Govt to issue new rules to bring NBFCs under IBC
Posted Date : 07-Nov-2019 , 08:01:18 am | Posted By CASANSAAR
The fear that at Dewan Housing Finance Corporation (DHFL) may spill over to other non-banking finance companies (NBFC) has pushed the government to introduce fresh rules and regulations to bring even the financial sector under the purview the Insolvency and Bankruptcy Code (IBC).
A government sou...
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IBC resolutions exceed new time limit of 330 days prescribed by Govt
Posted Date : 29-Oct-2019 , 10:33:22 am | Posted By CASANSAAR
The average time taken for completion of 156 CIRPs that have yielded resolution plans has overshot the government's revised deadline of 330 days for completion of the process.
According to the Insolvency and Bankruptcy Board of India (IBBI) data, till September 2019, 156 CIRPs have yielded re...
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IBBI for statutory recognition of valuation professionals
Posted Date : 16-Oct-2019 , 11:08:02 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo has said that there should be a statuary nod given to valuation professionals in India to further streamline the profession.
Speaking at an event here, Sahoo said: "IBBI is looking for valuers who are part of a setup whi...
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Section 7 Application under IBC governed by Article 137 of Limitation Act - SC
Posted Date : 25-Sep-2019 , 08:46:13 am | Posted By CASANSAAR
Supreme Court has held that applications under Section 7 of Insolvency and Bankruptcy Code (IBC) are governed by Article 137 of the Limitation Act for computation of limitation period.
The judgment was rendered by a Bench of Justices Rohinton Nariman, R Subhash Reddy and Surya Kant.
In the pre...
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Dissenting financial creditor should not be discriminated - NCLAT
Posted Date : 19-Sep-2019 , 09:49:47 am | Posted By CASANSAAR
The NCLAT on Tuesday said ‘secured financial creditors’ should not be discriminated on the ground of dissenting vote, and given separate treatment in the settlement of claims.
Allowing the appeal of Hero Fincorp Ltd, the appellate tribunal said that the amended regulations of the Inso...
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OC trigger 50% of insolvency resolution process - IBBI
Posted Date : 18-Sep-2019 , 07:55:29 am | Posted By CASANSAAR
Almost 50 per cent of corporate insolvency resolution process (CIRP) cases initiated against corporate debtors is by operational creditors, while financial creditors have initiated 40 per cent of the total CIRPs against corporate debtors, the data compiled by Insolvency and Bankruptcy Board of India...
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NCLT approves JSW Steel's Rs.19,700 Cr bid for Bhushan Power & Steel
Posted Date : 06-Sep-2019 , 08:43:25 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process.
The NCLT approved the offer while stating that profits made by Bhus...
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NCLT starts insolvency proceedings against Today Homes Noida
Posted Date : 26-Aug-2019 , 08:12:20 am | Posted By CASANSAAR
The NCLT has initiated insolvency proceedings against NCR-based real estate firm Today Homes Noida Ltd on a petition filed by a group of homebuyers. A two-member NCLT bench, headed by President Justice M M Kumar, has appointed an interim resolution professional (IRP) to take over the management of t...
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NCLT admits application for initiating insolvency proceedings against HDIL
Posted Date : 21-Aug-2019 , 10:02:56 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has admitted the insolvency plea filed by public sector lender Bank of India against debt-ridden real estate firm Housing Development and Infrastructure Ltd (HDIL).
In a filing to the BSE, the Mumbai-based real estate firm said the company has been admitte...
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Govt plans debt waiver for small distressed borrowers under IBC
Posted Date : 19-Aug-2019 , 09:48:39 am | Posted By CASANSAAR
The government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official.
The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC).
Corpora...
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IBBI to commence individual insolvency process soon
Posted Date : 10-Aug-2019 , 08:41:49 am | Posted By CASANSAAR
As rules and regulations on personal guarantors to corporate debtors are almost prepared, Insolvency and Bankruptcy Board of India (IBBI) may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC), said MS Sahoo, chairperson of IBBI.
Talking on the sidelines of a c...
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SC upholds homebuyers' rights as financial creditors under IBC
Posted Date : 09-Aug-2019 , 01:22:55 pm | Posted By CASANSAAR
In a major win for homebuyers, the Supreme Court on August 9 upheld the amendment in the Insolvency and Bankruptcy Code that confers them the status of financial creditors.
Dismissing the plea of over 200 real estate companies that had pleaded that the IBC amendment was illegal and unconstitution...
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IBBI prescribes CPE requirement for Insolvency Professionals
Posted Date : 08-Aug-2019 , 08:36:49 am | Posted By CASANSAAR
CPE Requirements.
(a) An IP shall undertake a minimum of 10 credit hours of CPE each calendar year and a minimum of 60 credit hours of CPE in each rolling block of three calendar years:
Provided that an IP is not required to undertake any CPE in the calendar year in which he is regis...
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Govt moves SC to make NCLT judges stick to deadline for resolving cases
Posted Date : 06-Aug-2019 , 07:46:36 am | Posted By CASANSAAR
The government has sought the Supreme Court’s (SC’s) approval to frame rules for making judges of the National Company Law Tribunal (NCLT) accountable in ensuring corporate insolvency cases are disposed of in time.
In the latest amendments to the Insolvency and Bankruptcy Code (IBC), ...
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IBC Bill won't encroach on SC domain - Finance Minister
Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR
The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday.
She was replying to a debate on the amendments to the code in the ...
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Rajya Sabha passes The Insolvency and Bankruptcy Code
Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR
The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies.
Replyi...
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IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 29-Jul-2019 , 07:55:17 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment.
The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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IBBI amends norms for insolvency resolution process for Corporate Persons
Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process.
The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...
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IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment.
The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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IBBI tightens norms for insolvency resolution professionals
Posted Date : 25-Jul-2019 , 07:50:59 am | Posted By CASANSAAR
In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process.
Insolvency resolution professi...
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Cabinet approves eight amendments to IBC for easier resolution
Posted Date : 18-Jul-2019 , 09:23:22 am | Posted By CASANSAAR
The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies.
...
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NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC - NCLAT
Posted Date : 12-Jun-2019 , 08:59:17 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court.
However, a...
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Creditors can expect 100 per cent recoveries under IBC
Posted Date : 07-Jun-2019 , 08:16:57 am | Posted By CASANSAAR
Creditors can expect 100 per cent recoveries from their client companies going under the Insolvency and Bankruptcy Code (IBC) process for resolving cases of stressed assets and non-performing assets.
"This is because new NPA companies going through the IBC system are active businesses,...
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MCA examining pre-packaged insolvency solutions to cut delay under IBC
Posted Date : 04-Jun-2019 , 09:46:21 am | Posted By CASANSAAR
Prepackaged insolvency resolution, allowing creditors and shareholders with a pre-negotiated corporate reorganisation plan to approach NCLT, may be taken forward by the government as a key route in the time to come.
Sources said "this will aid the existing framework and cut costs and t...
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NCLT approves Tata Steel takeover of Bhushan Energy
Posted Date : 31-May-2019 , 12:14:03 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on May 30 approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore.
The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels&...
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IPs to act as IRPs and Liquidators (Recommendation) Guidelines, 2019
Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR
Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...
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NCLAT dismisses insolvency plea against SpiceJet
Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier.
A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...
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CoCs must share all info on NPA accounts with bidders - IBBI
Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR
The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...
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NCLT begins bankruptcy process for Reliance Communications
Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR
The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...
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Trade Unions can file as Operational Creditors under IBC - SC
Posted Date : 01-May-2019 , 09:07:09 am | Posted By CASANSAAR
While setting aside an NCLAT ruling, the Supreme Court has held that a trade union, for the purpose of triggering insolvency, can be an operational creditor (JK Jute Mill Mazdoor Morcha vs Juggilal Kamlapat Jute Mills).
The Court was hearing an appeal against a decision which rejected a Section 9...
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