Supreme Court seeks role for operational creditors in IBC proceedings
Posted Date : 18-Dec-2018 , 10:11:30 am | Posted By CASANSAAR
The Supreme Court suggested that operational creditors of bankrupt companies be given a voice in the resolution proceedings in proportion to their debt, including voting rights.
In some cases, even the operational creditors’ debt is huge but at present they don’t have a say...
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Non-graduate CAs now eligible to become registered valuers - ICAI
Posted Date : 28-Nov-2018 , 08:16:50 am | Posted By CASANSAAR
Non-graduate chartered accountants with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard.
Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to becom...
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Govt to introduce pre-packaged bankruptcy schemes to speed up resolution process
Posted Date : 27-Nov-2018 , 08:41:15 am | Posted By CASANSAAR
To make resolution of bankrupt companies easier, the Centre seeks to introduce a quick rescue option for corporate entities, which will unfold in boardrooms rather than courts.
Under these pre-packaged bankruptcy schemes, creditors and shareholders can approach a bankruptcy court with a pre-negot...
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Bankrupt firms in India to get a new and quick rescue option
Posted Date : 26-Nov-2018 , 10:06:25 am | Posted By CASANSAAR
The Union government is set to introduce a quick corporate rescue option, which will be finalized mostly in boardrooms than in courts, as it seeks to avoid prolonged and costly legal battles over the resolution of bankrupt companies, said a top government official. Under the so-called “pre-pac...
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SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order
Posted Date : 20-Nov-2018 , 08:21:25 am | Posted By CASANSAAR
The Supreme Court dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement.
A bench of justices R F Nariman and Navin Sinha upheld the NCLAT's last week order whi...
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SC move to split pleas challenging constitutional validity of IBC
Posted Date : 15-Nov-2018 , 12:53:55 pm | Posted By CASANSAAR
Banks have got more time to resolve stressed assets as the Supreme Court has asked the parties to segregate all petitions related to the Reserve Bank of India’s (RBI) February 12 circular in to two buckets — those challenging the constitutional validity of insolvency proceedings and thos...
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1,198 corporates admitted under IBC - IBBI
Posted Date : 04-Nov-2018 , 10:48:19 pm | Posted By CASANSAAR
As many as 1,198 corporates were admitted into the resolution process under the Insolvency and Bankruptcy Code (IBC) by September end, of which 52 yielded resolution while 212 resulted in liquidation, an official said here on Saturday.
"As of September 30, 1,198 corporates were under i...
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Essar's CoC approves ArcelorMittal's acquisition of Essar Steel
Posted Date : 26-Oct-2018 , 10:32:23 pm | Posted By CASANSAAR
ArcelorMittal on Friday announced that the Committee of Creditors (CoC) to Essar Steel India Limited (ESIL) has voted in favour of the company's acquisition.
ESIL's resolution professional (RP), on behalf of the CoC, has issued the company with a Letter of Intent (LOI) stating that the co...
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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 ...
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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...
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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...
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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, ...
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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, ...
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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.
...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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 ...
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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...
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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...
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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...
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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...
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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...
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