Page 19 - Insolvency And Bankruptcy Code

Debt-ridden Jaypee Infratech Dec quarter net loss widens to Rs 601 crore

Debt-ridden Jaypee Infratech Ltd, which is undergoing insolvency resolution, on Monday reported widening of its consolidated net loss to Rs 601.24 crore for the third quarter of this fiscal. Its net loss at stood Rs 540.03 crore in the year-ago period. Total income rose to Rs 312.66 crore in the December quarter of this fiscal from Rs 294.76 crore earlier. During the April-December period of this fiscal, the consolidated net loss stood at Rs 1,825.03 crore as against a net loss of Rs 1,683.32 crore in the year-ago period. Total income rose to Rs 946.19 crore in the first three quarters of this fiscal from Rs 770.4 crore in the corresponding period of the previous year. The company is earning revenue from the Yamuna Expressway Project that connects Greater Noida to Agra, as well as its healthcare business. Jaypee Infratech Ltd is facing corporate insolvency resolution process (CIRP) since August 2017. In November last year, the National Company Law Tribunal (NCLT) reserved its o

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

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

NCLT admits application seeking CIRP against McLeod Russel India

IL&FS sought to initiate CIRP against McLeod Russel in connection with a default in payment in 2019

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

A 'waterfall' for insolvency resolution

Honouring secured contracts and mimicking the liquidation waterfall could promote a judicious system of distribution of proceeds and minimise disputes

Rs 7.3 trn debt settled before initiating insolvency: Economic Survey

However, concerns have lately been raised over declining rates of recovery in comparison to their claims admitted through the IBC mechanism, resulting in large haircuts for lenders

Real estate sector backs proposed IBC rule change for defaults

According to experts, defaults in the real estate sector often pertain to specific projects instead of the whole group

Best of BS Opinion: Revamping the IBC, a step too far, and more

Here is the best of Business Standard's opinion pieces for today

Revamping the IBC

Faster insolvency resolution is crucial

IBC overhaul seeks to give adjudicating authority a power boost

MCA proposes specialised framework for realty projects

Top Headlines: Oil's impact on budget, Microsoft cuts 10,000 jobs, and more

Business Standard brings you the top headlines at this hour

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

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 ...

Delays, even with no jurisdiction

Judicial overreach and appropriation of power are slowing the insolvency process

NCLAT dismisses Wave Group's appeal for insolvency proceedings

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

Operational creditor has filed Rs 211-cr insolvency case: Zee Entertainment

Firm says it will fileits reply rejecting the claim on the ground that there was a pre-existing dispute between the parties on the claimed amount

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

Best of BS Opinion: Slowdown year, Indian rupee goes digital, and more

Here is the best of Business Standard's opinion pieces for today