Homemarket Newsstocks News

    UCO Bank, Corporation Bank rally up to 19% post approval of insolvency law amendments

    UCO Bank, Corporation Bank rally up to 19% post approval of insolvency law amendments

    UCO Bank, Corporation Bank rally up to 19% post approval of insolvency law amendments
    Profile image

    By Mousumi Paul   IST (Updated)

    Mini

    Shares of UCO Bank and Corporation Bank rallied up to 19 percent on Friday amid reports that payments from Essar Steel resolution are likely to arrive this month. Also that the Cabinet cleared amendments to the insolvency law. 

    Shares of UCO Bank and Corporation Bank rallied up to 19 percent on Friday amid reports that payments from Essar Steel resolution are likely to arrive this month. Also that the Cabinet cleared amendments to the insolvency law.
    At 9:30 AM, shares of UCO Bank, Corporation Bank and IDBI Bank were trading 12.54 percent, 10.11 percent and 6.10 percent respectively. On an intraday basis, the shares rallied 18.81 percent, 15.78 percent and 9.89 percent on the NSE.
    The Union Cabinet on Wednesday approved changes to the insolvency law, including a provision to ring-fence successful resolution applicants from criminal proceedings with regard to offences committed by previous promoters of a company.
    The amendments to the Insolvency and Bankruptcy Code (IBC) are aimed at removing certain difficulties being faced during insolvency resolution process to realise the objects of the Code and to further ease doing of business, an official release said.
    Furthermore, on November 15, the Supreme Court of India pronounced that the resolution of Essar Steel would proceed as per the proposed resolution plan of October 18.
    The apex court accepted Arcelor Mittal's offer to pay an aggregate of Rs 42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel, before December 31.
    The Committee of Creditors approved the distribution of Rs 12,000 crore to SBI, Rs 2,282 crore to IDBI Bank and about Rs 1,400 crore to Corporation Bank.
    Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng