Page 4 - Insolvency And Bankruptcy Code

IBBI to set up IP panel for faster appointments from July to December

The new zone-wise panel of insolvency professionals will be valid from July 1 to December 31, 2025, aimed at reducing delays in NCLT and DRT appointments

IBC not meant to shield violators of consumer rights from prosecution

The Supreme Court observed that staying the penalties imposed by the National Commission would set a dangerous precedent, allowing developers to delay justice by invoking insolvency proceedings

60% resolution plans under IBC approved in last three years: IBBI data

IBBI data reveals 30,000 cases with defaults of Rs 13.8 trillion settled pre-admission under IBC till December 2024; creditor recovery at 32.8 per cent by March 2025

Govt likely to amend IBC to scrap prior CCI nod for insolvency bids

Experts feel a clarity by the government on this matter would bring relief to bidders who were concerned about approaching CCI before the CoC approval

IBC requires urgent reforms to meet demands across various sectors

Court orders and reforms do not compensate for the legislative clarity needed in IBC for sector-specific insolvency processes

Creditors recover record ₹67,000 crore via IBC in FY25, up 42% from FY24

Creditors recovered ₹67000 crore through IBC in FY25 a 42% jump from FY24 aided by record corporate resolutions and higher NCLT capacity after new appointments

Don't stretch your power beyond statute: NCLT chairperson cautions litigant

NCLT Chairperson R Sudhakar says tribunal must operate within IBC and Companies Act as BPSL liquidation returns to Delhi bench after Supreme Court's recent ruling

Finality of biz transactions: How delays undermined the Bhushan resolution

Court ordered the liquidation of BPS, which had been successfully rescued under the IBC in 2019 with the approval of relevant market participants and layers of state agencies

Ireda files insolvency plea against Gensol for ₹510 crore loan default

State-run Ireda files insolvency petition under IBC against Gensol Engineering after loan default; Sebi probe and promoter resignations deepen regulatory scrutiny

May prefer fresh insolvency process, say Bhushan Power & Steel lenders

The tribunal was hearing a plea filed by BPSL's former promoter Sanjay Singhal, seeking enforcement of the Supreme Court's recent order directing the company's liquidation

NCLT rejects Adani Ports' late bid for insolvent Tuticorin Coal Terminal

Lenders to consider existing proposal by Seapol; tribunal signals possibility of wider interest amid improved performance

Why India's nine-year-old insolvency law has bankers going bald with worry

A third of the bankruptcies admitted by the tribunals have gone for liquidation, while three-quarters of the cases still open in December had exceeded the prescribed 270-day mark for resolution

Big Four rejig IBC verticals with fewer insolvency cases getting filed

Between the June and December quarter of FY25, the number of insolvency applications initiated by financial creditors went down from 150 to 84

NCLAT rejects insolvency petition against PepsiCo India over interest claim

The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency petition against PepsiCo India Holdings after observing that provisions of IBC cannot be turned into a debt-recovery proceeding. The appellate insolvency tribunal has upheld the earlier order passed by the Chandigarh bench of the National Company Law Tribunal (NCLT), which had rejected SNJ Synthetics's plea. "The adjudicating authority (NCLT) has not committed any infirmity in not allowing the CIRP of the corporate debtor (PepsiCo) to be initiated solely on the basis of the claim of the contested and unsubstantiated interest component," said a three-member NCLAT bench. The NCLAT held that SNJ's insolvency petition, filed under Section 9 of IBC as an operational creditor was not maintainable since the principal amount of the debt claimed from PepsiCo had already been repaid and only a disputed claim for interest remained. "The provisions of Insolvency & Bankruptcy Code (IBC) cannot be turned into a ...

SC's reversal of $2.3 billion steel deal casts shadow on bankruptcy law

Seven lawyers and bankruptcy law experts said the unprecedented ruling had set off alarm among potential buyers of other insolvent or bankrupt firms

Govt weighing next move after SC's JSW-BPSL order: DFS Secretary M Nagaraju

The DFS is assessing the Supreme Court's Bhushan Steel ruling with lenders and may chart next steps soon; IDBI Bank's 61 per cent stake sale will conclude in 2025

SC's JSW Steel decision a blow to insolvency process, say experts

The Supreme Court had invoked Section 142 of the Constitution to nullify the CoC decision

SC scraps JSW Steel's Bhushan Power & Steel resolution, orders liquidation

Shares of JSW Steel fell 5% on Friday after the Supreme Court rejected its resolution plan, calling it 'illegal'

Max Estates acquires stalled 'Delhi One' project, to invest ₹1,400 crore

Realty firm Max Estates Ltd on Thursday announced it has taken over the stalled 'Delhi One' project in Noida through the insolvency process and will invest Rs 1,400 crore to develop this mixed-use property. In a regulatory filing on Thursday, Max Estates said it has taken over Boulevard Projects Pvt Ltd to revive Delhi One project in Noida, after 7 long years of wait. Max Estates said it has successfully completed the acquisition of 100 per cent equity share capital of Boulevard Projects Pvt Ltd by way of allotment of 34,000 fresh equity shares to the company and its nominees, effective April 23, 2025. The project is an integrated mixed-use development that will have ultra-luxury serviced residences, premium office spaces, and retail spaces. Max Estates had received final approval from NCLT and NCLAT on February 2023 and October 2024, respectively. "The company is acquiring the Delhi One Project pursuant to a Resolution Plan, and the total capital commitment, including settlement

Ex-Fortis promoter Shivinder Singh moves personal insolvency plea in NCLT

As most of his assets have either been disposed of or attached due to ongoing cases, he is unable to pay off his debts as a personal guarantor, Singh told the tribunal