INSOLVENCY AND BANKRUPTCY CODE
Key amendments to IBC, companies law likely in winter session MCA will amend IBC and Companies Act, 2013 to expedite resolutions, reduce compliance burdens, and broaden CSR norms in the winter session. Changes include creditor-led mechanisms, wider pre-pack resolution, and stronger audits. Real estate-specific...
06 Jul, 2024, 11.45 PM ISTIBBI introduces electronic forms for monitoring liquidation processes IBBI introduces electronic forms to streamline liquidation, enhancing compliance. From record-keeping to distribution, the forms cover all stages. IPs face a deadline for ongoing cases under the new circular. The initiative aims to boost efficiency ...
30 Jun, 2024, 11.38 PM ISTGet InvITs under purview of bankruptcy law: SBI MD SBI official, Ashwini Kumar Tewari, urges inclusion of Infrastructure Investment Trusts (InvITs) in the Insolvency and Bankruptcy Code for lender protection. Tewari is in discussions with the Reserve Bank and government for this initiative.
21 Jun, 2024, 05.51 PM IST- ADVERTISEMENT
Indian realty surge drives debt financing demand, to top Rs 14 lakh cr by 2026: Report The real estate market in Mumbai is experiencing a resurgence driven by government policies, urbanization, and economic recovery, leading to increased demand for financing. The sector is expected to create debt financing opportunities worth over Rs ...
21 Jun, 2024, 12.33 AM ISTReliance Cap resolution: NCLT to hear IIHL plea for deadline extension on June 20 The National Company Law Tribunal (NCLT) will hear a plea from Hinduja Group firm IIHL on June 20 for an extension of the deadline to complete Reliance Capital's resolution. IIHL, the successful bidder for Reliance Capital, seeks a 90-day extension ...
13 Jun, 2024, 08.00 PM ISTRegulator plans to ease compliance burden on insolvency professionals The bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution without compromising accuracy. It plans to streamline reporting, deadlines, and centralize information on a single ...
12 Jun, 2024, 12.10 AM ISTIBBI issues new guidelines to streamline process of appointing IPs as resolution professionals The Insolvency and Bankruptcy Board of India (IBBI) issues new guidelines to streamline the appointment of insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees, effective from July 1, 2024.
07 Jun, 2024, 12.01 AM ISTARC route being misused by "tainted" promoters: RBI deputy governor Rao M Rajeshwar Rao stressed that asked the leaders of the ARC sector to ensure that the sector remains focused on course charted through legislative and regulatory intent and should ensure that any negative perception about the functioning and governan...
01 Jun, 2024, 12.58 AM ISTIBC rescued 3,171 distressed companies in eight years: Sitharaman Finance minister Nirmala Sitharaman on Thursday said the Insolvency and Bankruptcy Code (IBC) has rescued 3,171 distressed companies and assisted in the shutdown of unviable firms since its introduction eight years ago. This is a marked improvement ...
31 May, 2024, 12.25 AM ISTTimely rescue of firms pushes IBC recovery to 49% Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The...
30 May, 2024, 05.03 PM ISTSBI to sell guarantees of Reliance Naval promoter The bank, in a notice on its website, said that it has principal outstanding dues of Rs 1,160 crore and total dues of Rs 3,512 crore, as of May 31, 2024. The bank stated that it is seeking to assign the residual debt along with the guarantee. Nikhil...
30 May, 2024, 12.46 AM ISTMeet India's Insolvency professionals: Male, chartered accountants and not so young The typical Indian insolvency professional (IP) is a middle-aged male chartered accountant. Only 10% of the 4,352 registered IPs are women, and just 7% are under 40 years old, according to data from the Insolvency and Bankruptcy Board of India (IBBI...
29 May, 2024, 10.53 AM ISTIBC recoveries down even as resolutions soar in FY24 The recovery from defaulters under the Insolvency and Bankruptcy Code (IBC) in India decreased in 2023-24 despite 42% more cases being resolved. The realisation for creditors from the resolution of stressed companies decreased to ₹47,653 crore from ...
27 May, 2024, 11.49 PM ISTNCLT admits Srei's insolvency plea against Supreme Infrastructure BOT The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finan...
26 May, 2024, 08.49 AM ISTIndian Oil completes Mercator acquisition Indian Oil Corp Ltd (IOCL), India's largest oil marketing company, has successfully completed a Rs 148 crore acquisition of oil and gas company Mercator Petroleum through the insolvency and bankruptcy code (IBC). The deal, finalized on Tuesday, invo...
17 May, 2024, 11.52 AM ISTGoFirst engine lessors to wait further; NCLT says it will study Delhi HC order National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal gra...
13 May, 2024, 05.00 PM ISTRBI looks at asset reconstruction companies amid a flood of allegations India's central bank is set to hold a meeting with top management from asset reconstruction companies (ARCs) to discuss corporate governance and stressed-asset resolutions. This comes amidst concerns about potential back-door entry by defaulting pro...
11 May, 2024, 05.00 AM ISTNCLT approves Sapphire Media's acquisition of Big 92.7 FM NCLT Mumbai approved Sapphire Media's plan for Big 92.7 FM, paying Rs. 261 crore to creditors. The resolution process began in February 2023 under the Insolvency and Bankruptcy Code, with a creditors' committee approving the plan on November 11, 202...
07 May, 2024, 12.31 PM ISTSC overrules Bombay HC on jurisdiction of special courts in bankruptcy cases The Supreme Court has clarified that special courts presided by a sessions or additional sessions judge can try complaints under the Insolvency and Bankruptcy Code 2016. The court set aside a Bombay High Court's decision that only special courts con...
19 Apr, 2024, 07.15 PM ISTNext-level tax & GST reforms, Rs 1 lakh cr to make India a global innovation hub: New govt's economic agenda for 100 days The cabinet secretary has convened a meeting on Friday with officials from key economic ministries to outline the economic agenda for the initial 100 days of the incoming government following the general election. Discussions may encompass streamlin...
10 Apr, 2024, 12.25 PM IST