Page 10 - Latest Updates on IBC
Bad loans & IBC: Going as expected
Indeed, the IBC has only proven how wide and deep corrupt banking practices in PSBs were
Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo
In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases
 "Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo")
IBBI chief bats for putting valuation of IBC entities in public domain
The board has amended its regulation to allow IPEs to register as insolvency professionals and perform all their functions, including managing a company's operations
 "IBBI chief bats for putting valuation of IBC entities in public domain")
Journey towards strong governance a work in progress: Deepak Parekh
The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said
 "Journey towards strong governance a work in progress: Deepak Parekh")
Slow and poor recovery of avoidance transactions, shows IBC data
Slow progress: Recovery of avoidance transactions less than 0.3%
 "Slow and poor recovery of avoidance transactions, shows IBC data")
NCLT orders corporate insolvency resolution of real estate firm BPTP
RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003
 "NCLT orders corporate insolvency resolution of real estate firm BPTP")
NCLT initiates insolvency proceedings against Ansal Properties & Infra
The entire project is lying incomplete/unfinished even after a gap of four years from the promised
 "NCLT initiates insolvency proceedings against Ansal Properties & Infra")
Creditors realise Rs 2.43 trn via insolvency resolution process till Sep
The report also added till September 2022, 740 CIRPs have been withdrawn under the provisions of section 12A of the Insolvency and Bankruptcy Code
Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data
IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery
NCLT extends insolvency resolution process for Srei Infra till Jan 5
As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP
 "NCLT extends insolvency resolution process for Srei Infra till Jan 5")
Centre likely to amend IBC in winter session to improve efficiency: Report
According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC
 "Centre likely to amend IBC in winter session to improve efficiency: Report")
A different kind of quiet quitting
Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?
Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan
The voting on the resolution plans concluded on Thursday evening
American Express to start reporting card information to NeSL in November
Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC
 "American Express to start reporting card information to NeSL in November")
Revised RBI norms to improve governance, bolster ARCs structurally: Crisil
More stringent NOF guidelines could edge out smaller players, lead to consolidation
 "Revised RBI norms to improve governance, bolster ARCs structurally: Crisil")
NCLT approves resolution plan by Arcelor affiliate for Uttam Galva
Resolution amount was Rs 4,020 cr as per the plan
 "NCLT approves resolution plan by Arcelor affiliate for Uttam Galva")
RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty
Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel
 "RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty")
Ex-promoters can't hold stake in insolvent firms acquired by others: SC
The promoters were holding 2.35 per cent shares in the company even after Tata Steel acquired 72.65 per cent shares during the resolution process under the IBC
 "Ex-promoters can't hold stake in insolvent firms acquired by others: SC")
Welspun bid for ABG Shipyard among highest for assets under liquidation
Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy
 "Welspun bid for ABG Shipyard among highest for assets under liquidation")
Insolvent companies could lose spectrum under the new Telecom Bill
Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions
 "Insolvent companies could lose spectrum under the new Telecom Bill")