Page 17 - Insolvency And Bankruptcy Code

Go First likely to resume flights on May 24 with fewer aircraft: Report

Go First has also reportedly discussed the plans to resume flights with the Centre

NCLT admits Go First's insolvency plea, puts it under moratorium

Order prevents a viable airline from becoming an unviable one, says airline's CEO

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

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

IBBI seeks public ideas, comments on regulations under insolvency law

The Insolvency and Bankruptcy Board of India (IBBI) has sought public comments on the regulations notified till date under the insolvency law as it looks to crowd source ideas for the regulatory framework. Noting that public consultation enables collective choice, IBBI said participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations. IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in late 2016. "In a dynamic environment, despite the best of efforts and intentions, a regulator in such novel and emerging regulatory regime may not always be able to address the ground realities. "Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to ...

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

Stakeholders asked to share comments on all regulations by December 31

What happens when a company files for insolvency?

On May 2, Go First Airways filed for voluntary insolvency with the National Company Law Tribunal. What's next? Watch the video to find out

Lessor Aircastle files case against SpiceJet to initiate insolvency process

The first hearing of Aircastle's case will take place on Monday at the Delhi bench of NCLT

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

Go First seeks interim moratorium, NCLT says no such provision under IBC

Go First told the court that the primary aim of filing for insolvency was to revive the airlines and it seeks a comprehensive debt restructuring

Go First Airways owes financial creditors $798 mn, shows bankruptcy filing

Lenders were not aware of the airline's plans to file for voluntary insolvency and will meet soon to take stock of the situation, the report said

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

MCA also planning to AI system for case management

48 firms selected as eligible bidders for Future Retail insolvency process

As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani group, are in the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include WHSmith Travel Ltd, Sahara Enterprises, Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and Universal Associates. Except Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final

Govt to introduce bills to amend insolvency laws in Parl's monsoon session

The government is planning to introduce bills to amend the companies and insolvency laws during the monsoon session of Parliament, a senior official said on Thursday. The session is likely to commence in late July or August. The corporate affairs ministry is implementing the Companies Act and the Insolvency and Bankruptcy Code (IBC). According to the official, amendments are being planned to the two laws, and bills in this regard are expected to be introduced in the monsoon session. Details about the proposed changes could not be immediately ascertained. On January 18, the ministry proposed a raft of changes to the IBC, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. The ministry has received comments from the stakeholders on the changes proposed to the IBC. The IBC, which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. It

Future Retail's creditors seek 90 days extension to concluding insolvency

Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) "seeking exclusion of a period of 90 days from CIRP of FRL, and consequent extension from April 16, 2023, to July 15, 2023, for concluding the CIRP of FRL." The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation. As per Section 12(1) of the Code, the CIRP shall be completed within a period of 180 days from the date of initiation. However, NCLT may grant a one-time extension of 90 days. The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days. Besides, the resolution professional

Bankruptcy resolutions yielding lower realisations, taking longer: Report

Bankruptcy cases are taking longer to resolve and yielding lower values for lenders, a credit rating agency analysis said on Monday. The average number of days taken to close a case either through a resolution process or liquidation was at its highest at 588 days for financial creditors if one were to look at official data for the first nine months of the current fiscal, it said, adding that it was 531 days in FY22 and 463 days in FY21. The agency analysed official data released by the Insolvency and Bankruptcy Board of India to arrive at its findings. The stretched timelines have resulted in admissions outpacing case closures every year since FY18, India Ratings and Research said, adding that the only exception to this was FY21 where admission of cases got restricted on account of the pandemic. As against the 270 days stipulated in the Insolvency and Bankruptcy Code, the timeline for the Corporate Insolvency Resolution Process (CIRP) overshoots the mandatory timeline in 63 per cen

SG Tushar Mehta questions locus of individual shareholder in IBC

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

Only 15% insolvency cases reach resolution during October-December 2022

In 56 cases, the resolution plan was rejected for non-compliance and in the remaining 16 cases, the debtor contravened provisions of the resolution plan