Page 12 - Ibc

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 ...

Insolvency professionals back success fee, warn against over-regulation

The NCLAT held that success fee is more in the nature of contingency and speculative it is not part of IBC provisions and is not chargeable

McLeod's return from brink of IBC signals a brief respite for tea industry

In an industry in which more than half the production is accounted for by the small growers, analysts believe that big players may help bring production and pricing discipline

Moratorium under IBC applies only to corporate debtor not to promoters: SC

The Supreme Court has held that moratorium under provisions of IBC which restrains initiation of any fresh proceedings applies only to the Corporate Debtor but does not protect the promoters

Centre concedes in SC, lets acting NCLAT chairperson continue till Sep 20

Justice Cheema was to superannuate on September 20, but Justice M Venugopal was appointed as the acting head of the tribunal.

NARCL: Another brick in the wall; not too different from other ARCs

Having several routes for NPA resolution has both advantages and disadvantages as the decision will finally be taken by the banks

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CoC resolution plan can't be modified or withdrawn: Supreme Court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

Banks' NPAs stable in June qtr, look manageable; IBC needs improvement: Das

Reserve Bank Governor Shaktikanta Das on Thursday said the stressed assets situation "looks manageable" as the stock of gross NPAs remained stable even after the second wave of pandemic

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

Another IBC fix?

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

Boeing 777 held by Dutch sold; insolvency process to close now: Jet Airways

Jet Airways said one of Boeing 777 aircraft, which was under the custody of Dutch Administrator due to insolvency proceedings in Netherlands is sold, and proceedings to be utilised to close process

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%

Insolvency law's success needs to be appreciated, say experts

The insolvency law has provided a framework for resolution of stressed assets, and its success needs to be appreciated in comparison with the situation that prevailed prior to its implementation

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

Streamline investment for insurance, pension funds in InvITs: NITI Aayog

A staggered approach should be followed for streamlining of investment guidelines and limits to keep pace with the growth in the InvIT market, it suggested

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"