Page 8 - Ibbi

Poor asset valuation, economic climate, NCLT delays see IBC losing favour

Less than 200 cases have been admitted to the National Company Law Tribunal till June after the suspension was lifted on March 24, revealed the Insolvency and Bankruptcy Board of India

Crackdown on erring insolvency professionals, IBBI sets hefty penalties

The Centre has proposed a crackdown on insolvency professionals that develop nexus with companies facing bankruptcy proceedings thereby delaying the resolution process

The other side of IBC

Any restructuring of stressed accounts outside the IBC would not look credible till the performance of PSBs improves

IBBI amends regulations for more transparency and accountability

Resolution professionals (RPs) will be required to inform the adjudicating authority about avoidance transactions of a corporate debtor

IBBI amends regulations for insolvency process to enhance transparency

Seeking to enhance transparency in insolvency process, IBBI has amended regulations for corporate insolvency proceedings

IBBI puts out Aadhaar, PAN info of creditors on website; removes them later

A senior official said the details came into the public domain "inadvertently" as the regulator is working on a beta project to host the information of creditors

Insolvency law changing the way society perceives biz failures, says Sahoo

Fuelled by a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way the society perceives business failures according to IBBI Chairperson M S Sahoo.

We didn't expect flood of insolvency cases, says IBBI chairman M S Sahoo

He also said that not many applications had been filed under the prepackaged scheme brought in for micro, small and medium enterprises (MSMEs)

IBBI upholds resolution professionals' independence under pre-pack schemes

In regulations issued on the Ordinance on pre-pack resolution, the IBBI said an insolvency professional can be appointed as resolution professional if they are independent of the corporate debtor.

IBC in the slow lane: CIRP cases decline almost 12%, shows IBBI data

New corporate insolvency being at halt reflected in the continuing drop in the number of ongoing corporate resolution cases in the October-December period

Normalcy restored for resolution of stress under IBC: IBBI's M S Sahoo

IBBI Chairperson M S Sahoo on Thursday said "normalcy" has been restored with respect to resolution of stress under the insolvency law, with the expiry of suspension of fresh proceedings. After a year of relevant provisions being suspended amid the coronavirus pandemic, fresh proceedings under the Insolvency and Bankruptcy Code (IBC) can now be initiated. Certain provisions under the Code, which provides for time-bound and market-linked resolution of stressed assets, were suspended with effect from March 25 last year in the wake of the pandemic significantly impacting business activities. The suspension, which was in place for one year, ended on March 24. IBBI (Insolvency and Bankruptcy Board of India) Chairperson M S Sahoo on Thursday said three things are clear now. "On Tuesday, the Supreme Court cleared the haze around moratorium on loans. Second, the suspension on initiation of corporate insolvency proceedings in respect of COVID-19 defaults expired on Wednesday. Third, the ...

Liquidation an outcome of market forces: IBBI chairperson M S Sahoo

Sahoo was responding to the criticism that only 25 per cent of IBC cases end up in resolution while the remaining get liquidated

Ground ready for new options to resolve stressed assets: IBBI chief

The ground seems to be ready to experiment new options for resolution of stress and the market is anticipating a hybrid framework between a court-supervised insolvency framework and an out-of-court restructuring schemes, IBBI Chairperson M S Sahoo has said. In place for more than four years, the Insolvency and Bankruptcy Code (IBC) is helping in resolution of stressed assets in a market-linked and time-bound manner, and the proposal for "pre-pack" framework is also in the works. "Since some tasks of an insolvency proceeding are completed before the formal process begins, and some elements of formal process are avoided, pre-pack saves both on costs and time," Sahoo told PTI. The Insolvency and Bankruptcy Board of India (IBBI), a key institution in implementing the IBC, has also taken various steps to address difficulties of stakeholders concerned. According to him, insolvency regimes in most jurisdictions are not designed to address delinquencies arising from the COVID-19-like crisi

IBBI proposes mechanism to allow withdrawal from voluntary liquidation

The process to rescind would be the same as was followed to initiate it - approval by a special resolution, passed by members or partners

IBBI allows transfer of illiquid assets and debt for quicker case closure

The rules come at a time when the liquidation process takes much longer than envisaged under IBC

IBBI approaches SC to club all cases on personal guarantee pending in HCs

Top court likely to give its order on Thursday, has indicated it may transfer all cases to itself, according to a senior lawyer

Six-month IBC suspension ends today, decision on extension soon

Industry is backing an extension on grounds that the economy is still reeling under negative growth

250 distressed firms rescued under insolvency law till June: IBBI chief

The Insolvency and Bankruptcy Code has been in force for four years and provides for a time-bound and market-linked resolution framework for stressed assets

Liquidation process can allow public auction of non-realisable assets: IBBI

Says if auction is not possible, the assignment--transferring the rights and obligation of an asset--may be done on arm's length basis by the liquidator

Suspension of some IBC provisions aimed at rescuing viable companies: Sahoo

IBBI said that some IBC provisions were suspended due to the Covid-19 situation and there is no complete ban or prohibition on lenders with regard to proceedings for corporate defaults