Page 26 - Insolvency And Bankruptcy Code
Legislation: Intent and interpretation
Interpreting the margins at the cost of core legislation could be costly for the economy
Defaulting firm's debt includes both principal and interest: NCLAT
Case related to a company that challenged insolvency proceeding against it for delaying payments to borrower
 "Defaulting firm's debt includes both principal and interest: NCLAT")
Govt likely to introduce bills to amend competition, insolvency laws
The government is likely to propose amendments to the competition and insolvency laws as it seeks to further strengthen the regulatory regime as well as address the needs of new age markets.
 "Govt likely to introduce bills to amend competition, insolvency laws")
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
Deadline 14 days, but time to decide on admitting insolvency cases goes on
Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman
IBBI releases discussion paper aimed at improving value of stressed assets
Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets
 "IBBI releases discussion paper aimed at improving value of stressed assets")
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.
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.
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?