Laxmi Vilas Bank Placed Under Moratorium, Centre Announces Draft Amalgamation Scheme With DBS Bank India Ltd.

Shreya Agarwal

17 Nov 2020 9:25 PM IST

Laxmi Vilas Bank can also make payments towards existing liabilities for call money or inter-bank borrowings including letters of credit, which are falling due during the period of moratorium, and make payments towards trades made before the moratorium which are yet to be settled.

Laxmi Vilas Bank has been placed on moratorium for a month, beginning 17.11.2020 until 16.12.2020 stays the commencement or continuance of all actions and proceedings against that banking company during the period of moratorium, subject to the condition that such stay shall not in any manner prejudice the exercise by the Central Government of its powers under Section 35(b)(4) of the...

Laxmi Vilas Bank Placed Under Moratorium, Centre Announces Draft Amalgamation Scheme With DBS Bank India Ltd.

Shreya Agarwal

Laxmi Vilas Bank can also make payments towards existing liabilities for call money or inter-bank borrowings including letters of credit, which are falling due during the period of moratorium, and make payments towards trades made before the moratorium which are yet to be settled.

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