Page 6 - Latest Updates on IBC
Govt considering registration of flats even if developers go bankrupt
If this move sees daylight, it is expected to relieve thousands of homebuyers living with the scary thought of all their money going down the drain if in case their developer goes bankrupt
 "Govt considering registration of flats even if developers go bankrupt")
HC cannot interfere with resolution process of Go First: IRP tells court
Senior Advocate Harish Salve, appearing for the IRP, told the court that a writ court should not interfere in the resolution process after the insolvency application has been accepted by the Tribunal
 "HC cannot interfere with resolution process of Go First: IRP tells court")
Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings
Only 10per cent% have ended in approval of resolution plans, while 31 per cent remain in the resolution process vs. 35 per cent as of the end of March 2022
 "Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings")
Resolution realities
Go First's complexity will be a test case
 "Resolution realities")
IIIPI forms committee to recommend measures for growth of IBC ecosystem
The Indian Institute of Insolvency Professionals of ICAI (IIIPI) has constituted a committee to recommend measures to prepare the IBC ecosystem for the next phase of growth
 "IIIPI forms committee to recommend measures for growth of IBC ecosystem")
Centre to come up with creditor-led insolvency resolution framework: Report
The creditors and debtors will be allowed to reach an informal agreement to resolve the bankruptcy case and later approach the NCLT to admit cases
 "Centre to come up with creditor-led insolvency resolution framework: Report")
Home buyers likely to get some relief from insolvency proceedings
The move is intended to reassure home buyers while also providing a tailored debt resolution regime for the real estate sector
Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date
Stakeholders asked to share comments on all regulations by December 31
Safeguards for project-wise insolvency in real estate on the cards
The MCA said such projects will be recognised as distinct from the larger entity for the limited purpose of resolution
 "Safeguards for project-wise insolvency in real estate on the cards")
Lenders to Go First await NCLT's verdict to chalk-out strategy
There was no meeting on Thursday. Banks have already reviewed the situation on Wednesday
Easing the process: Guidelines for NCLT to deal with IBC cases in the works
MCA also planning artificial intelligence system for case management
JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail
This month, the National Company Law Tribunal (NCLT) had granted an extension of 90 days for conducting the corporate insolvency resolution process (CIRP) of FRL and extended it to June 15, 2023
 "JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail")
NCLT approves AM Mining resolution plan for Indian Steel Corporation
The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores
 "NCLT approves AM Mining resolution plan for Indian Steel Corporation")
SG Tushar Mehta questions locus of individual shareholder in IBC
Citing several judgments, the SG said only the company can speak for the shareholder
 "SG Tushar Mehta questions locus of individual shareholder in IBC")
CoC of Reliance Capital decides to hold a second auction on April 4
The decision to hold a second auction was decided on Monday in a formal meeting of the CoC
 "CoC of Reliance Capital decides to hold a second auction on April 4")
Future Enterprises admitted for insolvency, NCLT appoints interim RP
Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore
 "Future Enterprises admitted for insolvency, NCLT appoints interim RP")
NSE withdraws decision to drop Zee Entertainment from F&O segment
NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available
 "NSE withdraws decision to drop Zee Entertainment from F&O segment")
Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief
The admission of insolvency proceedings against Zee, say lawyers, will delay the company's proposed merger with Sony
 "Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief")
Some relief for Khaitans as McLeod Russel gets interim stay in CIRP
Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement
 "Some relief for Khaitans as McLeod Russel gets interim stay in CIRP")
Status check: 30% recovery in IBC so far, shows CareEdge data
For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims
 "Status check: 30% recovery in IBC so far, shows CareEdge data")