Page 7 - Ibc

Some relief for Khaitans as McLeod Russel gets interim stay in CIRP

Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement

Status check: 30% recovery in IBC so far, shows CareEdge data

For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims

165 IBC liquidation cases saw 94% asset value erosion since 2016: Report

It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution

Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected

Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday. Section 12A allows erstwhile management of corporate debtors to settle matters between creditors and withdraw cases under Corporate Insolvency. Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are currently undergoing insolvency proceedings in NCLT. The RBI has already superseded the respective boards earlier. "The offer was rejected on technical grounds. The offer should have been sent to the Reserve Bank of India which is the applicant to NCLT for the insolvency proceedings and not to the administrator," a top source aware of the developments said. The voting process on the three resolutions is on track and it will continue till February 14. The Committee of Creditors is expected to finalise on

Kanorias make an offer under Section 12A to take Srei out of insolvency

They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said

ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country

Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more

Business Standard brings you the top headlines at this hour

Individual insolvency misuse by personal guarantors in govt cross hairs

Draft IBC amendments propose to remove 'perverse incentives'

Voting for IBC resolution of twin Srei companies to begin on Thursday

Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders

Govt proposes a slew of changes to Insolvency and Bankruptcy Code

Among other changes, the corporate affairs ministry has suggested developing a state-of-the-art electronic platform that can handle several processes under the Code with minimum human interface

Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto

Auto component manufacturing company undergoing insolvency proceedings

Budget session: Govt likely to propose amendments to competition law

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

Siva group companies look to settle dues with State Bank of India, others

Siva group offers Rs 81 cr to lenders

Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension

NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday

NCLAT upholds removal of resolution professional of Shree Ram Urban Infra

The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the order of NCLT, directing removal of the resolution professional (RP)of Shree Ram Urban Infrastructure Ltd. The appellate tribunal also directed the Insolvency and Bankruptcy Board of India to conduct an enquiry against the RP and take appropriate steps in accordance with the law. A two-member NCLAT bench comprising Justices Rakesh Kumar and Shreesha Merla said the NCLT was "well within its jurisdiction" to pass an order for the removal of the RP, particularly in a situation where he had not taken any steps to convene a meeting of the Committee of Creditors (CoC). The NCLAT observed that the Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Ram Urban Infrastructure Ltd (SRUIL) on November 06, 2019, and the first CoC meeting was conducted after more than one-and-a-half years on April 19, 2021. NCLT "has categorically observed that the RP has 'miserably failed to adhere to the timelines

NCLT admits insolvency plea filed against Future Supply Chain Solutions

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. "NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor," the regulatory filing said. DHL Ecommerce has filed the plea as an operational creditor under the Insolvency & Bankruptcy Code (IBC). Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors - Best Roadways Ltd and Leap India Pvt Ltd - before the NCLT. In November, both had served an advance intimation of filing an application against the company for their payments. FSCSL operates warehouses across the country. In Nagpur, FSCSL has

NCLAT dismisses Wave Group's appeal for insolvency proceedings

The NCLAT upheld the old order, along with the fine of Rs 1 crore

Realisation through IBC 201% of liquidation value as of Sept: RBI

SARFAESI and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism, says Trend and Progress Report

Bad loans & IBC: Going as expected

Indeed, the IBC has only proven how wide and deep corrupt banking practices in PSBs were

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases