Page 5 - Ibc

IBBI, IBA to launch centralised platform for asset liquidation auctions

Initially, the platform will be deployed in pilot mode, with a full rollout planned at a later date after incorporating improvements based on usage feedback

Bids for KSK Mahanadi Power skyrocket post Adani Group's Rs 12,500 cr offer

Adani Group's Rs 12,500 crore bid to acquire KSK Mahanadi Power has prompted other bidders to revise their offers upwards, and the final number could be much higher, according to sources. Following the implementation of the Committee of Creditors (CoC) Challenge Mechanism, lenders to the distressed power plant are now hopeful of a full recovery from the non-performing asset, an extremely rare feat in IBC proceedings. Sources within the Insolvency and Bankruptcy Code (IBC) framework have credited Adani's initial high bid of Rs 12,500 crore, which was 62 per cent or Rs 4,800 crore higher than the second bidder for reigniting interest in KSK Mahanadi. Six of the original ten bidders, including NTPC, have now submitted revised offers close to Adani's bid, demonstrating strong competition and driving up the asset's value. This reflects the IBC's emphasis on value maximisation, industry insiders noted. Adani's competitive bid, which aggregates to Rs 27,000 crore when combined with KSK ..

There is a need for second-generation IBC reforms, says Amitabh Kant

India's G20 Sherpa called for opening doors to non-sovereign or private players to deploy technology for improved court management

Strengthening IBC: Extend prepack to big companies, says industry

Both the finance minister and the economic survey have highlighted the success of IBC

Can improve recovery rate under IBC to 40%: IBBI chairperson to RPs

In accounting terms, a going concern entity is expected to survive and thrive for at least the next 12 months, even if it is going through insolvency proceedings

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

NCLAT sets aside insolvency process against Dream 11 parent company

Section 10A deals with the suspension of initiation of insolvency process for any default arising on or after March 25, 2020, for a period of six months or extending to one year

Special Courts with sessions judges can try offences under IBC: SC

The High Court had observed that the objective of the legislature was not to burden a special court comprising a sessions judge with trials under the IBC

After making insolvency process creditor-driven, can IBC address the delays

Experts point out that though the IBBI data reflects a steady rise in the total number of insolvencies admitted, the year-on-year increase does not show a consistent trend

Reached settlement with Celestial Aviation, formalities remain: SpiceJet

SpiceJet informs NCLT of near resolution in dispute with aircraft lessor Celestial Aviation requested an adjournment to finalise the settlement process

A third of withdrawn insolvency processes fully settled, says IBBI

IBBI said that the credible threat of the code that a company may change hands has changed the behaviour of debtors

The post-May 2024 dilemma

Even if we have a majority government, economic performance will be sub-optimal without political consensus on reforms

Economic prospects

Interventions needed to support long-term growth

Battery maker IBC raises $35 mn to fund manufacturing expansion in India

Company says it is developing products are safe at high temperatures and have a longer life

IBC needs further changes for resolution of biz conglomerates: RBI Dy Guv

Swaminathan J, deputy governor, RBI said that very often business conglomerates have intricate corporate structure with inter-connected related-party relationships that add to the complexity

Resolve this: How India's insolvency process drags on, erodes asset value

Litigation tactics of corporate debtors and poor judicial infrastructure among reasons for delay

Best of BS Opinion: Power for all, Mutual funds' growing heft & more

Here is the best of Business Standard's opinion pieces for today

A performance appraisal of IBC

Despite potential biases introduced by the Dosa approach in analysing its efficacy, the law appears successful in delivering on its key parameters

Learnings from IBC suggest need for 'some course correction': RBI chief Das

Lenders have recovered 32 per cent of their total claims under the Insolvency and Bankruptcy Code (IBC) but the learnings suggest the need for "some course correction" with respect to the law, RBI Governor Shaktikanta Das said on Thursday. He said the major criticisms of the IBC are on two fronts -- the time taken for resolution and the extent of haircuts as against the admitted claims. The IBC, which came into force in 2016, is a key legislation aimed at resolving stressed in a time-bound and market-linked manner. Addressing a conference on the IBC organised by the Centre for Advanced Financial Research and Learning (Cafral) here, Das said "if we have to take stock of the IBC implementation journey and its impact so far, there are significant positive indications as well as learnings, suggesting a need for some course correction". In terms of realisation of value, the creditors have realised Rs 3.16 lakh crore out of the admitted claims of Rs 9.92 lakh crore as of September 2023,

IBC yet to address resolution for insolvencies of group companies

Group insolvency remains an ill-defined area in the IBC. Here's why it needs a clear framework