Page 5 - Ibc

Go First lenders likely to recover Rs 1,600-1,900 cr through Thane land

The Go First lenders are seeking to recover around 25-30% or Rs 1,600 crore-Rs 1,900 crore of their exposure to the airline

IBBI likely to bring out discussion paper on real estate insolvency

Increased involvement of the Real Estate Regulatory Authority, or RERA, could also be proposed in the upcoming discussion paper

In IBC, no automatic secured creditor tag for govt's statutory dues

The Ministry of Corporate Affairs (MCA) would consider issuing this as a clarification, if needed, following the recent Supreme Court (SC) judgment in the Rainbow Papers case, the senior official said

Go First's aircraft, engines can be returned to lessors: DGCA tells HC

According to a report, Jindal Power, which had shown its interest in the airline, may not go ahead with its financial bid

Monthly review, disclosure of fair value: IBBI bats for transparency

IBBI has proposed that creditors dissenting on a resolution plan under the IBC should be entitled to claim lesser of the two amounts - the resolution amount or the liquidation value

Insolvency law: 'Gradually then suddenly'

Anant Merathia's book offers a human perspective on the Insolvency and Bankruptcy Code

NCLT relief to help Bajaj Hindusthan focus on expansion, growth plans

Sources said the plans, which were on hold due to the NCLT proceedings, will now be restarted with renewed vigour

How to loot the public sector banks

Banker-borrower collusion has led to a surge in IBC cases, with pre-planned fraud that results in minimal realisable value

Chiefs of Air India, Vistara, SpiceJet meet civil aviation minister

Air India, Vistara, SpiceJet, and IndiGo representatives thanked him for the recent amendment in IBC whereby aircraft equipment have been exempted from moratorium under the IBC

Govt may clarify prospective clause of IBC exemption for aviation

The High Court has asked the government for its response to a plea by a Gofirst lessor

Insolvency & Bankruptcy Code cannot be used as tool for recovery: NCLT

Insolvency & Bankruptcy Code (IBC) cannot be used as a "tool for recovery", the NCLT observed on Tuesday while dismissing a plea by two unit buyers of a commercial complex. The Principal Bench of the National Company Law Tribunal (NCLT) was hearing the plea for initiating insolvency against Orris Infrastructure over an alleged default of Rs 3.60 lakh. The NCLT bench observed that the purchaser of the Office space/Retail Unit has already received full and final payment from Orris Infrastructure in lieu of the assured returns towards the allotted unit, as per the agreement. The amount has been paid in excess of the default amount and counsel for the applicant has also acknowledged the receipt of the demand draft from the realty firm, which was developing a commercial building complex, known as Floreal Tower, at Sector 83, Gurgaon (Haryana), said insolvency tribunal. "We are of the view that in the present case, the applicants are already having demands drafts of the amount exceeding

IBC not recovery mechanism; dismisses plea against United Telecoms: NCLAT

The Insolvency & Bankruptcy Code is "not a recovery mechanism", observed the National Company Law Appellate Tribunal, while dismissing a plea against United Telecoms Ltd filed by one of its operational creditors. This is the second such observation from the Chennai bench of the insolvency appellate tribunal this month, after declining to entertain the petition from operational creditors. Earlier, it had refused to entertain an insolvency petition against Wipro Ltd after observing that the bankruptcy law cannot be used as a means to recover debt against solvent companies. Again, while rejecting a plea against United Telecoms last week, a two-member bench comprising justices M Venugopal and Shreesha Merla said: "Time and again, the apex court in a catena of judgments held that the IBC is not a 'recovery mechanism'. The appellate tribunal upheld the order by the Bengaluru bench of the National Company Law Tribunal (NCLT), which had dismissed the plea moved by an operational creditor .

Over 96,000 companies voluntarily wound up operations in last five years

From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act

Unsecured lenders' dues to be prioritised over govt's: Supreme Court

IBC will override the provisions of the Electricity Act, 2003, says bench

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Battery maker IBC mulling ₹8,000 cr investment in Karnataka, details here

With a significant investment of approximately Rs 8,000 crore, the company intends to establish a non-captive gigafactory. Land, machinery, plant, machinery and building will be the focus of the inves

MCA considering easing moratorium rules in IBC for certain sectors

Section 14 of the IBC declares a moratorium on proceedings, transfer or disposal of any of the assets of the company from the date of commencement of its insolvency

Future Enterprises invites expression of interest for assets across India

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10

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

Explained: Why IBC is less bankable for the resolution professionals

Increasingly, firms are now outsourcing many of these services and using the company employees instead of getting outsiders