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Jaffa causes worry with latest Modi govt order.... read the full article

https://economictimes.indiatimes.com/industry/banking/finance/banking/uae-banks-headed-for-india-to-recover-rs-50000-crore/articleshow/74019520.cms

UAE banks headed for India to recover Rs 50,000 crore

MUMBAI, Maharashtra: At least 9 banks from the UAE are in the process of initiating legal action against Indian defaulters to recover around Rs 50,000 crore, after New Delhi made the rulings of Emirati courts in civil cases enforceable here.

While most of the cases involve corporate loans taken by Dubai or Abu Dhabi-based subsidiaries of Indian companies, action is also being planned against individuals, two people with dire ..

The Indian government on January 17 issued a notification allowing the decrees of certain UAE courts in civil cases to be enforceable in India. This means a UAE bank, if it has a court order in its favour against a defaulter who has fled to India or no more has operations in the Emirates, can seek to enforce it here like any local lender to recover the money.

 

UAE banks head for Indian courts to recover $7bn loan defaults

https://www.arabianbusiness.com/banking-finance/439642-uae-banks-move-indian-courts-to-recover-7bn-loan-defaults

 

 
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