IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
Posted Date : 07-Aug-2020 , 10:41:07 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
The Regulations require the committee of creditors to fix the fee payable to the liquidator. Where the...
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IBBI proposes to limit number of assignments handled by IPs
Posted Date : 03-Jul-2020 , 10:30:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has proposed to limit the number of corporate insolvency cases a single insolvency professional (IP) is permitted to handle at any given time.
Currently, there is no limit on the number of assignments an IP is permitted to take; however the code...
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Supreme Court seeks govt response on plea challenging IBC validity
Posted Date : 19-Jun-2020 , 10:03:02 am | Posted By CASANSAAR
The Supreme Court has sought response from the government on a petition challenging the validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2020 that introduced a threshold of at least 10% of homebuyers in a project or 100 of the total allottees for initiating insolvency proceedings agai...
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IBBI reconstitutes advisory panel on insolvency, liquidation
Posted Date : 16-Jun-2020 , 10:19:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has reconstituted its advisory committee on corporate insolvency resolution and liquidation.
The committee headed by Kotak Mahindra Bank CEO Uday Kotak, among other changes, has seen its expansion to 14 members instead of 12.
“The...
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Cabinet nod to suspend IBC proceedings initiation for 1 year
Posted Date : 05-Jun-2020 , 09:01:39 am | Posted By CASANSAAR
The union Cabinet has approved a proposal to suspend initiation of bankruptcy proceedings against companies under the Insolvency and Bankruptcy Code (IBC) for a period of six months, which could be extended to one year, sources aware of developments said.
“The proposal is to suspend section...
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IBBI slaps Rs 34.22 lakh penalty on an Insolvency Professional
Posted Date : 04-Jun-2020 , 09:52:37 am | Posted By CASANSAAR
Insolvency regulator IBBI’s Disciplinary Committee(DC) has slapped a penalty of Rs 34.22 lakhs on an insolvency professional, for violations of certain provisions of the Insolvency and Bankruptcy Code (IBC).
The penalty imposed is equal to 25 per cent of the fee that he had received as reso...
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Govt plans pre-packaged IBC deals to ease caseload
Posted Date : 07-May-2020 , 09:39:08 am | Posted By CASANSAAR
The pause in bankruptcy resolutions because of the covid-19 pandemic has prompted the government to legislate changes to the insolvency code to fast-track processing of cases where a restructuring plan has been agreed in advance between the company and its creditors, two people aware of the developm...
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Lockdown period won’t be counted in IBC timeline - IBBI
Posted Date : 30-Mar-2020 , 09:07:37 am | Posted By CASANSAAR
Lockdown period will not be counted towards the timeline for any activity under the corporate insolvency resolution process.
“...the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any acti...
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Relief Measures Under IBC due to COVID-19 Outbreak
Posted Date : 28-Mar-2020 , 08:59:24 am | Posted By CASANSAAR
Relief Measures Under IBC announced by Hon.Finance Minister due to COVID-19 Outbreak discussed by CA.Vivek Khurana (Insolvency Professional).
Watch this Video,,,
https://youtu.be/sAhv8jNO2_E
...
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Lok Sabha passes IBC (Amendment) Bill 2020
Posted Date : 07-Mar-2020 , 08:27:02 am | Posted By CASANSAAR
The Lok Sabha on Friday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, by voice vote.
Aimed at easing the insolvency resolution process, the Bill was introduced in the house by Finance Minister Nirmala Sitharaman on December 12, last year. After having been scrutinized b...
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IBC provides lifeline for distressed companies: Sahoo
Posted Date : 06-Mar-2020 , 06:24:59 pm | Posted By CASANSAAR
The insolvency law provides a new lifeline for stressed companies to save them from premature death, IBBI Chairman M S Sahoo said on Friday.
The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution of stressed assets.
Speaking at an event here, Sahoo said t...
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Insolvency and Bankruptcy Code amendment | Effects of IBC Amendments on Home Buyers
Posted Date : 25-Feb-2020 , 10:11:36 am | Posted By CASANSAAR
Amendment in Insolvency and Bankruptcy Code And Its effect on Home Buyers explained by CA.Charu Gupta.
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https://youtu.be/tWSZiS2iVUI
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Lenders set to recover 43.1% from insolvency proceedings
Posted Date : 15-Feb-2020 , 09:48:57 am | Posted By CASANSAAR
Successful resolutions of corporate insolvency proceedings till the end of 2019 are set to result in recoveries of Rs 1.52 lakh crore for lenders, averaging 43.1% of their admitted claims of Rs 3.52 lakh crore, according to data released by the Insolvency and Bankruptcy Board of India (IBBI).
Res...
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Insolvency to be limited to realty project concerned - NCLAT
Posted Date : 12-Feb-2020 , 07:26:27 am | Posted By CASANSAAR
In a relief to realty players, the National Company Law Appellate Tribunal (NCLAT) has held that any insolvency process initiated by a flat buyer or financial institution would be limited to the project concerned only and not impact other projects of developers.
A NCLAT bench headed by Chairman J...
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NCLT ban on ex-bankers appointment as Resolution Professionals - NCLAT
Posted Date : 22-Jan-2020 , 10:06:39 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) last week stayed a recent order by the National Company Law Tribunal’s New Delhi Bench, which prohibited appointing a former bank official as independent resolution professional (IRP) of a bankrupt company because of the possibility of &ldquo...
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IBBI amends voluntary liquidation process regulations
Posted Date : 18-Jan-2020 , 09:49:45 am | Posted By CASANSAAR
A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI. The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the volu...
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SC exempts retrospective petitions from IBC amendment
Posted Date : 14-Jan-2020 , 08:18:54 am | Posted By CASANSAAR
The Supreme court of India on Monday gave a status quo order regarding the amendment of section 3 of the Insolvency and Bankruptcy Code that homebuyers set stringent conditions for individual financial creditors to approach the bankruptcy court. The Monday's order by the SC has exempted the peti...
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CBI arrests insolvency resolution professional in case of Bribe
Posted Date : 14-Jan-2020 , 08:07:13 am | Posted By CASANSAAR
The CBI has arrested an insolvency resolution professional (IRP) appointed by the NCLT and another person for allegedly receiving a bribe of Rs 3.5 lakh from a consultant by threatening him with a criminal case, officials said on Monday.
In what is likely to be the first corruption case by the CB...
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IBBI amends liquidation process norms
Posted Date : 07-Jan-2020 , 03:15:25 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting insolvency resolution plan.The Insolvency and Bankruptcy Code (IBC) provides for time-bound...
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Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016.
The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...
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Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR
Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...
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IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
Posted Date : 21-Dec-2019 , 09:58:47 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday.
He pointed out that though 44 per cent of recovery may not look very rosy but one should view ...
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Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
Posted Date : 12-Dec-2019 , 09:21:33 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being face...
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DHFL becomes first financial services firm to be taken to NCLT
Posted Date : 02-Dec-2019 , 09:42:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday referred Dewan Housing Finance Corp. Ltd (DHFL), which has a debt of Rs.83,873 crore, to the National Company Law Tribunal (NCLT) for insolvency proceedings.
“The Reserve Bank has today filed an application for initiation of corporate insolvency res...
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Govt plans to amend IBC to provide immunity to buyers of stressed assets from prosecution
Posted Date : 25-Nov-2019 , 09:36:16 am | Posted By CASANSAAR
The government plans to amend the Insolvency and Bankruptcy Code (IBC) to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters.
This will help make the insolvency process more attractive for the bidders and instil confide...
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Wealth managers, merchant bankers may come under IBC
Posted Date : 22-Nov-2019 , 09:41:22 am | Posted By CASANSAAR
Wealth managers, insurance brokers, merchant bankers and share transfer agents may soon be under the ambit of Insolvency and Bankruptcy Code (IBC), even as the Centre has decided to keep banks, insurance companies and pension funds out of it, at least for the time being.
Officials said there woul...
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Personal guarantor insolvency under IBC from December 1
Posted Date : 20-Nov-2019 , 11:04:40 am | Posted By CASANSAAR
The government on Tuesday notified rules for the initiation of insolvency proceedings against personal guarantors to corporate debtors, to be applicable from December 1. Under these rules, if insolvency proceedings against a corporate debtor under the Insolvency and Bankruptcy Code are already in pr...
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Supreme Court sets aside NCLAT judgement, gives upper hand to banks
Posted Date : 16-Nov-2019 , 08:55:46 am | Posted By CASANSAAR
Ruling on the long fought Essar Steel insolvency case, the Supreme Court on November 15 set aside NCLAT judgement and said that the ultimate discretion on distribution of funds was with the Committee of creditors.
The Committee of Creditors (COC) consists of banks.
The NCLAT had earlier said t...
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Govt considers special window for resolution of stressed NBFCs under IBC
Posted Date : 08-Nov-2019 , 09:28:49 am | Posted By CASANSAAR
The government is mulling a special window for resolution of stressed non-banking finance companies under the Insolvency and Bankruptcy Code, a senior government official said.
A special window, is certainly something which is being examined closely, the official said.
The move also comes agai...
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Flipkart gets stay on insolvency proceedings initiated against it at NCLT
Posted Date : 07-Nov-2019 , 08:13:58 am | Posted By CASANSAAR
Online sales platform Flipkart has got a stay order on insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT), in a case involving alleged withholding of dues to a seller.
CloudWalker Streaming, a Mumbai-based supplier of LED TVs, alleged Flipkart did not honour a...
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