Page 36 - Insolvency And Bankruptcy Code

Banks vote in favour of Piramal offer for DHFL, see holes in Oaktree bid

With this Piramal succeeds in getting the requisite 66 per cent voting, says source

DHFL a test case whose successful resolution is critical for banking sector

Reports suggest a potential recovery of 35 per cent from the bid process compared to an average recovery of seven per cent

MCA proposes pre-packaged insolvency resolution process for Covid defaults

The future phases would cover a default above Rs 1 crore, followed by Rs 1 to Rs 1 lakh

Prepack insolvency resolution: Swiss Challenge options, IBC tweaks on cards

The prepack is to start with a base resolution plan (BRP), which will face a Swiss Challenge; and this should come from the promoters if they are eligible and interested

Nithia Capital, CarVal Investors complete purchase of two Uttam Group firms

Total consideration Rs 2,000 cr; companies were on RBI's second list of NPAs mandated for resolution under IBC

Videocon lenders, 12 other group companies to meet on Tuesday under IRP

The lenders of debt-ridden Videocon Industries and 12 other group companies will meet on Tuesday under the insolvency resolution process (IRP)

Not a penny to equity holders as DHFL bidders value firm's shares at zero

Investors baffled as DHFL had a market valuation of Rs 941 cr on Monday, with its stock trading at Rs 30 a share even after the company was sent for bankruptcy proceedings

ArcelorMittal, JSW Steel among six firms keen on buying Uttam Galva Steel

Uttam Galva's total admitted claims are Rs 9,070.66 crore, with ArcelorMittal having an 87 per cent voting share among financial creditors

DHFL's sale poses legal hurdle for Oaktree due to insurance JV stake

Insurance sale before DHFL sale would have eliminated regulatory uncertainty, say lawyers

DHFL bidder selection: Oaktree Capital asks lenders for fair treatment

Oaktree and Piramal Group are engaged in neck and neck competition to get control of the mortgage lender, for which the selection process has entered the final stage

India's two looming challenges

Government's New Year resolutions should be to revive domestic demand while addressing the Chinese threat

Centre extends suspension of fresh insolvency cases by another 3 months

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months amid the disruptions caused by the coronavirus pandemic. A notification for a three-month extension of the suspension, which was to end on December 24, was issued by the corporate affairs ministry on Tuesday. The three-month period would be from December 25. An ordinance was promulgated in June this year for suspension of fresh insolvency proceedings and the same came into force retrospectively from March 25 -- the day when the nationwide lockdown to curb spreading of coronavirus infections had come into effect. Later, a bill to replace the ordinance that had amended the Insolvency and Bankruptcy Code (IBC) was cleared by Parliament in September. Initially, the suspension of fresh proceedings under the IBC was for six months starting from March 25 and then, it was extended by three months. Now, the suspension has been further extended by three months which will end o

Best of BS Opinion: Wrong call on IBC, Paris agreement, and more

Here's a selection of Business Standard opinion pieces for the day

IBC to remain 'rightfully' suspended till FY21 end: FM Sitharaman

Suspension not applicable to defaults committed before March 25, 2020

Wrong call on IBC

Govt should not have extended suspension of bankruptcy work

Barely a week before the deadline, IBC resumption hangs in balance

The official said that while on the one hand green shoots were visible in the economy and the stock market was booming, on the other things were not moving under IBC

A year of ArcelorMittal Nippon: A 'new type of steel company' in the works

Firm claims Covid has had no long-term impact, growth plans are on track and target of reaching 12-15 million tonne output remains

More than 60% of insolvency proceedings led to liquidation in Sep quarter

Liquidations were only one-third of total cases closed in the previous quarter

Liquidations under IBC in Q2 jump, new applications remain subdued

Critics of the IBC have often pointed out that the delays in admission, resolution and liquidation might be making it an unattractive proposition

JSW Steel sees mettle in bankrupt asset amid upturn in steel market

An upturn in the steel market has prompted the country's third-largest steel producer to up the ante on acquiring Bhushan Power