Page 15 - Latest Updates on IBC
100 homebuyers' nod must for IBC against realtor, says Supreme Court
The top court also clarified that a company which is facing insolvency proceedings under the IBC can move an insolvency petition against other companies which owe it money
 "100 homebuyers' nod must for IBC against realtor, says Supreme Court")
Supreme Court upholds changes in IBC to initiate case against debtor firms
Justice Joseph, who wrote the 465-page judgement for the bench, upheld the amendments made in Sections 3, 4 and 10 of the IBC (Amendment) Act 2020
 "Supreme Court upholds changes in IBC to initiate case against debtor firms")
Bad Bank: Good idea, but timing and execution being questioned
Without beefing up the regulatory framework, moral hazard may outweigh advantages, say experts
 "Bad Bank: Good idea, but timing and execution being questioned")
Dhanlaxmi Bank may appoint former SBI official J K Shivan as its MD & CEO
Sunil Gurbaxani was voted out after bitter battle with the Board
 "Dhanlaxmi Bank may appoint former SBI official J K Shivan as its MD & CEO")
Liquidations under IBC in Q2 jump, new applications remain subdued
Critics of the IBC have often pointed out that the delays in admission, resolution and liquidation might be making it an unattractive proposition
 "Liquidations under IBC in Q2 jump, new applications remain subdued")
Pre-packaged scheme, special rules for MSMEs in amendments to IBC
Changes likely to be tabled in Winter Session of Parliament
 "Pre-packaged scheme, special rules for MSMEs in amendments to IBC")
Amtek Auto's lenders invoke personal guarantee of former promoter
The issue of personal guarantee of a corporate debtor under Insolvency and Bankruptcy Code has been challenged in various high courts
 "Amtek Auto's lenders invoke personal guarantee of former promoter")
Under the IBC, enforcing personal guarantee remains a tall order
Insolvency law experts say that invoking personal guarantees goes against the spirit of the IBC
 "Under the IBC, enforcing personal guarantee remains a tall order")
Lenders waiting for Godot in Videocon insolvency as IBC wheels turn slow
Banks have been waiting for their dues since 2017 as the issue over naming of resolution professional and consolidation of all group firms into one resolution plan delayed the whole process
 "Lenders waiting for Godot in Videocon insolvency as IBC wheels turn slow")
Pause in IBC, internal issues halt takeover of stressed projects
Big developers are in wait-and-watch as leveraged developers have made use of the six-month loan moratorium, effectively avoiding defaults
 "Pause in IBC, internal issues halt takeover of stressed projects")
Partial relief for firms as govt extends IBC suspension for three months
Companies were looking for a six-month extension; suspension doesn't apply to defaults before March 25
 "Partial relief for firms as govt extends IBC suspension for three months")
Govt proposes extending suspension of new bankruptcy filings: Report
The proposal is to extend the halt on new bankruptcy cases for another six months past its currently scheduled ending point this week
 "Govt proposes extending suspension of new bankruptcy filings: Report")
IBC and SARFAESI Act confusion again as RBI takes up Aircel case
How two laws dealing with insolvent companies may work at cross-purpose at times
 "IBC and SARFAESI Act confusion again as RBI takes up Aircel case")
Videocon Industries: Between a long-drawn IBC process and a hard place
The former giant of the Indian corporate world is caught on the shoals of a long-drawn insolvency process even as lenders face the prospect of losing most of their money
 "Videocon Industries: Between a long-drawn IBC process and a hard place")
AGR case: Supreme Court puts spectrum users in the dock on IBC firms' dues
Such telcos should pick up AGR bill, says apex court
 "AGR case: Supreme Court puts spectrum users in the dock on IBC firms' dues")
Suspension of some IBC provisions aimed at rescuing viable companies: Sahoo
IBBI said that some IBC provisions were suspended due to the Covid-19 situation and there is no complete ban or prohibition on lenders with regard to proceedings for corporate defaults
 "Suspension of some IBC provisions aimed at rescuing viable companies: Sahoo")
Insolvency law: IBBI lists out red flags to detect avoidance transactions
Resolution professionals and liquidators can also facilitate claw-back or disgorgement of value, if any, lost through avoidance transactions
Ruchi Soya Industries hit down limit after soaring 3 times in 22 sessions
Market players said the stock is easily prone to manipulation as hardly any shares are with the public
 "Ruchi Soya Industries hit down limit after soaring 3 times in 22 sessions")
President approves ordinance to suspend IBC, offer 6-month relief to firms
Reprieve can be extended up to a year via govt notification; default committed before March 25 not to enjoy benefit
 "President approves ordinance to suspend IBC, offer 6-month relief to firms")
Covid to drag down recoveries from stressed assets by 40% in FY21: Icra
Suspension of new IBC action to impact resolution; lenders may also have to take bigger haircuts
 "Covid to drag down recoveries from stressed assets by 40% in FY21: Icra")