Page 5 - Latest Updates on IBC
SAT partially upholds market regulator Sebi order in Deccan Chronicle case
In May 2022, Sebi had issued an order alleging manipulation in financials, lapses in buyback procedures, and failure to submit disclosures on material information
 "SAT partially upholds market regulator Sebi order in Deccan Chronicle case")
Go First lenders likely to recover Rs 1,600-1,900 cr through Thane land
The Go First lenders are seeking to recover around 25-30% or Rs 1,600 crore-Rs 1,900 crore of their exposure to the airline
 "Go First lenders likely to recover Rs 1,600-1,900 cr through Thane land")
IBBI likely to bring out discussion paper on real estate insolvency
Increased involvement of the Real Estate Regulatory Authority, or RERA, could also be proposed in the upcoming discussion paper
 "IBBI likely to bring out discussion paper on real estate insolvency")
In IBC, no automatic secured creditor tag for govt's statutory dues
The Ministry of Corporate Affairs (MCA) would consider issuing this as a clarification, if needed, following the recent Supreme Court (SC) judgment in the Rainbow Papers case, the senior official said
 "In IBC, no automatic secured creditor tag for govt's statutory dues")
Go First's aircraft, engines can be returned to lessors: DGCA tells HC
According to a report, Jindal Power, which had shown its interest in the airline, may not go ahead with its financial bid
Monthly review, disclosure of fair value: IBBI bats for transparency
IBBI has proposed that creditors dissenting on a resolution plan under the IBC should be entitled to claim lesser of the two amounts - the resolution amount or the liquidation value
 "Monthly review, disclosure of fair value: IBBI bats for transparency")
Insolvency law: 'Gradually then suddenly'
Anant Merathia's book offers a human perspective on the Insolvency and Bankruptcy Code
 "Insolvency law: 'Gradually then suddenly'")
NCLT relief to help Bajaj Hindusthan focus on expansion, growth plans
Sources said the plans, which were on hold due to the NCLT proceedings, will now be restarted with renewed vigour
 "NCLT relief to help Bajaj Hindusthan focus on expansion, growth plans")
How to loot the public sector banks
Banker-borrower collusion has led to a surge in IBC cases, with pre-planned fraud that results in minimal realisable value
 "How to loot the public sector banks")
Chiefs of Air India, Vistara, SpiceJet meet civil aviation minister
Air India, Vistara, SpiceJet, and IndiGo representatives thanked him for the recent amendment in IBC whereby aircraft equipment have been exempted from moratorium under the IBC
 "Chiefs of Air India, Vistara, SpiceJet meet civil aviation minister")
Govt may clarify prospective clause of IBC exemption for aviation
The High Court has asked the government for its response to a plea by a Gofirst lessor
 "Govt may clarify prospective clause of IBC exemption for aviation")
Insolvency & Bankruptcy Code cannot be used as tool for recovery: NCLT
The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh
 "Insolvency & Bankruptcy Code cannot be used as tool for recovery: NCLT")
IBC not recovery mechanism; dismisses plea against United Telecoms: NCLAT
This is the second such observation from the Chennai bench of the insolvency appellate tribunal this month, after declining to entertain the petition from operational creditors
Over 96,000 companies voluntarily wound up operations in last five years
From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act
 "Over 96,000 companies voluntarily wound up operations in last five years")
Unsecured lenders' dues to be prioritised over govt's: Supreme Court
IBC will override the provisions of the Electricity Act, 2003, says bench
 "Unsecured lenders' dues to be prioritised over govt's: Supreme Court")
As business bankruptcies surge around the world, next wave could be bigger
Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust
 "As business bankruptcies surge around the world, next wave could be bigger")
Battery maker IBC mulling ₹8,000 cr investment in Karnataka, details here
With a significant investment of approximately Rs 8,000 crore, the company intends to establish a non-captive gigafactory. Land, machinery, plant, machinery and building will be the focus of the inves
 "Battery maker IBC mulling ₹8,000 cr investment in Karnataka, details here")
MCA considering easing moratorium rules in IBC for certain sectors
Section 14 of the IBC declares a moratorium on proceedings, transfer or disposal of any of the assets of the company from the date of commencement of its insolvency
Future Enterprises invites expression of interest for assets across India
The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10
 "Future Enterprises invites expression of interest for assets across India")
IBBI proposes changes to voting on bids for bankrupt companies under IBC
IBBI has also proposed to increase the fee of the AR to be commensurate with the increased duties to double the current levels