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Nearly a decade of insolvency law’s operation has shown that there are loopholes in its design which limit its potential benefit. The recently introduced amendment bill seeks to resolves key jurisprudential conflicts, streamline procedures, and empower creditors
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The bill extends the role of the committee of creditors to liquidation process as well, which was earlier restricted to resolution alone. It also proposes to now allow creditors to include assets belonging to corporate or personal guarantors as part of ongoing insolvency process.
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The IBC suffers from systemic issues that would need radical changes
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Supreme Court found procedural flaws in the resolution and also concluded that the conduct of critical stakeholders was dubious. Given that the resolution had already been implemented and the company is running, the Court could have ordered parties it found guilty to pay compensation. Unravelling a done deal will have consequences that will ripple out across the economy
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BMRCL officials say RBL NCMC cards will be replaced with closed-loop smart cards free of cost.
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The group will withdraw its petition for alleged default against Ola Electric Technologies from NCLT Bengaluru, the stock filing said
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HNGIL, India’s largest container glass manufacturer, had entered corporate insolvency in October 2021. Apart from INSCO, AGI Greenpac, a listed entity with a market capitalisation of nearly Rs 4,600 crore too had submitted a bid to acquire the company.
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Busy Bee Airways is already in talks to acquire Go First’s trademarks and flying licence for around Rs 1,000 crore. EaseMyTrip had also shown interest in reviving GoFirst earlier.
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Last month, Supreme Court delivered a judgement, quashing AGI Greenpac’s resolution plan for Hindusthan National Glass for failing to obtain prior approval from CCI, as mandated under IBC Act and Competition Act, 2002
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The Operational Creditor has proposed the name of Bhoopesh Gupta for the Interim Resolution Professional and the same individual as been appointed by the court.
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India's personal insolvency framework requires reform to address financial distress, promote economic stability, and empower individuals. A robust framework can prevent systemic risks, strengthen institutions, and foster sustainable growth by adopting global best practices and addressing local socio-economic realities
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Recovery rate from IBC deals kept falling as delayed resolutions proved costly.
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If Parliament actually intended to prevent one creditor from filing an application with an intent to defraud other creditors, then a new sub-section has to be added which clearly stipulates the consequences of such an application. Parliament has to step in to rectify the error which persists
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During the hearing, Byju’s financial troubles were a key focus, with the company reported to have suffered a loss of Rs 8,104 crore as of March 2022. The court also heard that Byju’s auditors resigned recently, raising concerns about the company's financial transparency.
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SC criticised the NCLAT’s decision to close insolvency proceedings against Byju's, stating that its reasoning was insufficiently detailed. CJI DY Chandrachud indicated that the case might be sent back to the NCLAT for a thorough re-evaluation.
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Delaware Supreme Court upholds ruling in favour of lenders, allowing Byju's lenders to take control of Byju’s Alpha Inc, a key subsidiary pledged as collateral for the loan
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BDO, the firm that was roped in as the auditor of Byju’s a year ago, has resigned amid the worsening crisis at the edtech company, alleging a lack of transparency and cooperation from the management.
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By Arpan ChaturvediNEW DELHI U.S.-based Glas Trust is asking an Indian court to not quash insolvency proceedings for ed-tech giant Byju's as ..
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‘A single source of truth’ on the affairs of a debtor can compress timelines in resolution. Information asymmetry leads to delay. Also, segregating insolvency court from the company court will result in shaper focus
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The IBC has dissolved more than 1000 companies, resulting in direct recovery of Rs 3.3 lakh crore, FM Sitharaman added.
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Raveendran will now pursue the regular appeal before National Company Law Appellate Tribunal (NCLAT). The appellate tribunal is expected to hear the plea on July 22 (Monday).
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Byju's, backed by investors like Prosus and General Atlantic, has suffered numerous setbacks in recent months, including job cuts, a collapse in its valuation and a tussle with investors who accused CEO Byju Raveendran of corporate governance lapses. Byju's has denied any wrongdoing.
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The the embattled edtech firm was exploring settlements with operational creditors Teleperformance and Surfer Technologies, Byju's lawyer told NCLT
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The NCLT also passed liquidation orders for 446 corporate debtors in FY24 against 400 in the previous year, data shows
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The government had temporarily allocated the flying rights of Go First in the Winter Schedule for 2023 and Summer Schedule for 2024, and these are likely to be made permanent by the end of the month
