Page 6 - Ibc

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

Congress flags low debt recovery under Insolvency and Bankruptcy Code

The Congress on Friday attacked the government over the low debt recovery under the Insolvency and Bankruptcy Code and asked whether it was a mechanism to rescue stressed firms or another tool for organised loot". The Opposition party also asked whether the Insolvency and Bankruptcy Code (IBC) was aimed at helping cronies for creating monopolies by transferring businesses at throwaway prices. Addressing a press conference at the AICC headquarters here, Congress spokesperson Gourav Vallabh said the IBC of 2016 was billed as a game changer and one of the big-ticket economic reforms by the Modi government but the reality is that it has turned out to be far worse than its predecessor the Sick Industrial Companies Act (SICA) of 1985, and its Board for Industrial and Financial Reconstruction (BIFR). He said that at a time when people are struggling to make ends meet, the total recovery of debt under IBC is at only 17.6 per cent of the admitted claims, resulting in a loss of 82.4 per cent

Govt considering registration of flats even if developers go bankrupt

If this move sees daylight, it is expected to relieve thousands of homebuyers living with the scary thought of all their money going down the drain if in case their developer goes bankrupt

HC cannot interfere with resolution process of Go First: IRP tells court

Senior Advocate Harish Salve, appearing for the IRP, told the court that a writ court should not interfere in the resolution process after the insolvency application has been accepted by the Tribunal

Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings

Only 10per cent% have ended in approval of resolution plans, while 31 per cent remain in the resolution process vs. 35 per cent as of the end of March 2022

Resolution realities

Go First's complexity will be a test case

IIIPI forms committee to recommend measures for growth of IBC ecosystem

The Indian Institute of Insolvency Professionals of ICAI (IIIPI) has constituted a committee to recommend measures to prepare the IBC ecosystem for the next phase of growth. "After over six years since inception of IBC, there is a need to consider futuristic challenges and recommend to IBBI and other authorities, changes required in the ecosystem and for preparing IIIPI and insolvency professionals to support these," IIIPI Chairman, Ashok Haldai said. IIIPI has constituted a board-level committee of its directors to recommend measures for preparing the IBC ecosystem for the next phase of growth by envisioning future changes and imperative requirements, according to a release on Tuesday. Haldai welcomed IBBI's initiative to seek public comments on changes needed in regulations under IBC 2016. IIIPI, promoted by the Institute of Chartered Accountants of India (ICAI), is the largest Insolvency Professional Agency (IPA) and frontline regulator under the Insolvency and Bankruptcy Code .

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

Home buyers likely to get some relief from insolvency proceedings

The move is intended to reassure home buyers while also providing a tailored debt resolution regime for the real estate sector

Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date

Stakeholders asked to share comments on all regulations by December 31

Safeguards for project-wise insolvency in real estate on the cards

The MCA said such projects will be recognised as distinct from the larger entity for the limited purpose of resolution

Lenders to Go First await NCLT's verdict to chalk-out strategy

There was no meeting on Thursday. Banks have already reviewed the situation on Wednesday

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

MCA also planning to AI system for case management

JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail

This month, the National Company Law Tribunal (NCLT) had granted an extension of 90 days for conducting the corporate insolvency resolution process (CIRP) of FRL and extended it to June 15, 2023

NCLT approves AM Mining resolution plan for Indian Steel Corporation

The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores

SG Tushar Mehta questions locus of individual shareholder in IBC

Citing several judgments, the SG said only the company can speak for the shareholder

CoC of Reliance Capital decides to hold a second auction on April 4

The decision to hold a second auction was decided on Monday in a formal meeting of the CoC

Future Enterprises admitted for insolvency, NCLT appoints interim RP

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

NSE withdraws decision to drop Zee Entertainment from F&O segment

NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available

Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief

Says taking all necessary steps to protect interest of stakeholders and achieve timely completion of proposed merger with Sony