Insolvency And Bankruptcy Code

The verdict had triggered questions over whether the court's ruling casts a shadow over the broader insolvency regime, which has been a centrepiece of India’s economic reform since its enactment in 2016.

Maximising asset value through IBBI regulations

The IBBI plays a pivotal role in maximising asset value under the Insolvency and Bankruptcy Code. New regulations aim to improve efficiency, reduce delays, and ensure transparency in the resolution process, though challenges like prolonged timelines persist

Creditors recover Rs 3.55 lakh crore till September under insolvency law

In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 CIRP cases are ongoing and out of them, 1,388 have exceeded the time limit of 270 days.

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

Lawyers laud budget announcement on additional NCLT, DRT benches to reduce pendency

In order to unclog NCLT, which has been facing criticism over delays, the government plans to add new benches to exclusively hear cases filed under the Companies Act, 2013.

Govt proposes amendments to IBC for better outcomes, more NCLT benches to be added

The NCLT is tasked with hearing cases filed under both IBC and companies act, which results in large pendency of cases. Thus, increasing the benches and having exclusive benches for company law cases are expected to reduce the pendency.

Around 77 % companies liquidated under IBC were already defunct, says Economic Survey

The survey revealed that the eight years since it was introduced in 2016, 31,394 corporate debtors involving a value of Rs 13.9 lakh crore have been disposed of (including pre-admission case disposals) as of March 2024.

Increase NCLT benches in Union budget to make IBC more effective, lawyers tell govt

Lawyers opined that increasing the number of benches at NCLT will reduce pendency, which in turn will strengthen India’s insolvency framework.

Go First: NCLT directs release of four leased engines, airline doesn't object to order

The airline's resolution professional told the tribunal that they did not have any objection to the engine being released. The RP further told the tribunal that they had in fact initiated the process of returning one engine already.

Go First gets a further 60-day extension from NCLT to complete insolvency resolution

'We are not recording this in the order, but this is the final extension,' the NCLT said while passing the order. This is the fourth extension given to the company at the request of its lenders. The CIRP will now expire on August 3, 2024.

NCLAT refuses to stay Jaiprakash Associates' insolvency process

The Interim Resolution Professional has submitted that neither the 25,000 employees nor the ongoing projects will be affected, as IRP intends to run the company as a going concern, NCLAT said

Special court with sessions judge can hear offences filed under insolvency code: SC

In doing so, the court has reversed the Bombay High Court verdict from 2022, which held that only a special court comprising metropolitan magistrate established under the Companies Act, 2013, is empowered to hear criminal complaints under IBC.

NCLT notice to SpiceJet in insolvency plea by lessors over Rs 77 crore default

Senior advocate Pramod Nair argued on behalf of the lessors that the insolvency plea has been filed on the basis of the judgment of a High Court of United Kingdom as well as contract between the parties.

US-based Glas Trust Company registers insolvency case against Byju's at NCLT

This is the fourth insolvency plea filed against the ed tech company in less than six months. Though the plea was filed on January 22 it was registered on the file of NCLT on February 21.

SpiceJet in settlement talks with tech services provider, NCLT told

Raymach moved an insolvency plea against SpiceJet over alleged non-payment of Rs. 2.7 crore

SpiceJet case: Study impact of recent IBC notification on aviation leases, NCLT tells lessors

The cases have now been deferred and are likely to come up for hearing on November 7. Meanwhile, the lessors and SpiceJet will have to analyse the impact of the notification in the present case

Govt excludes aircraft, aircraft engine and helicopter-related transactions from moratorium

The government's notification to exempt transactions involving aircraft, aircraft engines, and helicopters from moratorium coincides with the ongoing insolvency proceedings of Go First.

SC issues notice to Centre on pleas challenging provisions of insolvency and bankruptcy code

One of the petitions' provisions deal with the various stages of insolvency proceedings against a defaulting firm or individuals.

Beyond the dirty dozen, insolvency code resembles a scrap yard 

While any new law is strengthened by arbitrations, having an abysmal track record on the speed of resolution even after seven years should not be taken lightly.

6,571 corporate insolvencies under IBC as of March 2023: IBBI Data

According to the data, 678 corporate debtors have been rescued so far under the code, 117 have admitted claims of more than Rs 1,000 crore till December 2022, and 102 have yielded resolution plans.

Lessors won't be able to repossess GoFirst aircraft if bankruptcy code kicks in

The lessors need to move carefully in this situation, and it is in their interest to let Go First go through the insolvency process and resolve the issues so that the aircraft can fly again, said aviation experts and lawyers.

GoFirst files for bankruptcy: What it means for Indian aviation

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.

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).

Insolvency Code: Latest restructuring will strengthen it, but grey areas may remain

Poor drafting of the Code meant that certain rulings did not match the intention of lawmakers. The changes propose to deal with this and also improve the code’s effectiveness

Here’s why experts are bullish on proposed IBC amendments

The government has proposed changes to the insolvency law to enhance the efficiency of the process and experts said they will likely help clear bottlenecks.