Page 6 - Ibbi

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Independent and continued evaluation of statutory regulatory agencies is necessary and important for feedback to regulators and Parliament

Top headlines: IBBI amends rules, yield curve inverts in the US, and more

As investors and the bond market brace for a sharp hike in policy rate by central banks to fight inflation, the yield curve has inverted in the US

Creditors will now need to file info about defaults as IBBI amends rules

The amendment also provides for filing copy of GST returns by operational creditors, along with e-way bills as documentary evidence of the debt and default

IBBI amends rules for swifter and more streamlined redressal of grievances

The mechanism of complaint or grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing undue burden on the service providers.

IBC framework needs a booster dose; debt resolutions slacken in two years

According to the statistics by the Insolvency and Bankruptcy Board of India, since the provisions of IBC came into force in December 2016, as many as 5,258 insolvency cases have been filed by lenders

IBBI draft papers to improve insolvency resolution likely out this month

Delay in lenders seeking CIRP hitting recoveries

IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule

The directive comes after observing gaps in the current IBC regime that deals with statutory claims

CBIC issues SOPs for recovering tax dues from insolvent companies

The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process

Recoveries by financial creditors under IBC shrink to 33%, shows data

It was 39.3 per cent as of March 2021, and as high as 46 per cent till March 2020, according to the Insolvency and Bankruptcy Board of India (IBBI) data

IBBI reduces timelines for activities under voluntary liquidation process

According to an official release, it has been noticed that there has been a substantial delay in the completion of voluntary liquidation process

IBBI amends voluntary liquidation process regulations to streamline it

The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to voluntary liquidation process as part of efforts to streamline the process. Anoop Rawat, Partner (insolvency & bankruptcy) at Shardul Amarchand Mangaldas & Co, said the amendment seeks to streamline the voluntary liquidation process by reducing the timelines and imposing greater responsibilities on liquidator. "The requirement of new form H relieves some burden off the adjudicating authorities, with relevant data and satisfaction of compliance checks being available to it in a structured tabular format. "This shall aid in further enhancing the freedom of exit for the investors in line with India's ambitious goals of providing ease of doing business to investors during all the phases of the life-cycle of businesses," Rawat said. IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), has notified the changes in the voluntary liquidation process regulations.

Insolvency proceedings' deadline problem

The Bankruptcy Law Reforms Committee had spent considerable time on the timelines to be prescribed for various steps under the insolvency/bankruptcy proceedings

RP must maintain digital records for eight years, physical for three: IBBI

Board amends CIRP rules to empower resolution professionals to convene a meeting of committee of creditors regardless of whether or not they have made such a request

Govt appoints former civil servant Ravi Mittal as IBBI chairperson

The government has appointed former civil servant Ravi Mittal as the chairperson of the Insolvency and Bankruptcy Board of India (IBBI), according to sources. The appointment comes little over four months after the post fell vacant following the retirement of M S Sahoo who completed his five-year term on September 30, 2021. In October 2021, IBBI Whole Time Member Navrang Saini was given the additional charge as the chairperson. On Thursday, the sources said Mittal, who had served as Secretary of Information and Broadcasting (I&B), among other positions, has been appointed as the IBBI chairperson. Mittal will be the second full-time Chairperson of the IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in 2016.

IBBI plans to reduce timelines under voluntary liquidation process

The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to regulations governing the voluntary liquidation process to reduce timelines

A code for the committee of creditors

Several proceedings have witnessed a variety of contraventions of provisions of the insolvency law by market players

Strengthening IBC

Proposed changes will reduce delays

Code of conduct: IBBI move on COCs raises questions on jurisdiction

The step has added to the growing concern around the role of the insolvency regulator and whether it has delivered the goods

IBBI empowers adjudicating authority to pick IPs from panel to curb delays

Board has prepared an algorithm to place insolvency professionals on a panel in a particular order. The IP with lowest volume of ongoing processes gets a score of 100, will be at the top of the panel

No income tax NOC/NDC required for voluntary liquidations, says IBBI

Section 178 of the Income-tax Act, 1961 obligates a liquidator to fulfil certain income tax related requirements