Shayan Ghosh

Articles By Shayan Ghosh

303 Articles

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.

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

Reserve Bank of India, AMC, Sashakt plan, SDR scheme, NCLT

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.

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.

ICICI Bank vs SBI vs Others: NCLAT – 75% votes must to appoint or change resolution professional

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.

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).

Resolution professional, Essar Group, Essar Steel, Essar Steel Jharkhand, Edwell Metal and Trading

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 o

Alok Industries Case, SBI, state bank of india, National Company Law Tribunal, NCLT

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—wor

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.

SBI, loan write off, RBI, IBC code

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

Insolvency, NCLAT, Reliance Communications, Ericsson,RCom 

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

The government is exploring an exercise to move a chunk of IDBI Bank’s stressed loans to the books of State Bank of India (SBI).

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-m

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.

rbi, cdr, central bank

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 Inve

ultra tech, nclt, binani, nclt, UltraTech Cement, binani cement

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.

Tecpro, modus operandi, rp, nclt

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.

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 invitin

PFC, Power Finance Corporation, KSK, KSK energy, KSK Mahanadi Power, 

Alok Industries: Debtors were not ‘locatable’, says RP

Debt collection agency appointed by resolution professional to locate debtors to recover Rs 11,037 crore.

According to the papers, the total “trading debt on account of sale of fabric (Trading Transactions) to various traders of Alok (numbering approximately 5,293) (‘Trading Debtors’) as at June 2017 amounted to about Rs 11,622 Crores”.

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.

RBI, DG, RBI breach, one day degfault norm

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.

RBI, letter of undertaking, local credit, LCR

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.

Insolvency and Bankruptcy Code, IBC, binani cement, banks

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.

India, debt markets,  foreign investment, currency markets, Reserve Bank of India, macro-economic 

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.

Jyoti Structures, bankruptcy, industry, creditors, liquidation

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.

NCLT, judiciary, Insolvency and Bankruptcy Code

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.

rbi, reserve bank of india, banks, banking sector, central bank, National Company Law Tribunal

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.

essar steel, essar steel resolution process

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.

Essar Steel, Essar Steel insolvency proceedings, Essar Steel liquidation deadline
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