Earlier this year, the government had suspended fresh bankruptcy filings under the IBC for a period of 6 months starting March 25, 2020, corresponding with the announcement of the nationwide lockdown.
Anil Ambani earlier moved the Delhi High Court against the appointment of a resolution professional (RP) on the personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from SBI.
The RBI said the Aircel resolution plan did not conform to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002
Sebi’s proposals seek to prevent a repeat of the embarrassing spike in Ruchi Soya’s share price, improve post-resolution disclosures and includes a sop for acquirers
Aggregate value of debt being addressed is now estimated as over Rs 57,000 crore – with around Rs 50,500 crore likely to be addressed by March 2021
New insolvency proceedings initiated in FY22 are unlikely to get resolved in the same fiscal, ICRA said in a report.
This will be applicable for NPAs (non-performing assets) after March 25. This was one of the proposals Finance Minister Nirmala Sitharaman had announced in her series of press conferences on the Rs 20 lakh crore economic package.
Of the total 12 cases that were directed to the Insolvency and Bankruptcy Court by the Reserve Bank of India (RBI) in 2017, a resolution has been arrived in six cases while liquidation orders were passed against two companies.
Even as the number of cases filed under the corporate insolvency process keeps rising, liquidation occurs more often
Even in developed jurisdictions, none have suspended ability of debtor companies to submit themselves to the insolvency process
Measure does little to boost housing sales and may curtail remedies available to homebuyers, say legal experts
What does ‘COVID-related debt’ mean for the banking sector? How does a bank decide whether a loan is defaulted due to the coronavirus pandemic or not? To begin with, there are chances of rampant misuse of the definition by companies.
The main advantage of the IBC is that it lays out a clearly defined process that seeks to keep the business as a going concern
The current crisis demands not the suspension of the IBC, but a shift from the presumption against the promoters and management as the wrong-doers, and consequently the suspension of Section 29A of the code
The government is reportedly considering forming dedicated NCLT benches to handle insolvency proceedings.
The market reacted negatively to the news of NBCC getting the Jaypee Infratech project, taking the stock to Rs 26, a level it had last seen in August 2014
The Standing Committee on Finance held a meeting with representatives of homebuyers on February 24 to give them a hearing on the proposed changes in the IBC.
The NCLAT verdict clears the path for JSW Steel to acquire Bhushan Power & Steel, giving it a large steel plant in Odisha
Overall, banks have recovered around Rs 1.5 lakh crore, at a recovery rate of 43 percent since the IBC process started.
A study showed markets mostly rewarded more stable and better governed companies.
The economy is too fragile to be burdened with a disruptive programme such as the NRC
The headline numbers suggest that recovery rates have been very good but a drill down shows it’s not all rosy
Three years since notified, the bankruptcy code is diving into uncharted waters hands-on and getting robust with each experience
India's banking sector witnessed a number of paradigm-changing developments this year. Here's a list of top five changes that dominated the sector in 2019:
According to a release, the company has also established a joint venture with Nippon Steel called ArcelorMittal Nippon Steel India (AM/NS India), which will own and operate Essar Steel.