Page 9 - Ibc

NCLT approves resolution plan by Arcelor affiliate for Uttam Galva

Resolution amount was Rs 4,020 cr as per the plan

RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty

Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Welspun bid for ABG Shipyard among highest for assets under liquidation

Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy

Insolvent companies could lose spectrum under the new Telecom Bill

Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions

NCLAT sets aside insolvency proceedings against Mack Star Marketing

Appellate tribunal NCLAT has set aside insolvency proceedings against Mack Star Marketing initiated by the NCLT Mumbai after observing that the term-loan provided by Yes Bank to it was an "eye-wash" and "collusive in nature". A two-member bench held such collusive transactions do not fall within the ambit of the definition of Financial Debt as defined under Section 5(8) of the Insolvency & Bankruptcy Code and therefore Suraksha Asset Reconstruction cannot be termed as a Financial Creditor. The NCLAT observed that out of Rs 147.6 crore -- sanctioned by Yes Bank in Mack Star's name for the purpose of renovating 'Kaledonia' a two-year-old building constructed at a cost of Rs 100 crore -- more than 99 per cent of the amount was routed back to Yes Bank either on the same day or within a very short period. "The chequered history of the loan transactions and collusive arrangements indulged by Yes Bank demonstrates that the Term Loans disbursed in the name of Mack Star is an eye-wash' and

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC

The estimated deal size is Rs 1,830 crore

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

SC ruling on IBC will have overriding effect over indirect tax recoveries

The move, according to tax experts, will set a precedent for matters related to recoveries

Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees

Says the cricket governing body must explain PwC's exit from the auction process

Banks took a haircut of 69 per cent while resolving IBC cases: Report

Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets

Centre likely to introduce the IBC amendment bill in winter session

The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India

Legislation: Intent and interpretation

Interpreting the margins at the cost of core legislation could be costly for the economy

Power to admit insolvency application not binding even when debt owed: SC

The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent

Insolvency regulator working to bring mediation in insolvency cases

A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.

The Cinderella of insolvency

Undermining operational creditors is against the basic spirit of IBC

Top headlines: IBBI amends rules, yield curve inverts in the US, and more

As investors and the bond market brace for a sharp hike in policy rate by central banks to fight inflation, the yield curve has inverted in the US

Creditors will now need to file info about defaults as IBBI amends rules

The amendment also provides for filing copy of GST returns by operational creditors, along with e-way bills as documentary evidence of the debt and default

IBBI amends rules, creditors may get power to remove liquidator under IBC

IBBI wants liquidation timeline reduced