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  • NCLT admits insolvency pleas against 2 Srei Group firms, appoints administrator Oct 08, 2021 09:48 PM IST

    NCLT admits insolvency pleas against 2 Srei Group firms, appoints administrator

    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.

  • Buyers face losses as delay in resolution of bankrupt companies under IBC leads to value erosion Sep 29, 2021 09:24 AM IST

    Buyers face losses as delay in resolution of bankrupt companies under IBC leads to value erosion

    Nearly every third company admitted under the Code since its inception in 2016 has faced liquidation.

  • Bankruptcy regulator seeks to fix flaws in liquidation process Sep 01, 2021 11:31 AM IST

    Bankruptcy regulator seeks to fix flaws in liquidation process

    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

  • We are creating a new cadre of trained insolvency professionals through the graduate insolvency program: Rajesh Verma Aug 27, 2021 07:36 PM IST

    We are creating a new cadre of trained insolvency professionals through the graduate insolvency program: Rajesh Verma

    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."

  • Before IBC, there used to be feudalism with debtor in control: CEA K Subramanian Aug 27, 2021 02:28 PM IST

    Before IBC, there used to be feudalism with debtor in control: CEA K Subramanian

    Recently during the monsoon session of Parliament, Insolvency and Bankruptcy Code (Amendment) Bill 2021 was passed.

  • Standing Committee on Finance raps IBC over unsustainable haircuts, says 13,000 cases worth Rs 9 lakh crore pending Aug 03, 2021 02:44 PM IST

    Standing Committee on Finance raps IBC over unsustainable haircuts, says 13,000 cases worth Rs 9 lakh crore pending

    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.

  • Bankruptcy resolution plan takes average 400 days against intended 180/270 days: IBBI chief M S Sahoo Jun 20, 2021 10:09 PM IST

    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.

  • DHFL shares may get delisted post acquisition by Piramal Jun 07, 2021 06:22 PM IST

    DHFL shares may get delisted post acquisition by Piramal

    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.

  • Tata Steel Mining declared successful resolution applicant for Rohit Ferro-Tech Jun 06, 2021 10:12 PM IST

    Tata Steel Mining declared successful resolution applicant for Rohit Ferro-Tech

    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

  • Banks' NPAs declined to Rs 5.70 lakh crore at December-end: Anurag Thakur Mar 23, 2021 05:56 PM IST

    Banks' NPAs declined to Rs 5.70 lakh crore at December-end: Anurag Thakur

    "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.

  • Panel recommends changes to Insolvency and Bankruptcy Code through an ordinance: Report Jan 09, 2021 10:02 AM IST

    Panel recommends changes to Insolvency and Bankruptcy Code through an ordinance: Report

    The panel, led by Insolvency and Bankruptcy Board of India (IBBI) chairperson MS Sahoo, has invited public comments on the proposed amendments.

  • Centre extends suspension of fresh proceedings under insolvency law by another 3 months Dec 22, 2020 09:40 PM IST

    Centre extends suspension of fresh proceedings under insolvency law by another 3 months

    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.

  • Insolvency and Bankruptcy Board amends liquidation process regulations Aug 06, 2020 09:46 PM IST

    Insolvency and Bankruptcy Board amends liquidation process regulations

    The regulations require the Committee of Creditors (CoC) to fix the fee payable to the liquidator.

  • Suspending IBC for a year bad idea, restart bankruptcy courts in 2-3 months: Viral Acharya Jul 29, 2020 10:02 PM IST

    Suspending IBC for a year bad idea, restart bankruptcy courts in 2-3 months: Viral Acharya

    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.

  • NCLAT judgment paves way for companies to exit insolvency process midway, arrive at settlement: Report Jul 19, 2020 04:28 PM IST

    NCLAT judgment paves way for companies to exit insolvency process midway, arrive at settlement: Report

    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.

  • NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore Jun 30, 2020 07:27 PM IST

    NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore

    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.

  • Coronavirus pandemic | Govt amends insolvency law; suspends initiation of fresh proceedings for six months Jun 05, 2020 10:00 PM IST

    Coronavirus pandemic | Govt amends insolvency law; suspends initiation of fresh proceedings for six months

    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.

  • Govt's IBC relaxation move may nudge RBI to ease restructuring norms: Report May 20, 2020 07:13 PM IST

    Govt's IBC relaxation move may nudge RBI to ease restructuring norms: Report

    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.

  • Suspending bankruptcy law will cause more harm than good Apr 28, 2020 11:41 AM IST

    Suspending bankruptcy law will cause more harm than good

    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

  • Policy | The Insolvency and Bankruptcy Code is needed now more than ever Apr 22, 2020 11:58 AM IST

    Policy | The Insolvency and Bankruptcy Code is needed now more than ever

    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

  • Threshold for default under IBC norms raised from Rs 1 lakh to Rs 1 crore: FM Nirmala Sitharaman Mar 24, 2020 03:23 PM IST

    Threshold for default under IBC norms raised from Rs 1 lakh to Rs 1 crore: FM Nirmala Sitharaman

    She said the move, which aims to prevent triggering of insolvency proceedings against micro, small and medium enterprises (MSMEs), comes into effect immediately.

  • With an eye on taxes, Centre asks insolvent companies obtain fresh CGST, SGST registration nos Mar 23, 2020 03:20 PM IST

    With an eye on taxes, Centre asks insolvent companies obtain fresh CGST, SGST registration nos

    Companies under CIRP will now have to obtain fresh CGST and SGST registration numbers

  • SBI MD Arijit Basu bats for greater oversight on banks, sans overreach by probe agencies Feb 13, 2020 09:55 PM IST

    SBI MD Arijit Basu bats for greater oversight on banks, sans overreach by probe agencies

    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.

  • SC to examine pleas challenging condition introduced by IBC Ordinance Jan 13, 2020 07:45 PM IST

    SC to examine pleas challenging condition introduced by IBC Ordinance

    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.

  • Govt action against corrupt entities should not be seen as crackdown: PM Modi Jan 06, 2020 09:35 PM IST

    Govt action against corrupt entities should not be seen as crackdown: PM Modi

    The government, PM Modi said, has brought about increased transparency in the tax system, aiming to reduce human interface with the tax department.

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