Page 2 - Ibc Resolution

IBC regime was costing carriers additional $1.3 billion, says Centre

Time period during which airlines incurred these costs is unclear

NCLAT agrees to hear IDBI Bank's appeal against ZEEL on August 31

In May 2023, the NCLT's Mumbai bench refused to entertain the IDBI's plea, stating that it was barred under Section 10A of the Insolvency and Bankruptcy Code (IBC)

Respect ruling: P&W on court order asking it to send 5 engines to Go First

Pratt & Whitney on Thursday said it respects the Interim Arbitration ruling of a Singapore court, directing the US-based engine maker to send five engines every month to Go First airlines between August and December, adding that it will comply with the same.The official spokesperson for Pratt & Whitney said, "We look forward to vigorously defending ourselves during the merits proceedings where the business and legal issues will be determined and resolved."The ruling by the Singapore court came brought some respite to the carrier, which found itself in a bankruptcy court after a fiscal slump and funds crunch.The Singapore court issued a seven-point order to the US-based engine."The respondent must take all reasonable steps to release and dispatch to the Claimant, without delay as they become available, five Engines per month immediately after any Engine becomes available and commencing, at the latest, on 1 August 2023 and continuing through 31 December 2023, subject to ...

SC to decide if resolution professionals can be tried under Corruption Act

The Supreme Court has sought a response from the CBI on a plea against a Jharkhand High Court order that a resolution professional appointed under the Insolvency and Bankruptcy Code is a 'public servant' and can be tried under the Prevention of Corruption Act. A SC vacation bench of Justices A S Bopanna and Prashant Kumar Mishra issued the notice to the CBI on a plea challenging the April 5 order of the high court. "Issue notice to the respondent on the Special Leave Petition," the plea said. The top court was hearing a plea filed by Sanjay Kumar Agarwal challenging the Jharkhand High Court order. "The present petition raises a substantial question of law that has far-reaching consequences in various proceedings pending before various courts in the territory of India: whether a resolution professional appointed under Insolvency and Bankruptcy Code, is a public servant as defined under the PC Act, and thus can be subject to proceedings and prosecution under the PC Act," the plea ..

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

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

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

Easing the process: Guidelines for NCLT to deal with IBC cases in the works

MCA also planning to AI system for case management

IBC amendments: Govt reviews proposed changes in real estate insolvencies

Bill likely to be tabled in Monsoon session, MCA in talks with RERA to ensure no misuse

Status check: 30% recovery in IBC so far, shows CareEdge data

For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims

165 IBC liquidation cases saw 94% asset value erosion since 2016: Report

It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution

Revamping the IBC

Faster insolvency resolution is crucial

Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension

NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday

NCLAT dismisses Wave Group's appeal for insolvency proceedings

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

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 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

Videocon Insolvency: Wisdom of creditors can't fluctuate, Twinstar tells SC

Appearing for Twinstar, Senior Advocate Abhishek Manu Singhvi said their bid for Videocon Industries Limited was approved by the CoC during the insolvency process of the group

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process

NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders