Page 24 - Insolvency And Bankruptcy Code

NCLT extends insolvency resolution process for Srei Infra till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

IBBI rescinds 11 circulars issued from 2018 to 2021 to avoid duplication

Contents of these circulars have already been included subsequently in updated regulations issued by the IBBI

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Centre likely to amend IBC in winter session to improve efficiency: Report

According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC

How IBBI's tighter compliance rules for resolution professionals will help

Insolvency professional agencies will have to designate/appoint a compliance officer

A different kind of quiet quitting

Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?

Deadlock over carrier's revival: Banks not keen on sharing Jet's liability

Deadlock over carrier's revival after NCLAT order

Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan

The voting on the resolution plans concluded on Thursday evening

Corporate insolvency: Rethinking irregular transactions

So far 786 applications have been filed to recover over Rs 2.2 trillion allegedly lost through irregular transactions. Retrieving this needs a law, policy and regulatory focus

BS Number Wise: Asset reconstruction companies need to rebuild

They have been losing business as the IBC process picks up pace

NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

MDs, CEOs of ARCs can't have more than 3 terms in office without a cool-off

RBI allows ARCs to bid for assets in IBC cases

What is a pre-packaged insolvency resolution process?

India had introduced a pre-packaged insolvency resolution process last year. It was projected as an alternative resolution process for MSMEs. Find out more about it

Chatroom: 'After imposition of moratorium, IBC prevails over Customs laws'

After initiation of CIRP, the liquidator can secure the imported goods from the Customs to be dealt with appropriately in terms of the IBC

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

Ex-promoters can't hold stake in insolvent firm, says Supreme Court

In March 2022, the NCLAT dismissed an appeal filed by the Singhals that challenged the October 2021 NCLT order that asked the promoter group to sell their 25 mn shares at Rs 2 a piece to Tata Steel

We cannot afford to lose sheen of insolvency law, says FM Sitharaman

Union Minister Nirmala Sitharaman on Saturday said insolvency law cannot lose its "sheen". Sitharaman, who is in charge of finance and corporate affairs ministries, was speaking at a function in the national capital to mark the sixth annual day of the Insolvency and Bankruptcy Board of India (IBBI). Speaking about the Code over the last six years and the way forward, she also said that "we cannot have stress signals go unnoticed". IBBI is a key institution in the implementation of the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of distressed firms. The code came into force in 2016. National Company Law Tribunal President Chief Justice (Retd) Ramalingam Sudhakar and Competition Commission of India (CCI) Chairperson Ashok Kumar Gupta, among others, were present. As many as 1,934 corporate debtors have been rescued through the Code till June this year. These include 517 through resolution plans, 774 through appeal or review or ..

Companies can now register themselves as insolvency professionals

Earlier, the regulations only allowed the IPEs to provide support services to insolvency professionals

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