Promoters offer to repay over Rs 54,000 Cr to withdraw Essar Steel from Insolvency
Posted Date : 26-Oct-2018 , 09:32:19 am | Posted By CASANSAAR
Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process.
In a press statement on Thursday, the company’s shareholders said they are willing to pay Rs 54,389 crore to creditors. The ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 453
|
 |
IBBI notifies mechanism for issuing regulations under insolvency law
Posted Date : 25-Oct-2018 , 08:41:45 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the mechanism to be followed for issuing regulations under the insolvency law.
A set of procedures would be followed for making or amending regulations under the Insolvency and Bankruptcy Code (IBC).
An official release issued on...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 458
|
|
IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018
Posted Date : 24-Oct-2018 , 07:21:40 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consi...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 475
|
|
Financial service providers outside the purview of IBC - NCLAT
Posted Date : 18-Oct-2018 , 08:35:34 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) and NCLT (Mumbai Bench), in recent judgments, have observed that financial service providers such as non-banking financial companies are outside the purview of the Insolvency & Bankruptcy (I&B) Code.
In an order in the Randhiraj Thakur, ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 654
|
|
IBBI allows multilateral financial entities to take up to 15% stake in IPA
Posted Date : 15-Oct-2018 , 09:09:32 am | Posted By CASANSAAR
Insolvency regulator IBBI has allowed a multilateral financial institution to acquire and hold up to 15 per cent equity stake in an Insolvency Professional Agency (IPA).
A similar regulatory dispensation has also been allowed for other regulated entities, such as stock exchange, banking company, ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 608
|
|
Amended IBC ensures a better deal for operational creditors
Posted Date : 10-Oct-2018 , 08:35:10 am | Posted By CASANSAAR
The amendments to the Insolvency and Bankruptcy Code that accords priority in payment to unsecured operational creditors above financial creditors, will help improve recovery rate of banks’ bad loans as banks will vie with suppliers and other operational creditors for recovery of dues.
...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 906
|
|
SC lays down guidelines in an attempt to speed up resolution process under IBC
Posted Date : 08-Oct-2018 , 04:34:54 am | Posted By CASANSAAR
The Supreme Court has set out how the corporate insolvency resolution process would work from inception while hearing the Essar Steel case, primarily with the objective of timely completion as cases are getting piled up at the tribunals.
Most of the big-ticket cases — Essar Steel, Bhushan P...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 867
|
|
SC bars litigation on resolution plans before submission to NCLT
Posted Date : 05-Oct-2018 , 07:50:45 am | Posted By CASANSAAR
In the course of its order on Essar Steel, which is undergoing the insolvency proceedings, the Supreme Court on Thursday forbade litigations from any stakeholder over a resolution plan before it is approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT).
Moreover...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 701
|
|
Govt plans 8 special courts under NCLT to deal with rising insolvency cases
Posted Date : 28-Sep-2018 , 08:27:12 am | Posted By CASANSAAR
The government plans to set up eight special courts under the National Company Law Tribunal to handle rising number of cases under the insolvency law, according to a senior official.
In recent times, there have been a substantial increase in the number of cases under the Insolvency and Bankruptcy...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 856
|
|
Videocon Telecom lenders invite bids under insolvency law
Posted Date : 26-Sep-2018 , 08:17:57 am | Posted By CASANSAAR
Resolution professional of debt-laden firm Videocon Telecommunications invited bids from prospective buyers for its assets as part of corporate insolvency resolution process.
The corporate insolvency resolution process (CIRP) of Videocon Telecommunications (VTL) was commenced under the Insolvency...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 576
|
|
Financial creditors not part of CoC don’t have voting rights - IBBI
Posted Date : 25-Sep-2018 , 09:26:45 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has cleared the air on the crucial issue of whether a financial creditor who is not admitted as a member of the Committee of Creditors (CoC) would be considered a dissenting or abstaining financial creditor.
The regulator has clarified via a cir...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1366
|
|
IL&FS may move NCLT against admitting bankruptcy case
Posted Date : 24-Sep-2018 , 11:08:04 pm | Posted By CASANSAAR
After defaulting on a series of loan repayments, Infrastructure Leasing and Financial Services Ltd ( IL&FS) is planning to approach the National Company Law Tribunal (NCLT) with a plea to not admit a bankruptcy case against the group, said two people directly aware of IL&FS’s plans. Th...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 537
|
|
NCLT/NCLAT shouldn't interfere in insolvency resolution proceedings - SC
Posted Date : 14-Sep-2018 , 09:00:27 am | Posted By CASANSAAR
The Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional and the Committee of Creditors of the lender banks of a sick enterprise under th...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1179
|
|
Govt plans special courts under NCLT by Nov to deal with insolvency cases
Posted Date : 12-Sep-2018 , 10:08:59 pm | Posted By CASANSAAR
Special courts under the National Company Law Tribunal (NCLT) are likely to be set up by November to deal with an increasing number insolvency cases. The Ministry of Corporate Affairs is working on this proposal.
Officials in the ministry said 30 judges might be recruited.
“Our focus i...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 601
|
|
IBBI working on group insolvency norms - IBBI Chairman
Posted Date : 12-Sep-2018 , 10:04:51 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Sahoo Tuesday said the process of putting in place the norms on group insolvency is underway.
“The work has started on group insolvency norms, but I will not be able to give a timeline as to when it will be finalised,” Saho...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 592
|
|
Insolvency & Bankruptcy Code to be main tool for bank debt resolution
Posted Date : 12-Sep-2018 , 09:54:06 am | Posted By CASANSAAR
The government wants to deploy Insolvency & Bankruptcy Code (IBC) as the main tool for bank debt resolution and is not keen on the use of asset reconstruction companies (ARCs) and proposed asset management companies (AMCs).
While some of the banks have shown their keenness in pursing the plan...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 647
|
|
SC asks banks to maintain status quo in insolvency proceedings against power firms
Posted Date : 12-Sep-2018 , 09:46:15 am | Posted By CASANSAAR
The Supreme Court on Tuesday asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting power companies in the country. A bench headed by Justice R F Nariman also asked the banks not to file any insolvency cases till November when the apex court would hear ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 566
|
|
Rs 3 lakh crore loans to come under IBC for resolution
Posted Date : 28-Aug-2018 , 08:32:24 am | Posted By CASANSAAR
As much as Rs 3 lakh crore worth of loans of 70-80 companies is likely to come in for resolution under the Insolvency and Bankruptcy Code (IBC) starting early next week.
The Reserve Bank of India’s February 12 circular on restructuring bad loans had mandated banks to take loan accounts whic...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 671
|
|
Govt seeks applications to fill judicial, technical member posts at NCLT
Posted Date : 28-Aug-2018 , 08:27:27 am | Posted By CASANSAAR
The government has sought applications for filling up as many as 36 posts of judicial and technical members at the National Company Law Tribunal (NCLT). In two separate circulars dated August 23, the Ministry of Corporate Affairs said it has been decided to fill up 14 and 22 vacancies of judicial an...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 941
|
|
NCLT orders liquidation of Lanco Infratech
Posted Date : 28-Aug-2018 , 08:16:27 am | Posted By CASANSAAR
The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.
The bench headed by judicial member Ratakonda Mu...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 678
|
|
Creditors have recovered over Rs. 50,000 cr. under IBC’
Posted Date : 22-Aug-2018 , 10:51:40 am | Posted By CASANSAAR
M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India (IBBI) talks about the success of the IBC process, challenges and the way forward. Edited excerpts:
What’s the status of resolution of cases under the IBC in terms of resolution?
I don’t have the exact figures. I think...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 812
|
|
SC ruled that IBC will override Income-Tax rules on claims
Posted Date : 21-Aug-2018 , 01:13:48 pm | Posted By CASANSAAR
The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax rules on claims.
“Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 760
|
|
Lenders can sell assets of personal guarantors under IBC - SC
Posted Date : 16-Aug-2018 , 08:55:53 am | Posted By CASANSAAR
The Supreme Court on Tuesday ruled that banks can sell off assets of personal guarantors even when corporate resolution proceedings are on against the corporate debtor under the Insolvency and Bankruptcy Code.
Setting aside the order of the NCLAT that held that the personal guarantors, who are ge...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1565
|
|
SC asks NCLT to deal with insolvency proceedings against Jaypee group
Posted Date : 10-Aug-2018 , 07:28:17 am | Posted By CASANSAAR
In a setback to the Jaypee group, the Supreme Court on Thurssday, August 9, 2018, asked the National Company Law Tribunal (NCLT), Allahabad, to deal with the insolvency proceedings against Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding proces...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 879
|
|
Govt proposes eight special courts under NCLT to deal with insolvency cases
Posted Date : 08-Aug-2018 , 03:08:44 am | Posted By CASANSAAR
The Corporate Affairs Ministry is planning to set up eight special courts under the National Company Law Tribunal (NCLT) to deal with insolvency cases, according to a report by Business Standard.
"These courts will be set up in Mumbai, Delhi, Chennai, Kolkata, and Hyderabad," a senior m...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 811
|
|
NCLAT extends deadline for submission of revised bid for Bhushan Power & Steel
Posted Date : 06-Aug-2018 , 11:25:25 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today extended the deadline for submission of revised bids for debt-ridden Bhushan Power and Steel by one week on the plea of Tata, a resolution applicant in this. Modifying its earlier order, the appellate tribunal has now said all three bidder --...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 699
|
|
Govt ready to make further changes to IBC if needed
Posted Date : 04-Aug-2018 , 07:44:05 am | Posted By CASANSAAR
The government is ready to make further changes to the Insolvency and Bankruptcy Code if required, a senior official said on Friday.
While noting that the Code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, includi...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 580
|
|
NCLT may move cases to other benches for speeding up the process
Posted Date : 01-Aug-2018 , 09:35:50 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) is considering allowing cases admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings to be shifted from one bench to another to speed up the resolution process, sources close to the development said.
In order to avoid pi...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 493
|
|
LS passes Insolvency and Bankruptcy Code amendment Bill
Posted Date : 01-Aug-2018 , 03:40:20 am | Posted By CASANSAAR
The Lok Sabha on Tuesday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 that recognises homebuyers as financial creditors to real estate developers. The bill also proposes a special dispensation for small sector enterprises.
The IBC Amendment Bill now requires clear...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1043
|
|
The Syllabus for Limited Insolvency Examination wef 1st November, 2018
Posted Date : 01-Aug-2018 , 08:38:33 am | Posted By CASANSAAR
The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st November, 2018.
...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 2159
|
|
|
