Page 6 - Latest Updates on IBC
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
 "MCA considering easing moratorium rules in IBC for certain sectors")
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
 "IBBI proposes changes to voting on bids for bankrupt companies under IBC")
Explained: Why IBC is less bankable for the resolution professionals
Increasingly, firms are now outsourcing many of these services and using the company employees instead of getting outsiders
 "Explained: Why IBC is less bankable for the resolution professionals")
Congress flags low debt recovery under Insolvency and Bankruptcy Code
Congress attacked government over the low debt recovery under the Insolvency and Bankruptcy Code and asked whether it was a mechanism to rescue stressed firms or another tool for organised loot"
 "Congress flags low debt recovery under Insolvency and Bankruptcy Code")
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
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
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
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")