Page 8 - Ibc

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

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