Page 20 - Latest Updates on IBC
Nithia Capital identifies Indian stressed steel assets for acquisition
While Nithia has zeroed in on about 15 assets, only some are expected to materialise
 "Nithia Capital identifies Indian stressed steel assets for acquisition")
Missing the bus… again and again
There is a sincere intent on the part of the policy makers, regulator and the industry to revive the sector. The plans, however, seem to be addressing some aspects and missing in comprehensiveness
 "Missing the bus… again and again")
3 years on, just 6% resolution plans accepted under IBC, says report
Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on
 "3 years on, just 6% resolution plans accepted under IBC, says report")
Growth is highest priority, every policymaker concerned with it: RBI's Das
Das said that weaker-than-expected growth with signs of a slowdown was the key risk to global financial stability, though banks were more resilient to shocks
 "Growth is highest priority, every policymaker concerned with it: RBI's Das")
Corporate debtor needs immunity from criminal liabilities: JSW Steel MD
Seshagiri Rao pointed out a clarification on immunity to corporate debtor was required as there could be claims from other departments of govt which could eventually result in some problem
 "Corporate debtor needs immunity from criminal liabilities: JSW Steel MD")
Liquidity crunch is impacting debt resolution plans, say lenders
One-time settlements on the decline, say lenders
 "Liquidity crunch is impacting debt resolution plans, say lenders")
Need to improve capacity building of stakeholders, says IBBI chairman
Sahoo reiterated that there was no shortage of resolution professionals and registered valuers
 "Need to improve capacity building of stakeholders, says IBBI chairman")
Supreme Court upholds homebuyers' rights in fight against bankrupt builders
The Supreme Court's verdict paves the way for resumption of several insolvency cases that had been put on hold pending a decision.
 "Supreme Court upholds homebuyers' rights in fight against bankrupt builders")
Private Equity funds ready war chest to help firms skip IBC route
PE funds are cashing in on the new emerging areas of business. However PE funds admit that handling conglomerates needs special expertise and acumen as they are complex deals
 "Private Equity funds ready war chest to help firms skip IBC route")
Is IBC unfair to operational creditors?
Any decision to change the system should be based on developed theory and firm evidence
Govt moves SC to make NCLT judges stick to deadline for resolving cases
In the latest amendments to the Insolvency and Bankruptcy Code (IBC), the government has made it mandatory for all corporate insolvency procedures, including litigation, to be wrapped up in 330 days
 "Govt moves SC to make NCLT judges stick to deadline for resolving cases")
Stressed assets funds may return to India after relaxed ECB norms
Companies seek returns of over 20 per cent but RBI has put restrictions on yields and tenure
 "Stressed assets funds may return to India after relaxed ECB norms")
IBC Bill won't encroach on SC domain, says FM Nirmala Sitharaman
The amendments are largely to clear the Code's legislative intent, says Nirmala Sitharaman
 "IBC Bill won't encroach on SC domain, says FM Nirmala Sitharaman")
IBC Bill: Pressure on NCLT benches as 330-day deadline for resolution looms
Big IBC cases such as those of Amtek Auto, Bhushan Power & Steel, Era Infra Engineering, and Jaypee Infratech have gone well beyond the 270-day deadline set under the IBC
 "IBC Bill: Pressure on NCLT benches as 330-day deadline for resolution looms")
Empee Distilleries receives four resolution plans; CoC to decide, says RP
NCLT had started the insolvency process after a petition was filed by the Union Bank of India
 "Empee Distilleries receives four resolution plans; CoC to decide, says RP")
The Jet Airways insolvency case brings to fore grey areas in aviation law
One of the issues is how long the airline can enjoy rights over its parking slots at airports
 "The Jet Airways insolvency case brings to fore grey areas in aviation law")
Can we pass an arrest order under insolvency law, NCLAT asks Centre
Section 74(3) of the IBC stipulates that officers of those companies who knowingly and wilfuly contravene the terms of the resolution plan should be sentenced to imprisonment
 "Can we pass an arrest order under insolvency law, NCLAT asks Centre")
New amendments to IBC will protect interest of homebuyers: Centre to SC
The Centre told this to a bench comprising justices A M Khanwilkar and Dinesh Maheshwari, hearing the homebuyers matter of Jaypee Infratech Ltd
 "New amendments to IBC will protect interest of homebuyers: Centre to SC")
Lenders wary of using IBC for debt resolution over creditors' parity
Secured financial creditors will now get the same - 60.7% of the total amount
 "Lenders wary of using IBC for debt resolution over creditors' parity")
Bring uniform proposal outside IBC to solve Jaypee homebuyers' woes: SC
Top court defers hearing to July 11, says such policy issues should be solved by Centre
 "Bring uniform proposal outside IBC to solve Jaypee homebuyers' woes: SC")
