Page 6 - Ibc

IBBI forms panel of 787 professionals to expedite resolution process

This move by the insolvency regulator aims to avoid delays and preserve asset value amid rising stressed cases

MCA planning new portal to streamline IBC cases, boost transparency

The IBBI would also be able to keep track of the happenings in the NCLT through this portal

IBC has been revolutionary, but it's time for improvement and tweaks

Insolvency cases remain pending for months and years, deterring stakeholders. It is imperative that litigation be reduced

IBC recoveries declining, resolution timelines getting prolonged: Crisil

Introduction of a focused bankruptcy law has helped improve the credit culture in India, but the last few years have seen a decline in recoveries and the resolution timelines getting prolonged, Crisil Ratings on Friday. In a note to observe the seven years of the Insolvency and Bankruptcy Code (IBC), the rating agency said the recovery rates have fallen to 32 per cent in September 2023, from 43 per cent in March 2019. At the same time, the average resolution time has increased from 324 days to 653 days, versus the stipulated 330 days, it said. The IBC has helped in resolving debt worth Rs 3.16 lakh crore stuck in 808 cases in the past seven years, the leading credit rating agency said. Its senior director Mohit Makhija said the IBC is "the most potent code" in India's corporate loan history, which has brought a "behavioural change" in borrowers. "The fear of losing companies has led to over Rs 9 lakh crore of filed debt being settled before the cases arrived at the IBC doorstep fo

Manufacturing tops insolvency cases, real estate a close second

The recovery rate from personal guarantors currently stands at 5.22%. This rate is anticipated to rise following the Supreme Court's recent ruling affirming the constitutionality of the IBC provisions

Liquidation share in insolvency cases on the decline, shows IBBI data

As of the months of September 2021, September 2022 and September 2023, around 45 per cent of the total cases admitted into insolvency ended in liquidation

Adani, JSW Cement, and ArcelorMittal eyeing Vadraj Cement in IBC Sale

The Bombay High Court ordered the winding up of Vadraj Cement in August 2018, leading to the decision to sell the company under the IBC process

Debt guarantees

Supreme Court has strengthened the IBC framework

IIM Ahmedabad study finds significant improvement in firms post IBC

The study found that hotels and restaurants have had the highest recovery rate for creditors under the IBC while electricity, gas, and water supply firms have the lowest recovery rates

Insolvency and Bankruptcy Code: Personal guarantors get no SC reprieve

More than 200 petitions, including by Anil Ambani, challenged law on due process

SAT partially upholds market regulator Sebi order in Deccan Chronicle case

In May 2022, Sebi had issued an order alleging manipulation in financials, lapses in buyback procedures, and failure to submit disclosures on material information

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