Page 27 - Insolvency And Bankruptcy Code

Irdai wants insurers at par with banks on legal recourse for surety bonds

The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement

Uttar Pradesh govt's new sugarcane order faces flak from banks

Data sourced from various agencies show that as on February 16, 2022, in UP around Rs 5,356 crore of sugarcane dues are still to be paid to the farmers for cane purchased from them.

Uttar Pradesh govt's new sugarcane order faces flak from banks

Data sourced from various agencies show that as on February 16, 2022, in UP around Rs 5,356 crore of sugarcane dues are still to be paid to the farmers for cane purchased from them.

RP must maintain digital records for eight years, physical for three: IBBI

Board amends CIRP rules to empower resolution professionals to convene a meeting of committee of creditors regardless of whether or not they have made such a request

At Rs 2.5 trillion, IBC recoveries one-third of admitted claims

Until December 31 last year, 457 companies were resolved under IBC: Govt tells Parliament.

Sintex Industries insolvency in final stages, company receives revised bids

Four companies, including Reliance Industries, competing for Sintex Industries have revised their bids that will now be placed before the Committee of Creditors (CoC) of the debt-ridden textiles maker for approval. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex Industries and according to some media reports, the amount is around Rs 2,800 crore. The resolution professional of Sintex Industries has also received bids from Welspun Group firm Easygo Textiles, GHCL and Himatsingka Ventures along with Shrikant Himatsingka and Dinesh Kumar Himatsingka Last week, Sintex Industries had informed that the Interim Resolution Professional has received revised Resolution Plans for the company from all four Prospective Resolution Applicants (PRA). "Revised Resolution Plans received from all four PRAs shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its ...

IndusInd initiates insolvency process against Zee Entertainment

IndusInd Bank claims to be the financial creditor before the NCLT for initiation of corporate insolvency resolution process against Zee and has claimed a default of Rs 83 crore

IBBI plans to reduce timelines under voluntary liquidation process

The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to regulations governing the voluntary liquidation process to reduce timelines

Insolvency process: Banks put 4 mega power projects on the block

Several ARCs, the Tatas, JSW and the Adani group expected to bid for these

Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases

Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic

NCLAT issues stay order on insolvency proceedings against HCL Tech

Case against HCL Tech was filed with NCLT in 2019 by Sahaj Bharti Travels, which claimed HCL Tech had continued to default on its payment under minimum guarantee clause of the agreement

Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases

Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic

A code for the committee of creditors

Several proceedings have witnessed a variety of contraventions of provisions of the insolvency law by market players

Strengthening IBC

Proposed changes will reduce delays

Govt seeks comments on proposed changes to insolvency law

The amendments have been proposed by the Insolvency Law Committee (ILC)

Ministry proposes fixed timeline for NCLT, extended look-back period in IBC

The government has sought public comments on the proposal by January 13

Govt seeks comments on proposed amendments to insolvency law

The government invited comments on various amendments proposed to insolvency law, including to provisions related to time period for approval of resolution plans, wrongful trading.

Insolvency proceedings in slow motion

Processes like pre-packaged insolvency resolution and mediation and conciliation, which are not adjudication-intensive, may be encouraged

New Jet Airways owners may infuse around Rs 1,500 crore in first tranche

The investment announcement comes days before the deadline fixed by the lenders, funding shortage has been hurting revival plans of the airline

Till September, 421 cases resolved under insolvency law: Govt

As of September 30, a total of 4,708 CIRPs were initiated under the IBC