Page 24 - Insolvency And Bankruptcy Code
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.
 "Insolvency regulator working to bring mediation in insolvency cases")
IBBI discussion paper proposes increasing fees on service providers
The Board is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government, it says
 "IBBI discussion paper proposes increasing fees on service providers")
Some gaps in ILC recommendations on resolution process, say experts
Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code
 "Some gaps in ILC recommendations on resolution process, say experts")
The complex world of regulators
Independent and continued evaluation of statutory regulatory agencies is necessary and important for feedback to regulators and Parliament
 "The complex world of regulators")
The Cinderella of insolvency
Undermining operational creditors is against the basic spirit of IBC
 "The Cinderella of insolvency")
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
 "Creditors will now need to file info about defaults as IBBI amends rules")
Inadequate infrastructure continues to impede IBC implementation
A paper by the Insolvency and Bankruptcy Board of India (IBBI) said the time taken between filing of an insolvency application and its admission increased to 650 days in financial year 2021
 "Inadequate infrastructure continues to impede IBC implementation")
IBBI amends rules, creditors may get power to remove liquidator under IBC
IBBI wants liquidation timeline reduced
IBBI amends rules for swifter and more streamlined redressal of grievances
The mechanism of complaint or grievance redressal and subsequent enforcement action has been amended to have expeditious redressal and also to avoid placing undue burden on the service providers.
 "IBBI amends rules for swifter and more streamlined redressal of grievances")
5 years of IBC: Loans taken for telecom, oil assets sank Videocon
VIL's problems began after it entered the telecommunications (telecom) business and its second generation (2G)-based telecom licences were cancelled by the Supreme Court (SC) in 2012
 "5 years of IBC: Loans taken for telecom, oil assets sank Videocon")
TMS Ep193: IPL media rights, Bankruptcy Code, markets, weather and economy
Why is the race for IPL media rights still intense? Where does IBC stand after RBI's 'dirty dozen'? Where will indices seek support after Manic Monday? How weather impacts the economy? Answers here
 "TMS Ep193: IPL media rights, Bankruptcy Code, markets, weather and economy")
What makes Essar steel sector's comeback kid amid insolvency proceedings
The $5.7-billion acquisition that closed after an 865-day-long saga was the largest private sector transaction in India in 2019 and the second-largest steel transaction globally that year
 "What makes Essar steel sector's comeback kid amid insolvency proceedings")
From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape
BSL was admitted for insolvency proceedings on July 26, 2017
 "From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape")
Where does IBC stand five years after RBI's 'dirty dozen' announcement?
The Insolvency and Bankruptcy Code, 2016 was introduced to tackle bad loan problems. But it has been plagued with high haircuts for banks and delays. What can be done to achieve a quicker resolution?
IBC framework needs a booster dose; debt resolutions slacken in two years
According to the statistics by the Insolvency and Bankruptcy Board of India, since the provisions of IBC came into force in December 2016, as many as 5,258 insolvency cases have been filed by lenders
 "IBC framework needs a booster dose; debt resolutions slacken in two years")
IBBI draft papers to improve insolvency resolution likely out this month
Delay in lenders seeking CIRP hitting recoveries
BoI contests maintainability of Amazon's intervention plea in FRL case
NCLT to hear matter on June 10; asks bank to respond to Amazon's intervention application; lender says will file reply without prejudice
 "BoI contests maintainability of Amazon's intervention plea in FRL case")
FRL: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10
A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.
 "FRL: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10")
NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis
The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units
 "NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis")
Nearly half of insolvency proceedings led to liquidation rather than rescue
IBBI latest data suggest only 14 per cent yielded resolution plans since the inception of IBC
 "Nearly half of insolvency proceedings led to liquidation rather than rescue")