Ibbi

The amendments, notified on February 3 and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects.

Next IBC reform should focus on speeding up resolution process: CEA Nageswaran

Speaking at the eighth annual day of the IBBI, Nageswaran said, "The next step for IBC reform is to improve operational efficiencies, to speed up the resolution process..."

IBC recovers 84% of fair value, not responsible for delay in admission by creditors: IBBI Chairman

The recoveries under IBC stand at 31-32 percent of the admitted claims

Amendments for IBC 2.0 to be a part of Union Budget 2024?

The amendments include expanding the pre-pack insolvency framework to larger companies, group insolvency, time-bound admission process, etc. Public comments on the proposed amendments were sought in January 2023.

FinMin reviews bankruptcy proceedings of Jaiprakash Associates, Arch Pharma Labs, other high-profile cases

Secretary of the Department of Financial Services, Vivek Joshi, asked banks to move forward in declaring defaults, so that companies can move towards the resolution process.

Exclusive: Govt aims to reduce admission time under insolvency code to 3 months from current 600 days: Official

The aim of these amendments if to speed up the process of admission and resolution. Grant of claims is currently anywhere between 29 and 35 percent. The amendments hope to increase this to at least 50 percent.

SC has mostly addressed the lacunae in IBC, now tribunals need to implement properly: Chinmoy Pradip Sharma, Sr Advocate

Sharma said some lacunae, like the CoC comprising only financial creditors, still need to be addressed as it reduces operational creditors to being silent spectators in the entire CIRP.

Govt likely to amend insolvency code to enable project-wise resolution in real estate sector: Officials

The proposed changes IBC will allow more targeted and efficient resolution of financially distressed real-estate companies. By allowing proceedings only against specific projects that have defaulted, the potential disruption to the company's operations could be minimised.

IBBI open to innovative suggestions that can reduce delays, help in better recovery

Last year the National Company Law Tribunal (NCLT) approved the maximum number of resolution plans, 180, and recovery was 36 per cent, Ravi Mittal said, adding that the average recovery was 32 per cent over the last 6-7 years.

Go First ticket refund case: Not taking stand on the issue, Insolvency board tells NCLT

The NCLT, however, directed them to file this in the form of a reply and adjourned the case to August 25. On July 31, Go First said it has to refund Rs 597 crore to 15.5 lakh passengers since its grounding on May 3

Number of cases ending in liquidation increase, recovery rate falls

Some1,448 liquidation processes are still underway, according to the Insolvency and Bankruptcy Board of India (IBBI).

Bankruptcy Board chief asks banks to initiate proceedings soon after NPA classification

Creditors, or banks, need to submit insolvency applications soon after a default occurs, says Insolvency and Bankruptcy Board of India chairperson Ravi Mital. Delays on this front lead to erosion in the value of assets, he says

IBBI gets tougher on professionals for not complying with insolvency code

Insolvency professionals are getting longer suspension orders and stiffer fines for violations such as rushing to liquidation and including related entities on committees of creditors

5 years on, resolutions under IBC struggle due to poor infrastructure, delays

Strict timelines prescribed under the code, multiplicity of cases and lesser number of tribunals have increased the backlog of cases

Bankers, IBC experts cheer proposal for part-resolution of assets

IBBI has proposed that the resolution professional and CoC can explore resolutions of part of the assets or businesses by allowing the submission of different resolution plans for them

IBBI’s proposed amendments to liquidation regulations may help banks streamline recovery process, say experts

The board has proposed several new guidelines with an aim to provide a better monitoring framework of the process and prescribe a timeline for auction of assets

Incorporated entities, not single administrators, may soon be allowed to run bankrupt companies: Report

The step is expected to be helpful with solving complexities of running a large business, and with evolving companies as the distressed asset market in India matures

47% of IBC cases ended in liquidation till FY22, shows IBBI data

Indian lenders are left with no choice except liquidation of stressed assets under the bankruptcy code, thanks to a mismatch between the quoted value of the asset and the bid price, experts said.

Former Sports Secretary Ravi Mittal to be new IBBI chief: Report

IAS Ravi Mittal will take over from MS Sahoo, who retired on September 30 after a five-year tenure.

RBI Governor-headed FSDC sub-committee reviews economic situation

The sub-committee reviewed the major developments in the global and domestic economy as well as in various segments of the financial system and discussed the assessments of members about the scenario emerging from the third wave of the pandemic.

Essential to capture both quantifiable and nonquantifiable outcomes of IBC: IBBI Working Group Report

The working group has identified six layers of outcomes of IBC regime based on efficiency, effectiveness and efficacy of the code.

IBBI 'inadvertently' puts out Aadhaar, PAN info of creditors on website; removes them later

The details came into the public domain "inadvertently" as the regulator is working on a beta project to host the information of creditors of companies undergoing Corporate Insolvency Resolution Process (CIRP) and liquidation.

Bankruptcy resolution plan takes average 400 days against intended 180/270 days: IBBI chief M S Sahoo

According to the IBBI chief, the Code has rescued 70 per cent of distressed assets through insolvency resolution plans and has released remaining 30 per cent of such assets through liquidations.

IBBI eases timelines within 330-day deadline for insolvency resolution process

Against the backdrop of the 21-day lockdown to curb spreading of coronavirus infections, the Insolvency and Bankruptcy Board of India (IBBI) has amended certain regulations.

What the data says about IBC, banks and recovery

The headline numbers suggest that recovery rates have been very good but a drill down shows it’s not all rosy