollect' offers a rich functionality for all the pain points experienced with traditional recovery processes. With automated notice generation, there is no room for error in compliance. Structured updates along with order summaries are provided through real-time tracking of cases. Recovery marketplace within the platform connects institutions to verified legal vendors and recovery agents, thereby automating task delegation and performance evaluation. Such demand will only grow for innovative NPA management solutions as India's financial sector continues to evolve and the regulatory framework becomes increasingly complex. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
