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...
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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...
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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...
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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 --...
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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...
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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...
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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...
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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.
...
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IBC is a deep reform, much more than GST and note ban - K M Birla
Posted Date : 28-Jul-2018 , 09:40:42 am | Posted By CASANSAAR
Kumar Mangalam Birla, the 51-year-old chairman of Aditya Birla Group, expects the Indian economy to grow between 7% and 8% over the next few years, because of a slew of reforms such as implementation of goods and services tax, demonetization and the Insolvency and Bankruptcy Code.
“I think ...
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New business valuation rules soon - IBBI
Posted Date : 24-Jul-2018 , 08:23:42 am | Posted By CASANSAAR
India will soon lay down the ground rules for professionals to assess the value of businesses, including those slipping into bankruptcy, according to Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo.
The new valuation rules will apply to corporate transactions like mergers a...
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IBC eyes UN model for cross-border norms
Posted Date : 23-Jul-2018 , 10:11:20 am | Posted By CASANSAAR
The Government is looking at the possibility of adopting a United Nations legal model for cross-border insolvency cases as it works on strengthening the insolvency resolution framework, according to a senior official.
The Insolvency and Bankruptcy Code (IBC) has sections pertaining to cross-borde...
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NCLAT allows lenders to meet and finalise Bhushan Power bid
Posted Date : 21-Jul-2018 , 07:38:56 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company.
Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of...
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Cabinet clears bills to amend IBC and withdraw FRDI
Posted Date : 20-Jul-2018 , 08:07:03 am | Posted By CASANSAAR
The government is set to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 following persistent opposition and widespread concern over the controversial ‘bail-in’ clause.
The union cabinet gave its nod to the withdrawal of the bill on Wednesday, people aw...
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NCLT cannot take decision on bids for Bhushan Steel - SC
Posted Date : 18-Jul-2018 , 11:11:14 pm | Posted By CASANSAAR
The Supreme Court on Tuesday passed an order that prevents the National Company Law Tribunal (NCLT) against taking any final decision on bids for the debt-stricken Bhushan Power & Steel (BPSL).
BPSL promoter Sanjay Singal had filed a petition against “a lacuna in valuation of the ...
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IBBI - MSDE announce training programme for new job role of Insolvency Associates
Posted Date : 12-Jul-2018 , 08:30:38 am | Posted By CASANSAAR
The Ministry of Skill Development and Entrepreneurship (MSDE) has announced the launch of a training programme for the new job role of ‘Insolvency Associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI).
The programme will provide the youth an opportunit...
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Lenders may be allowed to change NCLT bench
Posted Date : 12-Jul-2018 , 08:05:41 am | Posted By CASANSAAR
Lenders may be allowed to change National Company Law Tribunal benches if they face prolonged delays in insolvency resolution cases, according to a proposal being worked out by the ministry of corporate affairs. About 90% of the cases referred to the tribunal under Insolvency and Bankruptcy Code are...
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Bankruptcy law is the push Indian companies needed to pay up
Posted Date : 11-Jul-2018 , 08:00:57 am | Posted By CASANSAAR
India’s new bankruptcy law has instilled fear among delinquent borrowers and prompted several reluctant founders to repay outstanding debt due to the risk of losing their company, according to its insolvency regulator.
“There is a perceptible difference in the behaviour of borrowers a...
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UBI expects Rs 3,000 crore recovery from NCLT resolutions
Posted Date : 09-Jul-2018 , 08:03:36 am | Posted By CASANSAAR
United Bank of IndiaNSE 0.45 % is expecting to recover around Rs 3,000 crore out of a total of Rs 5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender's MD and CEO Pawan Bajaj said .
Altogether 40 cases were referred to the ...
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IBBI Circular Regarding Empanelment of Insolvency Professional Entities
Posted Date : 07-Jul-2018 , 07:43:28 am | Posted By CASANSAAR
An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if “its sole objective is to provide support services to the insolvency professionals, who are its partn...
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IBBI amends norms, notifies procedures for Homebuyers under IBC
Posted Date : 05-Jul-2018 , 09:35:35 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India has notified revised norms for the insolvency resolution process paving the way for homebuyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency appli...
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IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today.
2. The following are salient amendments to the regulations:
a. The ...
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FAQ for Limited Insolvency Examination wef 01st July 2018 - IBBI
Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR
1. Is the Examination pattern changed from 1st July, 2018?
The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...
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NCLT directs Alok Industries’ RP to submit approval for RIL-JM Fin plan
Posted Date : 26-Jun-2018 , 06:17:36 pm | Posted By CASANSAAR
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Monday directed the resolution professional (RP) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries (RIL) and JM Financial ARC. Alok Industries’ committee of cre...
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NCLAT refuses to defer order on Uttam Galva units’ insolvency case
Posted Date : 26-Jun-2018 , 06:14:34 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Monday refused to direct the Mumbai bench of the National Company Law Tribunal (NCLT) to defer its pronouncement on State Bank of India’s (SBI’s) appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva ...
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Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC
Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR
Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator.
He can be incapacitated only in two ways:
(a) phy...
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IBC resolution to moderate NPAs; rising referrals slowing process
Posted Date : 21-Jun-2018 , 12:13:21 am | Posted By CASANSAAR
Stressed assets’ resolution under the Insolvency and Bankruptcy Code (IBC) is expected to result in moderation of non-performing assets of banks as they can recover more than 50 per cent of their dues from the first 12 large cases, Credit Suisse said in a report on Wednesday. With a total of 7...
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United Bank of India referred 30 stressed accounts to NCLT
Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR
United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said.
"Thirty accounts in which the...
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Allahabad Bank referred 65 accounts to NCLT for resolution under IBC
Posted Date : 12-Jun-2018 , 10:49:48 am | Posted By CASANSAAR
State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal.
The bank said in its annual report that the it was focusing...
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Focus should be resolution, not liquidation - IBBI Chairman
Posted Date : 11-Jun-2018 , 08:32:58 am | Posted By CASANSAAR
The Chairperson of Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo on Saturday said that the focus on cases coming under Insolvency and Bankruptcy Code (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors.
He said that the soul of the Code was to ...
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President Approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018
Posted Date : 06-Jun-2018 , 04:15:14 pm | Posted By CASANSAAR
The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018.
The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors an...
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