Oct 08, 2021 09:48 PM IST
A two-member Kolkata Bench admitted two separate petitions filed by the RBI for initiation of corporate insolvency resolution proceeding (CIRP) against two non-banking financial companies- SREI Infrastructure Finance and SREI Equipment Finance Ltd.
- Sep 29, 2021 09:24 AM IST
Nearly every third company admitted under the Code since its inception in 2016 has faced liquidation.
- Sep 01, 2021 11:31 AM IST
Two proposals – stating the reasons for rejecting the highest bid for a stressed company and the scrapping of commission agents in the sale of assets – may not find favour with resolution professionals
- Aug 27, 2021 07:36 PM IST
Commenting on the five year's of IBC's implementation, Verma said, "Ease of exit is as important as of entry for a business. Before the enactment of IBC, Indian businesses did not have the freedom of exit, and also to recover the insolvency so easily."
- Aug 27, 2021 02:28 PM IST
Recently during the monsoon session of Parliament, Insolvency and Bankruptcy Code (Amendment) Bill 2021 was passed.
- Aug 03, 2021 02:44 PM IST
The committee has recommended that the design and implementation of IBC must be revisited and a benchmark must be set for the quantum of haircuts.
- Jun 20, 2021 10:09 PM IST
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.
- Jun 07, 2021 06:22 PM IST
As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm.
- Jun 06, 2021 10:12 PM IST
TSML has accepted the Letter of Intent for acquisition of Rohit Ferro-Tech under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016
- Mar 23, 2021 05:56 PM IST
"There has been a reduction in gross NPAs. The NPAs – which stood at Rs 8.96 lakh crore in 2018 – have reduced to Rs 5.70 lakh crore in December 2020. Recovery of Rs 2.74 lakh crore was also made,” Anurag Thakur said while replying to a supplementary question in the Upper House.
- Jan 09, 2021 10:02 AM IST
The panel, led by Insolvency and Bankruptcy Board of India (IBBI) chairperson MS Sahoo, has invited public comments on the proposed amendments.
- Dec 22, 2020 09:40 PM IST
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.
- Aug 06, 2020 09:46 PM IST
The regulations require the Committee of Creditors (CoC) to fix the fee payable to the liquidator.
- Jul 29, 2020 10:02 PM IST
Acharya said that the moratorium on loan repayments will help provide the temporary relief and hinted that the bankruptcy process is also a kind of debt restructuring itself.
- Jul 19, 2020 04:28 PM IST
The ruling was passed in the case of Burda Druck India Pvt Ltd, a company that had been taken to the NCLT by its operational creditor Vivek Bansal.
- Jun 30, 2020 07:27 PM IST
The public sector lender had approached the tribunal under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
- Jun 05, 2020 10:00 PM IST
Default on repayments from March 25, the day when the nationwide lockdown began to curb coronavirus infections, would not be considered for initiating insolvency proceedings for at least six months.
- May 20, 2020 07:13 PM IST
As part of the several steps undertaken by the government under the economic stimulus package, Finance Minister Nirmala Sitharaman announced that an ordinance will now be brought in to suspend the initiation of fresh insolvency cases for a year.
- Apr 28, 2020 11:41 AM IST
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
- Apr 22, 2020 11:58 AM IST
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
- Mar 24, 2020 03:23 PM IST
She said the move, which aims to prevent triggering of insolvency proceedings against micro, small and medium enterprises (MSMEs), comes into effect immediately.
- Mar 23, 2020 03:20 PM IST
Companies under CIRP will now have to obtain fresh CGST and SGST registration numbers
- Feb 13, 2020 09:55 PM IST
In order to boost staff morale and reduce scope for harassment, Finance Minister Nirmala Sitharaman had also directed PSB heads to clear long-pending vigilance cases against their officials for alleged malpractices.
- Jan 13, 2020 07:45 PM IST
The Ordinance had introduced a minimum threshold of at least 100 allottees of the same real estate project or 10 per cent of total allottees under that project, whichever is less, for moving a joint plea seeking initiation of corporate IRP against the realtor.
- Jan 06, 2020 09:35 PM IST
The government, PM Modi said, has brought about increased transparency in the tax system, aiming to reduce human interface with the tax department.