Page 10 - Ibc

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

NCLT extends insolvency resolution process for Srei Infra till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

Centre likely to amend IBC in winter session to improve efficiency: Report

According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC

A different kind of quiet quitting

Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?

Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan

The voting on the resolution plans concluded on Thursday evening

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

Revised RBI norms to improve governance, bolster ARCs structurally: Crisil

More stringent NOF guidelines could edge out smaller players, lead to consolidation

NCLT approves resolution plan by Arcelor affiliate for Uttam Galva

Resolution amount was Rs 4,020 cr as per the plan

RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty

Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Welspun bid for ABG Shipyard among highest for assets under liquidation

Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy

Insolvent companies could lose spectrum under the new Telecom Bill

Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions

NCLAT sets aside insolvency proceedings against Mack Star Marketing

Appellate tribunal NCLAT has set aside insolvency proceedings against Mack Star Marketing initiated by the NCLT Mumbai after observing that the term-loan provided by Yes Bank to it was an "eye-wash" and "collusive in nature". A two-member bench held such collusive transactions do not fall within the ambit of the definition of Financial Debt as defined under Section 5(8) of the Insolvency & Bankruptcy Code and therefore Suraksha Asset Reconstruction cannot be termed as a Financial Creditor. The NCLAT observed that out of Rs 147.6 crore -- sanctioned by Yes Bank in Mack Star's name for the purpose of renovating 'Kaledonia' a two-year-old building constructed at a cost of Rs 100 crore -- more than 99 per cent of the amount was routed back to Yes Bank either on the same day or within a very short period. "The chequered history of the loan transactions and collusive arrangements indulged by Yes Bank demonstrates that the Term Loans disbursed in the name of Mack Star is an eye-wash' and

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC

The estimated deal size is Rs 1,830 crore

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

SC ruling on IBC will have overriding effect over indirect tax recoveries

The move, according to tax experts, will set a precedent for matters related to recoveries

Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees

Says the cricket governing body must explain PwC's exit from the auction process

Banks took a haircut of 69 per cent while resolving IBC cases: Report

Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets

Centre likely to introduce the IBC amendment bill in winter session

The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India