Page 5 - Ibbi

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

IBBI chief bats for putting valuation of IBC entities in public domain

The board has amended its regulation to allow IPEs to register as insolvency professionals and perform all their functions, including managing a company's operations

IBC process: Resolution and distribution of funds may be separated

IBC amendments likely in the Budget Session, MCA also rethinking priority given to govt dues in the waterfall mechanism

IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

Slow and poor recovery of avoidance transactions, shows IBC data

Slow progress: Recovery of avoidance transactions less than 0.3%

NCLT orders corporate insolvency resolution of real estate firm BPTP

RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003

Creditors realise Rs 2.43 trn via insolvency resolution process till Sep

Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised insolvency resolution processes against total claims of Rs 7.91 lakh crore till September 30, 2022. So far 532 CIRPs (Corporate Insolvency Resolution Process) yielded resolution plans, said the quarterly report of the Insolvency and Bankruptcy Board of India (IBBI). "Till September 30, 2022, the creditors have realised Rs 2.43 lakh crore under the resolution plans. " The fair value of the assets available with these CDs, when they entered the CIRP was estimated at Rs 2.14 lakh crore and liquidation value of Rs 1.37 lakh crore against the total claims of the creditors' worth Rs 7.91 lakh crore," it said. The creditors have realised 177.55 per cent of the liquidation value and 84 per cent of the fair value (based on 456 cases where fair value has been estimated), the newsletter said. "The haircut for creditors relative to the fair value of assets was less

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

IBBI rescinds 11 circulars issued from 2018 to 2021 to avoid duplication

Contents of these circulars have already been included subsequently in updated regulations issued by the IBBI

How IBBI's tighter compliance rules for resolution professionals will help

Insolvency professional agencies will have to designate/appoint a compliance officer

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

Companies can now register themselves as insolvency professionals

Earlier, the regulations only allowed the IPEs to provide support services to insolvency professionals

IBBI fixes timelines for the liquidation process to reduce delays

If any claim is not filed during the liquidation process, the amount of claim collated during CIRP should be verified by the liquidator