Page 7 - Ibbi

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

Chaudhuri arrest case: Alchemist ARC accuses loan defaulters of complicity

Says former SBI chief's arrest was based on protest petition filed by erstwhile directors of Hotel Gaudavan; non-bailable warrants were issued without any summons

To boost CIRP outcomes, IBBI limits change in resolution plan to once

Gives option for a challenge mechanism, curbs discretion of CoC in considering certain resolution plans.

IBC is a seminal reform; instrumental in changing feudal mindset: CEA

Terming Insolvency and Bankruptcy Code as a "seminal reform", Chief Economic Adviser KV Subramanian on Friday said it has been instrumental in changing the mindset of promoters of businesses by making them more accountable. Before IBC, he said, there used to be this feudalism, where the corporate debtor took it as the divine right to be in control. "One big change that the IBC has brought is that it has ended feudalism of the promoters in a capitalistic society. There is absolutely no space for feudalism in an economic society which is actually based on freedom," he said at the 5th annual day of the Insolvency & Bankruptcy Board of India (IBBI). In a democracy or a free society, he said, there is no space for feudalism. Talking about resistance to reforms in a democracy, he said it comes from a vocal minority who have access to corridors of power. In any democracy, when you think about reform, there is always this tussle between two sets of stakeholders, one that is a vocal ...

MCA, Finance Ministry hammer out key changes to IBC at review meet

The IBBI has said that the CoC functions in an unregulated environment

CoC resolution plan can't be modified or withdrawn: Supreme Court

The IBC has seen higher acceptance in the last ten quarters as maximum cases were admitted during this time

Cracking the whip: Panel puts resolution professionals under the scanner

Govt feels enough checks and balances in place; experts say there's need for audit and regulator

3/4th of liquidated companies were in BIFR or defunct: IBBI data

Of the 396 corporate debtors rescued through resolution plans, 127 were in either BIFR or defunct, according to IBBI

Nearly 47% closed cases under IBC in liquidation till June, says IBBI

Nearly 47% closed under the insolvency law ended up in liquidation till the end of June but economic value in majority of the cases had eroded even before commencement of the corporate insolvency

Another IBC fix?

Regulator's proposal for code of conduct for creditors deserves scrutiny

IBC not a panacea for all ills, needs holistic assessment: IBBI chief Sahoo

Says haircuts taken by lenders is not IBC's fault, creditors staring at a haircut of 78% were not only rescued under the Code but their haircut was reduced to 61%

Need objective assessment of working of insolvency law: IBBI chief

IBBI Chairperson M S Sahoo on Thursday pitched for a comprehensive and objective framework to assess the working of the insolvency law to make prompt course corrections.

Why controlling CoC conduct could be a challenging task for IBBI

Experts say such a code could lead to litigation, which may affect the decision-making ability of the committee

IBBI proposes stringent rules for more transparent liquidation process

Board says this will improve stakeholders' confidence and participation in the process, lead to effective supervision and monitoring, and improve outcomes of the process

IBBI proposes amendments in liquidation norms to increase transperancy

In a bid to increase transparency in the liquidation process under the Insolvency and Bankruptcy Code (IBC), IBBI has proposed amendments to the regulations

Pre-pack resolution route needs incentives

Given that most MSMEs are informally organised, they may be averse to an insolvency resolution mechanism which displaces their founders

MCA is working to issue code of conduct for creditors under IBC: Verma

This comes a month after a Parliamentary panel flagged the "disproportionately large and unsustainable 'haircuts' taken by the financial creditors over the years"

'IBC is a road under construction,' says IBBI chairperson M S Sahoo

Referring to the pre-pack scheme of insolvency resolution for micro, small and medium enterprises (MSMEs), he says it takes three-six months for the market to understand a new framework

CoCs need best practices code

'The delay in insolvency case resolution is another problem area where CoCs need to play a more proactive role', says the author

NSE, IBBI ink pact for research collaboration

Leading stock exchange NSE on Friday said it has joined hands with the Insolvency and Bankruptcy Board of India (IBBI) for research collaboration. The objective of the collaboration is to create a research ecosystem in the area of insolvency and bankruptcy in the country, the exchange said in a statement. It further said that an efficient insolvency and bankruptcy resolution system enables timely resolution of financial stress, balances interests of all stakeholders, promotes entrepreneurship and increases availability of credit at optimal costs. This, in turn, improves growth prospects and builds institutional strength in an economy. IBBI is a unique regulator, which regulates insolvency professionals as well as insolvency processes. Under this collaboration, NSE and IBBI will focus on enhancing the existing research efforts in the areas related to insolvency and bankruptcy in India, promoting studies that explore interlinkages between the development of the insolvency process, ..