Insolvent Banking

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Meta Company’s Meron Gribetz: From high AR headset ambitions to bank sale

Venture Beat 20 Jan 2019

Gribetz was unable to raise more money and a letter submitted last week in a patent infringement suit against the company revealed “Meta Company is insolvent.”. “The final step was that the bank which held our ... The bank was the one who sold the company’s assets to the third party....

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Brexit uncertainty overwhelming cryptocurrency exchanges, says Forbes

A Bit of News 19 Jan 2019

The newly opened Binance Jersey exchange has been registering a large influx of users, and some voices in the crypto and finance space are relating the unexpected growth to the in-crescendo Brexit uncertainty ... ... ... Only keep money in UK Banks you can afford to lose (particularly RBS) ... All 4 of the ‘Big-4’ UK banks are technically insolvent....

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Wyoming Introduces Bill Offering Cryptocurrencies Legal Clarity To Attract Blockchain Business

A Bit of News 19 Jan 2019

... than bank deposits ... However, in Wyoming, with it being a bank, not a trust company, that offers this service, it can operate country-wide, and it makes the SEC far happier; one reason being that banks have clear wind-up provisions in insolvency – while trust companies don’t....

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On the block: SBI puts Rs 15,431 cr Essar assets on sale; reserve price at Rs 9,588 cr

Yahoo Daily News 17 Jan 2019

The haircut of 38% is higher than the near 27% hit that the the bank would take post recovery through the corporate insolvency resolution if the ArcelorMittal s resolution plan gets the National Company Law Tribunal (NCLT) s nod....

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Sec 29 (A) of IBC 'stretched too far', needs clarity: SBI chief Rajnish Kumar

DNA India 17 Jan 2019

State Bank of India's chairman Rajnish Kumar Thursday said Section 29 (A) of the Insolvency and Bankruptcy Code (IBC) is being 'stretched too far' and there is the need for more clarity on the issue ... He criticised the practice of allowing late bidders to bid for an asset facing insolvency process....

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Section 29 (A) of IBC #39;stretched too far#39;, needs clarity: SBI chief Rajnish Kumar

Moneycontrol 17 Jan 2019

State Bank of India's chairman Rajnish Kumar on Thursday said Section 29 (A) of the Insolvency and Bankruptcy Code (IBC) is being 'stretched too far' and there is need for more clarity on the issue ... UCO Bank board approves raising Rs 1,000 cr via QIP ... He criticised the practice of allowing late bidders to bid for an asset facing insolvency process ... ....

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The good, the bad, and the ugly of Narendra Modi’s economic legacy

Quartz 17 Jan 2019

India has leaped to the 50th place on the World Bank’s Ease of Doing Business rankings by the end of Modi’s five-year term ... The World Bank noted in its 2018 Doing Business report that India had adopted thirty-seven reforms since 2003 and nearly half of them had been introduced in the last four years....

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India Ratings pegs FY20 GDP growth at 7.5%

Moneycontrol 17 Jan 2019

On the domestic front, frequent revisions in GST rates have led to a revenue loss, agrarian distress, slow progress on insolvency cases and liquidity crunch faced by non-banking finance companies (NBFCs) post the Infrastructure Leasing & Financial Services (IL&FS) saga were some of the factors that delayed further pick-up in growth....

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Subdued private capex to pin down GDP growth at 7.5% next fiscal

DNA India 17 Jan 2019

On the domestic front, hiccups were faced due to frequent revisions in GST rates, continued agrarian distress, slow progress on Insolvency and Bankruptcy Code (IBC) cases, liquidity crunch faced by non-banking finance companies post IL&FS saga," India Ratings said in a note....

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SBI chairman says interpretation of Section 29A of IBC stretched too far

Live Mint 17 Jan 2019

Mumbai. State Bank of India (SBI) chairman Rajnish Kumar on Thursday said that Section 29A of the Insolvency and Bankruptcy Code (IBC), which disallows defaulting promoters and related persons from bidding for assets, is being “stretched too far” ... He expects that at an appropriate time, more clarity would come on this subject....

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SBI to sell Essar Steel bad loan worth Rs 15,431 crore as insolvency case drags on

International Business Times 16 Jan 2019

State Bank of India is selling its huge loan exposure to Essar Steel, even as roadblocks delayed the resolution of Essar Steel insolvency case ... Essar Steel was among a dozen companies that the Reserve Bank of India (RBI) had identified for insolvency proceedings in 2017....

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Patanjali only suitor for Ruchi Soya as Adani opts out

Yahoo Daily News 16 Jan 2019

Adani Wilmar, promoted by billionaire Gautam Adani, on Tuesday informed the Mumbai bench of the National Company Law Tribunal (NCLT) that it is willing to withdraw the proposed resolution plan to acquire Ruchi Soya citing delays in the corporate insolvency resolution process....

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Large borrowers defaults fall sharply after RBI orders 1-day default norm

International Business Times 16 Jan 2019

Tough norms that the Reserve Bank of India has put in place is helping to drastically reduce loan default and the growth of non-performing assets (NPAs), a media report says. The RBI instructed banks in February last year to report any loan default of even one day by large borrowers ... Reserve Bank of India (RBI)....