Page 11 - Latest Updates on IBC
Delhi HC stops coercive action by ED against firms under liquidation in IBC
In a detailed ruling on interplay between IBC and PMLA, the court allowed a writ petition by a liquidator to proceed with the liquidation process of a corporate debtor
 "Delhi HC stops coercive action by ED against firms under liquidation in IBC")
Till September, 421 cases resolved under insolvency law: Govt
As of September 30, a total of 4,708 CIRPs were initiated under the IBC
 "Till September, 421 cases resolved under insolvency law: Govt")
NCLT order on initiating insolvency proceedings against RCap this evening
The RBI had moved NCLT last week to initiate insolvency proceedings against the company.
 "NCLT order on initiating insolvency proceedings against RCap this evening")
Code of conduct: IBBI move on COCs raises questions on jurisdiction
The step has added to the growing concern around the role of the insolvency regulator and whether it has delivered the goods
 "Code of conduct: IBBI move on COCs raises questions on jurisdiction")
RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital
In a statement on its website, RBI said there would be an interim moratorium on and from the filing of the application till its admission or rejection by the NCLT
 "RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital")
IBBI empowers adjudicating authority to pick IPs from panel to curb delays
Board has prepared an algorithm to place insolvency professionals on a panel in a particular order. The IP with lowest volume of ongoing processes gets a score of 100, will be at the top of the panel
 "IBBI empowers adjudicating authority to pick IPs from panel to curb delays")
IBC has brought change in attitude of lenders, borrowers: Goyal
Goyal said IBC is a game changing reform compared to the past, when resolution would take probably decades
 "IBC has brought change in attitude of lenders, borrowers: Goyal")
MCA plans to set up a IBC21 portal with data on bankruptcy proceedings
The project will be headed by the Insolvency and Bankruptcy Board of India and executed by an external agency, along the lines of the MCA21 portal
UPA fell back on loosening govt's grip on PSBs: Montek Singh Ahluwalia
In a Q&A, the former deputy chairman of the Planning Commission, dwells on the areas where he feels UPA did not meet up to the challenges and the progress made by the BJP on certain fronts
 "UPA fell back on loosening govt's grip on PSBs: Montek Singh Ahluwalia")
Lenders to Aircel, Reliance Communications hope for faster resolution
RBI panel recommends that ARCs be allowed to bid for bankrupt firms
 "Lenders to Aircel, Reliance Communications hope for faster resolution")
After a much-needed capacity boost, NCLT readies to fast-track cases
NCLT got 18 fresh recruits, a new president and a chairman, during the last month, after more than one and a half years
 "After a much-needed capacity boost, NCLT readies to fast-track cases")
Reform IBC ecosystem for quicker resolution, maximum recovery: CRISIL
Only a few large cases have seen higher recovery, says agency.
IBC helps recover Rs 2.5 trn in past 5 years from bad assets, says CRISIL
Only a few large cases see good recovery and the average time taken for resolution is 419 days.
Sell bad debts early, let ARCs take part in IBC: RBI committee
About 80 per cent of the recovery ARCs made came through the "deployment of measures of reconstruction that do not necessarily lead to revival of businesses"
 "Sell bad debts early, let ARCs take part in IBC: RBI committee")
Reliance Naval and Engineering lenders ask bidders to sweeten offers
The lenders are planning to close the deal within the next two weeks by voting on both revised proposals
 "Reliance Naval and Engineering lenders ask bidders to sweeten offers")
To boost CIRP outcomes, IBBI limits change in resolution plan to once
Gives option for a challenge mechanism, curbs discretion of CoC in considering certain resolution plans.
 "To boost CIRP outcomes, IBBI limits change in resolution plan to once")
The NARCL must attract top-quality talent, says Kroll's Tarun Bhatia
'My sense is that the NARCL will have to recruit good talent', says Bhatia
 "The NARCL must attract top-quality talent, says Kroll's Tarun Bhatia")
NCLT admits RBI's applications to initiate IBC proceedings against Srei
NCLT appointed Rajneesh Sharma as an administrator of the Srei Group firms
 "NCLT admits RBI's applications to initiate IBC proceedings against Srei")
IBC is a seminal reform; instrumental in changing feudal mindset: CEA
Terming Insolvency and Bankruptcy Code as a "seminal reform", Chief Economic Adviser KV Subramanian on Friday said it has been instrumental in changing the mindset of promoters of businesses by making them more accountable.
 "IBC is a seminal reform; instrumental in changing feudal mindset: CEA")
Insolvency professionals back success fee, warn against over-regulation
The NCLAT held that success fee is more in the nature of contingency and speculative it is not part of IBC provisions and is not chargeable
 "Insolvency professionals back success fee, warn against over-regulation")