church registration – Hardy Presbyterian http://www.hardypresbyterian.com/ Tue, 24 Aug 2021 23:23:53 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://www.hardypresbyterian.com/wp-content/uploads/2021/10/cropped-icon-32x32.png church registration – Hardy Presbyterian http://www.hardypresbyterian.com/ 32 32 Jet Airways’ future hinges on bank debt settlement http://www.hardypresbyterian.com/2021/05/07/jet-airways-future-hinges-on-bank-debt-settlement/ Fri, 07 May 2021 04:37:26 +0000 http://www.hardypresbyterian.com/2021/05/07/jet-airways-future-hinges-on-bank-debt-settlement/ Stuck in a quagmire of losses resulting in 42 of its fleet of 114 aircraft being grounded and some 200 flights canceled a day, India’s Jet Airways faces a grim future if stakeholders do not agree to a plan resolution to convert growing debt into equity. The airline owes more than $ 1.25 billion, of […]]]>


Stuck in a quagmire of losses resulting in 42 of its fleet of 114 aircraft being grounded and some 200 flights canceled a day, India’s Jet Airways faces a grim future if stakeholders do not agree to a plan resolution to convert growing debt into equity. The airline owes more than $ 1.25 billion, of which $ 300 million came from the government-owned State Bank of India (SBI). The approval of the bank-led interim resolution plan “is an important step” towards the rescue of the country’s oldest private carrier, Jet Airways chairman Naresh Goyal said in a statement late last month.

Jet Airways sellers have called a meeting on March 11 with the carrier and representatives of minority shareholder Etihad Airways to determine and decide on the way forward. “It’s hard to say if there will be any closure,” airline official said AIN.

“The situation is very critical and any further delay will create challenges for Jet,” said Kapil Kaul, CEO of the CAPA Center for Aviation for India and the Middle East. As revenues continue to fall and costs rise, “the gap is widening,” he added.

At least seven aircraft lessors have claimed pending payments for lease and maintenance reserves since October. “As we get closer to the deadline, towards the end of the year when Jet will likely have to file for bankruptcy, lessors will want their planes to leave India on time,” said one lessor.

At a recent CAPA summit in Delhi, Air Lease Corporation Executive Vice President Kishore Korde expressed concern that India had yet to fully implement its participation in the Cape Town Convention. “The proof is in the pudding,” he said. “You never know how the application scenario will work. The Cape Town Convention exists as a means of facilitating the financing of aircraft by offering creditors a set of internationally recognized rights in the event of default or insolvency of the debtor.

“Insurance companies also stand to lose a lot as unused planes require more maintenance as they deteriorate over a longer period of time,” said Amit Mittal, director of Delhi-based consulting firm AeroIntellect Aviation Capital.

As if to reassure, the International Air Transport Association said earlier this year that it is “closely monitoring the situation of Jet Airways … as the airline is on its bill settlement plan.”

“Jet Airways continues to be in good standing with IATA’s settlement systems,” said Albert Tjoeng, IATA official. AIN. “We are in regular communication with the airline to review its position. ”



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Air Namibia liquidated, government negotiates debt with donors http://www.hardypresbyterian.com/2021/05/07/air-namibia-liquidated-government-negotiates-debt-with-donors/ Fri, 07 May 2021 04:37:26 +0000 http://www.hardypresbyterian.com/2021/05/07/air-namibia-liquidated-government-negotiates-debt-with-donors/ The Namibian government has confirmed that it is negotiating terms of settlement of N $ 2.3 billion ($ 154 million) due to Castle Lake for two A330-200s that were rented by the deceased Air Namibia (SW, Windhoek International), reports the Namibian Sun. Public Enterprise Minister Leon Jooste confirmed: “We are negotiating a settlement”, but declined […]]]>


The Namibian government has confirmed that it is negotiating terms of settlement of N $ 2.3 billion ($ 154 million) due to Castle Lake for two A330-200s that were rented by the deceased Air Namibia (SW, Windhoek International), reports the Namibian Sun.

Public Enterprise Minister Leon Jooste confirmed: “We are negotiating a settlement”, but declined to provide further details.

The Namibian public carrier was officially wound up on March 26, 2021, after no opposing documents were filed against a liquidation request by the Namibia Airports Company (NAC). The national airline owed NAD 714 million ($ 47.7 million) to the NAC for aeronautical and ground handling charges. The airline has been in temporary liquidation since February 26, 2021.

Castlelake bought the two planes – V5-ANO (msn 1451) and V5-ANP (msn 1466) – from Intrepid Aviation, which originally leased them to Air Namibia in 2013. The Namibian government guaranteed the lease, which cost Air Namibia $ 1.1 million per aircraft per month. The aircraft replaced the airline’s then fleet A340-300s and were used to fly between Windhoek International and Frankfurt International, Air Namibia’s most loss-making route. When it became clear that Air Namibia could not honor the payments, the government tried unsuccessfully in 2019 to terminate the lease earlier.

As previously reported in the 2019 discussion papers of the former Air Namibia board of directors, NAD 2.4 billion ($ 163.9 million) would be payable to lessors if the carrier terminates the leases early. . In addition to paying the rental rate over the remaining term of the four-year lease, Air Namibia is expected to waive a security deposit of NAD 94 million (USD 6.4 million) with the lessor.

At the time of its collapse, Air Namibia’s fleet consisted of four A319-100s (two of which are owned and two have been leased to Deucalion Aviation Fund), the two A330-200s leased from Castlelake, four of which EMB-135ERs, and a B737-500 (stored). According to advanced ch-aviation fleets module, the two A319-100 leased to Deucalion – V5-ANK (msn 3588) and V5-ANL (msn 3346) – are currently stored at Johannesburg OR Tambo. The airline’s two A319-100s – V5-ANM (msn 5366) and V5-ANN (msn 5400) – are stored at Windhoek International.

Meanwhile, Windhoek-based Air Namibia liquidators Ian Robert McLaren and David John Bruni have been tasked with overseeing payments to creditors who have to file their claims. The liquidation is expected to cost Namibian taxpayers 5.6 billion NAD (375 million USD), while the combined assets of the airline are worth around 900 million NAD (60.2 million USD). The Namibian government had spent 9 billion NAD (602 million USD) to bail out the common carrier over the past decade.



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TunisAir signs debt rescheduling agreement with Turkish airport operator TAV http://www.hardypresbyterian.com/2021/05/07/tunisair-signs-debt-rescheduling-agreement-with-turkish-airport-operator-tav/ Fri, 07 May 2021 04:37:26 +0000 http://www.hardypresbyterian.com/2021/05/07/tunisair-signs-debt-rescheduling-agreement-with-turkish-airport-operator-tav/ The Tunisian national company, TunisAir, will sign on March 05 a debt settlement agreement with the Civil Aviation and Airports Authority (OACA) and the Turkish airport operator TAV Airports to which it owes several million euros, reports Webdo Tunis. TunisAir and TAV Airports managing Enfidha-Hammamet and Monastir HAbib Bourguiba airports found themselves in dispute after […]]]>


The Tunisian national company, TunisAir, will sign on March 05 a debt settlement agreement with the Civil Aviation and Airports Authority (OACA) and the Turkish airport operator TAV Airports to which it owes several million euros, reports Webdo Tunis.

TunisAir and TAV Airports managing Enfidha-Hammamet and Monastir HAbib Bourguiba airports found themselves in dispute after the Turkish firm rushed last month to temporarily seize the carrier’s accounts for the € 8million settlement (29 million TD); portion of the debt of 20 million euros accumulated since 2015, excluding penalties.

The debt, according to Badreddine Gamoudi, chairman of the committee for administrative reforms and good governance, amounts to TD 400 million.

The two sides met with Tunisian transport and logistics minister Moez Chakchouk last week to discuss debt rescheduling.

TunisAir, facing an acute financial crisis, currently operates only eight planes. He was unable to pay the salaries.




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Le Pen’s far-right party reaches settlement on Russian bank debt (court) http://www.hardypresbyterian.com/2021/05/07/le-pens-far-right-party-reaches-settlement-on-russian-bank-debt-court/ Fri, 07 May 2021 04:37:26 +0000 http://www.hardypresbyterian.com/2021/05/07/le-pens-far-right-party-reaches-settlement-on-russian-bank-debt-court/ FILE PHOTO: Marine Le Pen, Member of Parliament and leader of the French far-right Rassemblement national (Rassemblement national) party, delivers a speech during a debate on migration at the National Assembly in Paris, France, October 7, 2019 . REUTERS / Benoit Tessier MOSCOW (Reuters) – The Rassemblement National, a French far-right party led by Marine […]]]>


FILE PHOTO: Marine Le Pen, Member of Parliament and leader of the French far-right Rassemblement national (Rassemblement national) party, delivers a speech during a debate on migration at the National Assembly in Paris, France, October 7, 2019 . REUTERS / Benoit Tessier

MOSCOW (Reuters) – The Rassemblement National, a French far-right party led by Marine Le Pen, has reached a legal settlement with a Russian company over its unpaid debts on a loan it took out in 2014, according to court documents.

Le Pen’s heavily indebted party took out the € 9million loan to First Czech Russian Bank six years ago as it sought to raise funds for its 2017 presidential bid. Westerners were pushing back the party’s approaches, she said at the time.

The First Czech Russian Bank has since had its operating license revoked because it held insufficient capital.

A Russian company called Aviazapchast, which specializes in the sale of aircraft parts, had acquired the claim on the loan from the National Rally, according to court documents. Aviazapchast filed a complaint against Le Pen’s party in December last year.

Documents released by the Moscow Arbitration Tribunal on Sunday showed the two sides reached a voluntary settlement agreement last week.

The court ruling indicated that Aviazapchast was withdrawing its request for early repayment of the entire loan, as well as certain sanctions imposed on the French side.

The court decision also defined a timetable for the repayment of the debt in installments until 2028.

Two French banks closed accounts belonging to Le Pen and his party six months after his electoral defeat to Emmanuel Macron. Banks said they acted within regulatory requirements.

During his 2017 campaign, Le Pen, who said he was an admirer of President Vladimir Putin, pledged a softer line on Russia, urging the West to drop economic sanctions against Moscow.

Reporting by Gabrielle Tétrault-Farber in Moscow and Richard Lough in Paris; Editing by Mark Heinrich



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Air Seychelles sets final terms for Etihad’s debt http://www.hardypresbyterian.com/2021/05/07/air-seychelles-sets-final-terms-for-etihads-debt/ Fri, 07 May 2021 04:37:26 +0000 http://www.hardypresbyterian.com/2021/05/07/air-seychelles-sets-final-terms-for-etihads-debt/ Through Omar Mohammed, Davide Barbuscia NAIROBI, May 6 (Reuters) – State-owned Air Seychelles will pay no more than $ 20 million to bondholders worth $ 72 million, a government official told Reuters, even though creditors have threatened to liquidate the African airline if they are not paid. in full. The deadlock is the latest twist […]]]>


NAIROBI, May 6 (Reuters) – State-owned Air Seychelles will pay no more than $ 20 million to bondholders worth $ 72 million, a government official told Reuters, even though creditors have threatened to liquidate the African airline if they are not paid. in full.

The deadlock is the latest twist in broader efforts by creditors to recover $ 1.2 billion owed by Etihad Airways of Abu Dhabi and the airlines it partially owned when the debt was issued in 2015 and 2016, like Air Seychelles.

At the time, Etihad owned 40% of Air Seychelles and it was in a consortium with the airline Gulf and other carriers who borrowed the money through the special purpose vehicle EA Partners.

When the COVID-19 pandemic struck last year, Air Seychelles said it was struggling to honor its share of the $ 71.5 million debt and was engaged in restructuring talks with a creditors steering committee since July.

A senior Indian Ocean archipelago government official told Reuters he would not be able to offer bondholders more than $ 20 million to settle the debt.

“The $ 20 million that has been offered represents the upper limit in terms of funding that Air Seychelles and / or the Seychelles government can obtain approval and successfully raise in the international market for the settlement of the obligation, ”Patrick Payet, Secretary of State for Finance, said.

An EA Partners creditors committee last month asked Air Seychelles to repay its debt, according to a regulatory filing from EA Partners.

“If Air Seychelles does not comply (…) the creditor will ask the Supreme Court of Seychelles to order the liquidation of Air Seychelles,” the case said last month.

The committee told Reuters this week it had rejected the $ 20 million offer but had yet to file a liquidation petition to give the government a “grace period” to finalize a separate settlement with Etihad.

Etihad sold its stake in Air Seychelles to the government for a dollar last month and agreed to give it a 79% discount on the money it still owed the Gulf carrier, which is also around 72 million. dollars, the Seychelles news agency reported.

Creditors said it was unacceptable for Seychelles to offer financial investors a discount similar to the one they received from Etihad, as the airline was a strategic shareholder.

Payet said if creditors do not accept the $ 20 million offer, the airline should consider other options, including insolvency and liquidation proceedings.

“It is the right of bondholders to pursue legal options,” he said. “However, all of our forecasts show that in such an eventuality, bondholders will get back significantly less than the $ 20 million currently on offer and it will take much longer to receive anything.” (Reporting by Omar Mohammed in Nairobi and Davide Barbuscia in Dubai; editing by David Clarke)



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Mactan-Cebu Airport operator and lenders reach agreement on debt easing and rebalancing http://www.hardypresbyterian.com/2021/05/07/mactan-cebu-airport-operator-and-lenders-reach-agreement-on-debt-easing-and-rebalancing/ Fri, 07 May 2021 04:37:25 +0000 http://www.hardypresbyterian.com/2021/05/07/mactan-cebu-airport-operator-and-lenders-reach-agreement-on-debt-easing-and-rebalancing/ GMR-Megawide Cebu Airports Corp. (GMCAC), the operator of Mactan-Cebu International Airport (MCIA), announced on Friday that it had signed an agreement with its creditors to rebalance its debt service commitments and relax restrictive covenants. In a disclosure to the Philippine Stock Exchange, GMCAC’s parent company, Megawide Construction Corp., said the deal was associated with the […]]]>


GMR-Megawide Cebu Airports Corp. (GMCAC), the operator of Mactan-Cebu International Airport (MCIA), announced on Friday that it had signed an agreement with its creditors to rebalance its debt service commitments and relax restrictive covenants.

In a disclosure to the Philippine Stock Exchange, GMCAC’s parent company, Megawide Construction Corp., said the deal was associated with the outstanding loan of 23.9 billion pesos at the end of 2020 to fund project contracted to develop, operate and maintain the MCIA.

GMCAC is a consortium between Megawide and the Indian group GMR formed to manage and develop MCIA for the next 25 years.

GMCAC’s lenders are made up of the country’s largest banks, namely BDO Unibank Inc., Philippine National Bank, Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines and Metropolitan Bank and Trust Company, as well as the Development Bank.

BDO Capital also acted as financial advisor in connection with the transaction.

Based on the terms of the final agreement signed by the two sides, the exercise will temporarily “release” around 3.6 billion pesos in cash from 2021 to 2023 and strengthen GMCAC’s financial position, “which can be used for support operations while the ongoing pandemic limits air travel. “

Likewise, principal payments will be postponed to the period 2027 to 2029, based on the Renewed Omnibus Loan and Guarantee Agreement (OLSA), when the travel industry is expected to have fully recovered from the adverse effects of the COVID-19 pandemic.

“We are happy that the negotiations with our lenders have been finalized and we express our most sincere gratitude to our financial partners, who since the very beginning of this pandemic have been very united. The agreement is a strong sign of support and confidence in the Megawide airport business model. The more flexible debt service schedule will give our airport operations a clearer track for full recovery once things return to normal, ”said Edgar Saavedra, President and CEO of Megawide.

As the pandemic wreaked havoc on the travel industry, Megawide said the GMCAC has officially requested a 30-day grace period to service its six-month debt from December 15, 2019, due on December 15, 2019. June 15, 2020, as provided for in the Bayanihan law.

The lenders unanimously approved the request on June 11, 2020, he added.

With travel continuing to be limited, Megawide said GMCAC requested a further extension of the settlement until September 2020, which GMCAC duly paid on September 15, 2020, including additional interest on principal and accrued interest on September 15, 2020. June to September 15, 2020.

On December 11, 2020, GMCAC sent notifications to its lenders to defer its principal and interest payments due December 15, 2020 to February 15, 2021 as the pandemic escalated.

On December 15, 2020, GMCAC received a response from the lenders unanimously approving the request.

“From the start, our lenders were very accommodating and observed the true spirit of Bayanihan. They have truly exercised their sworn mandate as intermediaries between sources and users of capital, since they have collectively consented to our requests on all occasions. We are very grateful to our lenders for initiating further discussions to resolve all issues and conclude a larger and mutually beneficial agenda for all parties, ”said Ramon Diaz, CFO of the Megawide Group.—AOL, GMA News



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Daya Materials signs debt settlement agreements with its creditors http://www.hardypresbyterian.com/2021/05/07/daya-materials-signs-debt-settlement-agreements-with-its-creditors/ Fri, 07 May 2021 04:37:25 +0000 http://www.hardypresbyterian.com/2021/05/07/daya-materials-signs-debt-settlement-agreements-with-its-creditors/ KUALA LUMPUR (March 16): Daya Materials Bhd today signed a series of agreements as part of its debt restructuring program, following approval in principle by its creditors in July last year. Practice Note 17, in a stock exchange filing, said it signed seven additional agreements and two debt settlement agreements with its creditors. Creditors include […]]]>


KUALA LUMPUR (March 16): Daya Materials Bhd today signed a series of agreements as part of its debt restructuring program, following approval in principle by its creditors in July last year.

Practice Note 17, in a stock exchange filing, said it signed seven additional agreements and two debt settlement agreements with its creditors.

Creditors include Malayan Banking Bhd, United Overseas Bank (M) Bhd, RHB Bank Bhd, Hong Leong Bank Bhd, Al Rajhi Banking & Investment Corp (M) Bhd, Public Islamic Bank Bhd, Propel Global Bhd, Export-Import Bank of Malaysia Bhd and Siem Offshore Rederi AS.

“All outstanding debts will be restructured and settled in accordance with the respective agreements,” the oil and gas services group said.

The debt restructuring was part of a regularization plan that Daya Materials was expected to submit to regulators by the end of September 2020, following a series of defaults in 2019.

Daya Materials upgraded to PN17 status in February 2019, after its equity fell below 25% of its RM 40 million issued capital.

At the end of 2020, Daya Materials had a net liability of RM 197.79 million, with unallocated losses of RM 478.82 million. Overall, the group’s capital deficit stood at RM 199.34 million.

Shares of Daya Materials rose one sen to close at two sen today, giving the group a market cap of RM 40.86 million.



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Agricultural Bank of Egypt to settle EGP 6.3 billion in bad debts for 238,000 farmers http://www.hardypresbyterian.com/2021/05/07/agricultural-bank-of-egypt-to-settle-egp-6-3-billion-in-bad-debts-for-238000-farmers/ Fri, 07 May 2021 04:37:25 +0000 http://www.hardypresbyterian.com/2021/05/07/agricultural-bank-of-egypt-to-settle-egp-6-3-billion-in-bad-debts-for-238000-farmers/ The Agricultural Bank of Egypt (ABE) announced an initiative to settle EGP 6.3 billion in bad debts belonging to about 328,000 defaulting customers of the bank. The initiative enables a full settlement of the bank’s non-performing loan portfolio, which amounts to approximately EGP 6.3 billion. It includes a total principal debt of about 3.9 billion […]]]>


The Agricultural Bank of Egypt (ABE) announced an initiative to settle EGP 6.3 billion in bad debts belonging to about 328,000 defaulting customers of the bank.

The initiative enables a full settlement of the bank’s non-performing loan portfolio, which amounts to approximately EGP 6.3 billion. It includes a total principal debt of about 3.9 billion EGP and a cumulative total return of about 2.4 billion EGP, owed by farmers.

It focuses on hundreds of thousands of small farmers and is part of supporting the Egyptian agricultural sector.

The initiative aims to enable failed clients in the agricultural sector to reconnect with the banking sector and ensure their return to work and production. It will do so in a way that helps provide greater income opportunities and creates employment opportunities.

Final execution of all debt for clients with original debts of EGP 25,000 or less will be made, along with any returns accrued after default. In addition to this, customers will be removed from the blacklists of the Central Bank of Egypt (CBE) and the Egyptian Credit Investigation Company I-Score.

Customers will also be able to benefit from a waiver of all disputes between the bank and the customer, in the event of presence. The total number of beneficiaries included in this segment of the initiative is around 307,000 clients, most of whom are small farmers.

The principal total debt that will be forgiven of these customers is approximately EGP 415 million, in addition to the proceeds of approximately EGP 226 million.

Under the initiative, 50% of debts will also be waived for defaulting customers with debts between EGP 25,000 and EGP 10 million, both for individuals and businesses. This will take place on the condition that the customer pays 50% of the original debt, while abandoning all returns and waiving all cases.

The total finances of the beneficiaries included in this client segment represent approximately EGP 21,000, with a total principal debt of approximately EGP 3.5 billion, in addition to returns which amount to approximately EGP 2.2 billion.





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Avoiding the Punjab’s Farm Debt Crisis http://www.hardypresbyterian.com/2021/05/07/avoiding-the-punjabs-farm-debt-crisis/ Fri, 07 May 2021 04:37:25 +0000 http://www.hardypresbyterian.com/2021/05/07/avoiding-the-punjabs-farm-debt-crisis/ The Punjab Farm Debt Settlement Act 2016 – recently notified – once again highlighted the issue of farmer insolvency and bankruptcy in India’s grain bowl. The debt situation in Punjab is dire. Recent data shows the state’s farmers owe 70,000 crore in debt, the size of the largest nuclear missile deal India has signed with […]]]>


The Punjab Farm Debt Settlement Act 2016 – recently notified – once again highlighted the issue of farmer insolvency and bankruptcy in India’s grain bowl. The debt situation in Punjab is dire. Recent data shows the state’s farmers owe 70,000 crore in debt, the size of the largest nuclear missile deal India has signed with Russia.

To add to this, the widespread phenomenon of farmer suicides, confined to the less developed agricultural regions of the country, has now spread its tentacles in the Punjab, which recorded the highest number of suicides in 2015, after Maharashtra.

The law, which had been gathering dust for 15 years, was finally passed in the run-up to the legislative elections scheduled for 2017. Strategically, it appears as a political tool to win the peasant electorate. However, the crux of the debate lies in whether it offers anything of value amid already existing laws.

Law, and voila!

Multiple state debt reduction laws reveal that the system is nothing more than a chaotic patchwork of laws. The Punjab Debt Relief Act, 1934, provides a mechanism for amicable settlement between creditors and debtors (which specifically includes farmers) of unorganized debts not exceeding 10,000 by conciliation boards of debt, which are quasi-judicial bodies.

In addition, decreeing a debt for an amount greater than double the principal is prohibited in certain cases. This was followed by the Punjab Debtor Protection Act of 1936, which prohibits the seizure and sale of certain land, including agricultural land, in execution of an unorganized debt payment decree.

In reality, this law is not followed. The Punjab Restoration of Mortgaged Lands Act, 1938 provides for statutory extinction of the agricultural land mortgage, once the mortgagor has paid an amount equal to or greater than double the principal amount.

Similarly, the Punjab’s Agricultural Debt Relief (Relief) Act 1975 provides for the discharge of farmers’ debt and the release of mortgaged property if an amount exceeding or equivalent to one and a half times the amount. principal of the debt has been paid. , however, judicial evidence shows that this act was hardly mentioned.

Additionally, there are laws governing money lenders and the rate of interest they can charge. It is obvious that the principle enshrined in all laws has not changed over the years, and it seems to fail, as debts seem to be piling up.

The insensitive approach to studying the root of the problem and the unwillingness to find an innovative solution seem to be the reasons why a law, which says nothing new to address the chronic problem of farm debt, is being pushed. .

Need for global changes

The real solution to the land debt crisis in Punjab lies in solving systemic problems in agriculture such as unpredictable rains, pest attacks, stagnant minimum support prices, declining agricultural exports, poor incomes, poor water supplies and falling prices for agricultural products.

Some of these solutions go beyond the framework of the legislation, others, although possible, are not envisaged by the Law.

It is obvious that the Act is a damage control measure undertaken by the government. However, this seems like a half-hearted effort as it is a reminder of existing state laws dating from the 1930s. Relief in the form of debt forgiveness and release of mortgaged property, in return for payment of an amount equivalent to double the debt was provided for by law, this time through special forums at district and state level, to which all cases of agricultural debt would be transferred.

The challenge posed to this infrastructural environment is obvious. They risk being overloaded from the start. As for their functioning, conflict is imminent when the forum is made up of one representative each from the agricultural community and the community of money lenders.

Moreover, a decision of the forum is binding even when a member is vacant, which implies that decisions binding on the farmer can be taken even if the farmer’s representative is absent.

The glaring absence of provisions prohibiting the seizure and auctioning of farmers’ property and the failure to set the interest rate payable on the debt are major loopholes in the law that do not appear to be justified.

In addition, a large part of the debts usually incurred by farmers are exempt from its scope, including institutional debts, debts incurred for trade, debts related to rent, etc., making the law a little pointless. Unfortunately, the law somehow ensures a double return to lenders for the money loaned.

A perhaps better substitute for the law would be the fresh start process under the Insolvency and Bankruptcy Code, 2016, albeit with revised monetary thresholds, which was recently passed by the Rajya Sabha.

A needy person, including a farmer in difficulty, can apply for a court debt relief order for unorganized or unsecured institutional debt incurred for any purpose, and not just for agricultural purposes, at an early stage. of his insolvency itself – at any time after three months of incurring the debt, if he is unable to pay his debt for a valid reason.

The waiver is not automatic as legal proceedings are contemplated, but the futility of waiting until a person is besieged by money lenders or has paid twice the amount of the debt with interest rates. exorbitant interest is waived.

act now

This mechanism is much more user-friendly as it provides for a moratorium on all debt collection actions by creditors until the debt cancellation order is granted and is also a healthier alternative to cancellation programs. one-time politically motivated debt distributed by the government, as it is a permanent mechanism run by the courts. As part of a central law on a subject on the concurrent list, it will be applicable to all states in India.

The law superficially tries to solve the problem of agricultural debt, because it erases under the carpet the real concerns which plague the situation of agrarian distress. Not much thought has been given to turning the Fa into a tangible solution. Instead, it ended up being a simple voice-gathering tactic.

With a timeline of more than a decade, much more could have been done in terms of drafting innovative law that allows people in distress to seek redress at an early stage, protect their property and avoid harassment from others. money lenders.

Unfortunately, none of these concerns have been effectively addressed by the law. Being a simple repetition of the old law, any hope of improving the condition of poor farmers in Punjab seems to be fading.

The writer is a researcher at the Vidhi Center for Legal Policy



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Farm bank settles £ 1.4bn debt http://www.hardypresbyterian.com/2021/05/07/farm-bank-settles-1-4bn-debt/ Fri, 07 May 2021 04:37:25 +0000 http://www.hardypresbyterian.com/2021/05/07/farm-bank-settles-1-4bn-debt/ The Agricultural Bank of Egypt – Photo courtesy of the bank’s website CAIRO – March 27, 2018: The Agricultural Bank of Egypt processed the debt of 23,000 defaulters, which stood at LE 1.4 billion ($ 79.26 million) until the end of February 2018, according to the president of the bank, al-Sayed al-Kosair. Kosair clarified that […]]]>


The Agricultural Bank of Egypt – Photo courtesy of the bank’s website

CAIRO – March 27, 2018: The Agricultural Bank of Egypt processed the debt of 23,000 defaulters, which stood at LE 1.4 billion ($ 79.26 million) until the end of February 2018, according to the president of the bank, al-Sayed al-Kosair.

Kosair clarified that the bank deals with farmers, its customers, in a flexible way – especially with people who have gone into debt due to circumstances beyond their control.

The bank follows a policy, including debt settlement, of three to seven years so that the processing is tailored to the customer’s circumstances and activity and their repayment potential, Kosair added.

He also clarified that the bank’s debt policy is based on entering into an informal agreement with the farmers, in order to avoid taking legal action.

The bank’s new debt policy offers customers a longer repayment period, reduced return, or waiver of part of the proceeds if offered for reasons beyond their control.

On the other hand, the bank announced last week that it has issued 44,000 Aman certificates for temporary and seasonal workers, with a total return of LE 796 million since the certificate was issued.

The segments of Aman certificates are LE 500, LE 1,000, LE 1,500, LE 2,000 and LE 2,500. The term of the certificate is three years at the rate of 16 percent, and it can be redeemed at any time.

The Agricultural Bank of Egypt is an institution for the development of agricultural activity in Egypt.

It has more than 1,210 branches and village banks that cover all of Egypt.

In addition, the bank has more than 4 million square meters of storage capacity, of which 2 million square meters are allocated to receive local cereals from farmers. The number of shunas is 392 across the country.



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