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Max Healthcare has entered into an agreement to buy nearly 64% equity stake in struggling Jaypee Healthcare from Jaypee Infratech under bankruptcy code and insolvency resolution process. Max also has option to buy the remaining equity stake.
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IBC process needs to be lot quicker. Timeframe needs to be cut to improve recovery percentage for creditors
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As per the IBC, the control of the company will now be taken from the current management and will be given to the creditors of the company. Furthermore, no assets of Byju's can be transferred while the company is in CIRP. IBC also prohibits institution of any suits or pursuing any existing cases against Byju's.
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The appellate tribunal has directed lenders to effect the transfer in 90 days, and told the consortium to procure an air operator's certificate with in this window.
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Under the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution process of stressed assets, creditors have witnessed recoveries of nearly Rs 3 lakh crore so far, and the recovery amount stood at more than Rs 51,000 crore in 2022-23 financial year.
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It is prudent for the judicial process to run its due course following the NCLT application, says minister
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No airline in India has been able to start operations after grounding. The prolonged efforts to revive Jet Airways, a first under IBC, have not borne any results yet.
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Strap: Blame for a delayed insolvency problem can be laid at the door of litigation, multiple parties with conflicting interests and other factors. But these should have been anticipated from the beginning
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There are two deadlines which the Jalan-Kalrock consortium has to meet and as things stand, it looks to be in danger of missing both.
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The Court has rightly refused to take a mechanistic view of the Insolvency and Bankruptcy Code and, allowing discretion in very exceptional cases, has stopped apparently healthy companies being pushed into insolvency proceedings which may disastrously end up being self-fulfilling
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In today’s edition of Moneycontrol Pro Panorama: EMs’ return gift, the Green Pivot, Q2 has a story to tell, Go Fashion India IPO takes off, how cryptos work, and more
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On September 13, a two-judge bench of the top court had held that the CoC approved resolution plan submitted to the National Company Law Tribunal (NCLT) cannot be modified or withdrawn as it would create another tier of negotiations, which will be wholly unregulated by the statute.
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Empowering public sector banks to play an active role in the management of distressed assets could go a long way in reducing the queue of assets headed to insolvency
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Despite a favourable Supreme Court ruling, bankers may find it difficult to actually monetise personal assets of business promoters
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The pre-packaged insolvency framework across jurisdictions is known to plug this wide recovery gap. Pre-pack resolution plans are likely to facilitate adherence to the timelines prescribed under the Insolvency and Bankruptcy Code
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Depositors and retail bondholders are two other classes unlikely to be happy
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Having shut the door on promoter involvement in corporate resolution, the government now bolts their backdoor entry in the liquidation process as well
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IT is another area for improvement. Most GST problems that people face are due to poor design of filing returns
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A trial and error approach should not be adopted for the shadow banking sector, given the likely adverse effect on the economy
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NBCC as the white knight is not the remedy for all the ills the real estate sector is facing. A set of reforms is the need of the hour.
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Participating in the survey, 22 bankers suggested that extension of moratorium beyond 270 days should not be permitted.
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The move is likely to free up an estimated Rs 60,000 crore of capital for state-owned lenders
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The Insolvency and Bankruptcy Code (Amendment) Ordinance was promulgated on November 23, 2017, following which wilful defaulters were barred from submitting resolution plan.
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The comprehensive review of the IBC is on and the government is likely to be ready with combination of amendments and rule modifications soon.
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Traditionally, the creditors negotiate with the top bidders in an attempt to get the best value for the insolvent company.
