Shayan Ghosh
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Asset quality review: RBI auditing banks’ books for weak accounts
The Reserve Bank of India (RBI) has, for more than three weeks, been checking for stressed assets on banks’ books to ensure no “weak” account goes unnoticed in the current round of resolutions, bankers told FE.
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Banks mull AMC route for NPAs with Rs 1-2k-cr debt
Bankers warn given RBI deadline of August 28, move may prove to be counterproductive
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Wilful defaulters: IDBI Bank owed Rs 5,372 crore
More than 120 wilful defaulters owe public sector lender IDBI Bank Rs 5,372 crore as on May 16, 2018. Of this, the top 10 have unpaid loans of Rs 3,717 crore or around 70% of the amount.
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ICICI Bank vs SBI vs Others: NCLAT – 75% votes must to appoint or change resolution professional
The order came during the hearing of an appeal by ICICI Bank against Oceanic Tropical Fruits, State Bank of India, Central Bank of India and others.
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One-day rule: Defaults jump, hit Rs 1.2 lakh crore
More than 4,000 borrowers with outstanding loans of Rs 1.2 lakh crore have defaulted under the Reserve Bank of India’s (RBI) one-day default norms as on April 30.
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Resolution professional turns down the bulk of sister firms’ claims
Close to 70% of the claims made by companies related to the Essar Group on Essar Steel have been rejected by the resolution professional (RP).
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Alok Industries Case: SBI may not demand revote on resolution plan
Going by the recent order on Alok Industries from the National Company Law Tribunal (NCLT), it would appear State Bank of India (SBI) has no objection if the resolution plan is not put to vote again. When the plan was voted on, in April, 70% of the lenders voted for it.
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Priority sector loan write-offs lowest: RBI
Write-offs by banks for loans disbursed to the priority sector—primarily agriculture, MSMEs and smaller homes—account for about a fourth of all write-offs. The remaining 75% or so relates to loans given to companies—working capital or project finance—and to individuals.
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Loan Write-Offs: In FY18, 10 banks took Rs 1 lakh crore hit
While banks have made provisions for these assets, in keeping with the Reserve Bank of India’s rules, they may need to written off some of the loan amount.
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Insolvency proceedings: NCLAT stays action on Reliance Communications, tells it to pay Ericsson Rs 550 crore
The appellate tribunal noted the chairman/managing director/director of RCom would undertake to pay Rs 550 crore to Ericsson within 120 days. The company has time till September 30 to repay Ericsson and in case of non-payment the interim order with regard to the resolution process will continue, the NCLAT said.
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Why SBI is not too keen to buy IDBI Bank’s toxic loans
Biggest lender not too keen as it feels NPAs are being offered at very unattractive prices
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SBI sees one-day defaults from lower-rated accounts
SBI has reported a loss of Rs 7,718 crore, for the three months to March, the lender’s second consecutive quarterly loss in FY18. The losses resulted from a spurt in provisions, largely for loan losses, along with mark-to-market (MTM) losses following a hardening of yields.
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CDR cell seeks clarity on its role from RBI
Central bank did not clarify status of the companies that have undergone successful debt restructuring but have not yet exited the cell.
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Seeking bidders: Monnet Power’s put on the block again
Monnet Power, promoted by the Jajodia family, is up for sale. Monnet Power is an 88% subsidiary of Monnet Ispat, which has been bid for and won under the Insolvency and Bankruptcy Code (IBC) process by the JSW Steel-Aion Investments combine.
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Modus operandi: RP tells NCLT, Tecpro entered into transactions to defraud lenders
The resolution professional (RP) for Tecpro Systems has detailed the “modus operandi” of the company’s promoters to allegedly defraud its lenders.
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Rs 170 crore deal: SBI to buy 4 floors at Mafatlal Centre from IDBI Bank
According to a document seeking bids, IDBI Bank had sought to sell the four floors in February this year. The document added that while the third-fifth floors are occupied, the second floor is vacant.
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Strategic buyer: PFC seeks buyers for project by KSK energy subsidiary
Led by Power Finance Corporation (PFC), lenders to KSK Mahanadi Power — a thermal power project of KSK Energy Ventures in Chhattisgarh with debt of Rs 18,551 crore — are seeking a buyer for the project, a document inviting bids showed.
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Alok Industries: Debtors were not ‘locatable’, says RP
Debt collection agency appointed by resolution professional to locate debtors to recover Rs 11,037 crore.
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1-day default norms: RBI DG flags rising breaches
Borrowers too, he said, should realise they must meet payment obligations as per the contract and it is no longer enough to pay up only by 60/90 days past the due date.
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RBI ban on Letters of Undertaking: Switch to local credit may squeeze liquidity
While demand for working capital has picked up somewhat, bankers believe the uptick could accelerate in the coming months.
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Insolvency and Bankruptcy Code effect: Banks stare at large haircuts
The company attracted just one bid from a group of professionals which has reportedly offered Rs 3,000 crore over 15 years.
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Neutral stance: RBI hints at end to rate tightening
The Reserve Bank of India’s (RBI) lower inflation projections for 2018-19, announced on Thursday, suggest an end to the rate-tightening cycle.
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Grace period: Jyoti could escape liquidation fate
The bankrupt Jyoti Structures might find a buyer and not go into liquidation as feared with the committee of creditors (CoC) having sought a grace period.
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Liquidation deadline looms for 11 firms referred to NCLT
According to IBC, a firm has to be liquidated if it fails to complete the resolution process within 270 days of its admission to the bankruptcy court.
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Stressed assets: Banks ask RBI resolution guidelines
Banks have requested the RBI for some leniency in its February 12 circular on resolution of stressed assets and have sought — among other things — increasing the default period to 30 days from only a day right now.
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Essar steel: Numetal ups ante, to pay dues of Odisha Slurry
Upping the ante in the fight for Essar Steel, Numetal is trying to get control of Odisha Slurry Pipeline Infrastructure (OSPIL) by repaying Odisha Slurry’s dues to lenders.
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Insolvency proceedings: Liquidation deadline looms over Essar Steel resolution
They have sought bids to be submitted by early next week so that they can try and stitch together a final plan and prevent the company from going into a forced liquidation.
