Page 4 - Ibbi

IBBI suggests project-based insolvency, excludes allotted property

IBBI has also proposed project-based insolvency to attract multiple bidders for different projects in real estate insolvencies

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

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

How India's bankruptcy code framework is undergoing a quiet makeover

The insolvency regulator has in fact sought public comments on all the regulations it has notified under the code

What are NCLT and NCLAT? Why has the Supreme Court accused them of 'rot'?

The NCLT and NCLAT are quasi-judicial bodies that hear cases related to Indian companies and came in for criticism from the Supreme Court on Wednesday

300 IBC cases set to be resolved this year: Corporate affairs secretary

Creditors have recovered around Rs 3 trillion through the Insolvency and Bankruptcy Code (IBC), and the recoveries stood at more than Rs 51,000 crore last year

Resolutions under insolvency law likely to touch 300 this year: IBBI chief

The number of resolutions of stressed assets under the insolvency law is likely to touch 300 this year, IBBI Chairperson Ravi Mital said on Sunday and urged resolution professionals to speed up the cases. Creditors have recovered around Rs 3 lakh crore through the Insolvency and Bankruptcy Code (IBC) and the recoveries stood at more than Rs 51,000 crore last year, when the number of resolutions rose 80 per cent to 180, Mital said. He was speaking at an event to mark the seventh annual day of the Insolvency and Bankruptcy Board of India (IBBI) in the national capital. The IBBI is a key institution in implementing the IBC. Mital said the IBC is a factor in the reduction of non-performing assets and emphasised that the law is not a recovery mechanism but a resolution mechanism. Till August this year, 135 resolutions have happened and the number is likely to touch 300 by year-end, Mital said and asked resolution professionals to increase their speed for faster resolutions. Corporate

Insolvency and Bankruptcy Board clarifies calculation of liquidator's fees

IBBI also said that there was a gap in understanding in the market about what components of the liquidation cost are to be excluded to derive "other liquidation cost"

IBBI addresses CIRP delays, proposes reforms to streamline process

To address these concerns, the IBBI recently proposed four changes to CIRP regulations aimed at reducing delays, as outlined in a consultation paper

IBBI forms panel of 400 insolvency professionals to expedite process

An official said that the creation of the panel will help prevent administrative delays in the appointment of IPs

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

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

IBBI seeks public ideas, comments on regulations under insolvency law

The Insolvency and Bankruptcy Board of India (IBBI) has sought public comments on the regulations notified till date under the insolvency law as it looks to crowd source ideas for the regulatory framework. Noting that public consultation enables collective choice, IBBI said participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations. IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in late 2016. "In a dynamic environment, despite the best of efforts and intentions, a regulator in such novel and emerging regulatory regime may not always be able to address the ground realities. "Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to ...

Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date

Stakeholders asked to share comments on all regulations by December 31

Govt proposes panel of consumer forum, RERA to address realty issues

Consumer affairs dept also suggests exit clause for buyers in all agreements, valid until the builder obtains occupancy certificate or completion certificate, and offers possession

Govt invites applications for executive director post at IBBI

The government has invited applications for the post of executive director (ED) on a deputation basis at the Insolvency and Bankruptcy Board of India (IBBI). Applications are to reach the IBBI by May 8, 2023, according to a notice. The appointment for the post will be on a deputation basis for an initial period of three years, which shall be extendable by one year. Officers of RBI, banks, financial institutions, regulatory bodies and statutory bodies with not less than 20 years of experience in the officer cadre of which a minimum of 15 years of experience in the field of law, finance, economics, accountancy or administration can apply for the post. The interested candidates must have an educational qualification of MBA with specialization in law or finance or economics or accountancy. Officers working in the government who have completed a minimum of 18 years of service and have an experience in the field of law, finance, economics, accountancy or administration with knowledge of

ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country

Delays, even with no jurisdiction

Judicial overreach and appropriation of power are slowing the insolvency process

NCLAT dismisses Wave Group's appeal for insolvency proceedings

The NCLAT upheld the old order, along with the fine of Rs 1 crore

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases