2nd Successful NPA resolution under IBC - Vedanta to buyout Electrosteel at Rs 5300 Cr
Posted Date : 05-Jun-2018 , 10:42:17 am | Posted By CASANSAAR
Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...
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SC directs Binani Cement lenders to proceed with debt resolution process
Posted Date : 05-Jun-2018 , 10:38:29 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case.
“All we want is that no final order should be passed till 2nd July, the next date of he...
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SEBI provides relaxations for insolvent firms in delisting norms
Posted Date : 04-Jun-2018 , 11:51:35 pm | Posted By CASANSAAR
Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges.
The move is expected to provide succour to various listed compani...
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NCLAT stays insolvency proceedings against RCom
Posted Date : 31-May-2018 , 07:26:24 am | Posted By CASANSAAR
In a major relief to Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ₹25,000 crore to Reliance Jio.
This was after the Swedish telecom equ...
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NCLAT asks Tata Steel if it will pay dues of Bhushan Steel
Posted Date : 30-May-2018 , 08:25:10 pm | Posted By CASANSAAR
The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month.
The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acqu...
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RCom plea against insolvency to be heard by NCLAT
Posted Date : 28-May-2018 , 08:44:19 pm | Posted By CASANSAAR
The NCLAT will hear tomorrow the plea of Reliance Communications which has challenged NCLT's decision to start insolvency proceedings against it on a petition by Swedish telecom equipment major Ericsson.
The plea of Anil Ambani-run RCom was mentioned today before the bench of the Nation...
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Govt readies IBC 2.0 to cope with increasing challenges
Posted Date : 25-May-2018 , 11:21:17 am | Posted By CASANSAAR
Last June, when the RBI ordered banks to initiate insolvency action against a dozen companies, resolution was expected by the end of the last financial year. But a series of legal cases by powerful promoters who are set to lose control over their companies, and a battle among rivals to acquire contr...
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Cabinet approves ordinance to give home buyers creditor status under IBC
Posted Date : 23-May-2018 , 07:15:30 pm | Posted By CASANSAAR
Approving making amendments to the insolvency and bankruptcy act, the cabinet has approved making home-buyers creditors in the insolvency process. Also part of the ordinance the government has planned is special provisions for medium and small enterprises.
These were, in fact, some of the recomme...
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Cabinet may consider amendments to Insolvency & Bankruptcy Code
Posted Date : 23-May-2018 , 09:12:19 am | Posted By CASANSAAR
The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday.
The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said.
A draft note circulated to various stakeholders says it is lo...
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Insurance now available for Insolvency Professionals
Posted Date : 22-May-2018 , 08:38:32 am | Posted By CASANSAAR
Insolvency Professionals (IPs) working on resolution process under the Insolvency and Bankruptcy Code (IBC) can now buy insurance covers for themselves. “The first such policy was designed by JLT Independent about three months back,” said Sanjay Radhakrishnan, CEO, of the insurance broki...
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First under IBC - Bhushan Steel bought by Tata Steel
Posted Date : 19-May-2018 , 07:58:30 am | Posted By CASANSAAR
With the acquisition of Bhushan Steel Ltd (BSL) for Rs.35,200 crore, Tata Steel has emerged the first company to acquire a stressed asset under the new Insolvency and Bankruptcy Code.
The company has received all the approvals and will own 73 per cent in the company. It will absorb all the employ...
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IFC to fund IBBI for new insolvency reform implementation in India
Posted Date : 17-May-2018 , 08:14:26 am | Posted By CASANSAAR
IFC, a member of the World Bank Group, will support the Insolvency and Bankruptcy Board of India (IBBI) in strengthening the implementation of India's new insolvency and bankruptcy framework, the Insolvency and Bankruptcy Code (IBC), 2016.
The funding focuses on four key areas including capac...
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NCLT approves Tata Steel's resolution plan for Bhushan Steel
Posted Date : 15-May-2018 , 02:54:23 pm | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel Ltd’s resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code (IBC).
Bhushan Steel’s admitted financial debt stood at Rs56,051.16 crore as on 1 February 2018, and it is one of th...
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Fee regulations for insolvency professionals soon - IBBI
Posted Date : 08-May-2018 , 10:49:23 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some “light touch” regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP).
The regulations will seek to impro...
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IBBI suspends registration of IRP demanding exorbitant fees
Posted Date : 08-May-2018 , 10:44:20 am | Posted By CASANSAAR
Sending a strong signal, insolvency regulator IBBI’s Disciplinary Committee (DC) has suspended the registration of an insolvency resolution professional (IRP) Bhavna Sanjay Ruia for one year for charging an exorbitant fee.
This move came after the Committee concluded that Ruia, who is enrol...
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Govt considers time limit for withdrawal of cases under IBC
Posted Date : 08-May-2018 , 10:38:01 am | Posted By CASANSAAR
Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.
The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect o...
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NCLT suggests IBBI to review IBC regulations
Posted Date : 07-May-2018 , 10:47:33 am | Posted By CASANSAAR
The National Company Law Tribunal has suggested to Insolvency and Bankruptcy Board of India that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
It also said that the resolution professional should be competent and ind...
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No changes in Insolvency and Bankruptcy Code till Sept
Posted Date : 05-May-2018 , 10:07:37 am | Posted By CASANSAAR
The confusion and ambiguity in the Insolvency and Bankruptcy Code (IBC) will continue for some more time, as the Central government is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue.
The government had formed...
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SC Orders deletion of adverse remarks made by NCLAT against Resolution Professional
Posted Date : 03-May-2018 , 09:50:10 am | Posted By CASANSAAR
The Supreme Court has directed deletion of adverse remarks made against a Resolution Professional (RP) registered with the Insolvency and Bankruptcy Board of India by the National Company Law Appellate Tribunal (NCLAT) questioning his competence without any reasons and despite the Committee of Credi...
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IPs facing disciplinary proceedings cannot take up assignments - IBBI
Posted Date : 26-Apr-2018 , 10:11:54 am | Posted By CASANSAAR
Insolvency regulator IBBI has barred insolvency professionals from accepting fresh assignments if a show-cause notice is issued to them under a disciplinary proceeding.
An insolvency professional (IP) who has been issued a show-cause notice should not accept any fresh assignment as interim resolu...
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Cabinet may clear Ordinance to amend IBC
Posted Date : 25-Apr-2018 , 10:15:15 am | Posted By CASANSAAR
The PMO and the law ministry have accepted all the key proposals of insolvency law panel and the cabinet is likely to take up those on Wednesday. The recommendations, if approved by the cabinet, will pave the way for out-of-court settlement of bad loans if 90 per cent of lenders support such a move....
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IBBI slaps penalty on Electrosteel Steels Resolution Professional
Posted Date : 15-Apr-2018 , 08:27:46 pm | Posted By CASANSAAR
The bankruptcy regulator has slapped a penalty and issued a show cause notice to the resolution professional of Electrosteel Steels, Dhaivat Anjaria, who is backed by consulting PWC for neglecting the claims made by operational creditors.
The Insolvency and Bankruptcy Board of India has ord...
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IBBI signs a Memorandum of Understanding with the Indian Institute of Corporate Affairs
Posted Date : 11-Apr-2018 , 08:29:03 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K.R.Saji Kumar, Executive Director of the IBBI i...
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SC notice to Centre in challenge to Insolvency and Bankruptcy Code
Posted Date : 10-Apr-2018 , 08:07:56 am | Posted By CASANSAAR
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
The matter was heard by a Bench of Chief Ju...
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IBBI warns of action against errant bankers, company directors in insolvency cases
Posted Date : 07-Apr-2018 , 09:18:44 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India chairman MS Sahoo warned that directors of companies facing insolvency process and financial creditors cannot go unscathed while the companies are put under insolvency resolution process.
The regulator has warned of action under the Insolvency and Bankrupt...
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Procedure for registration as Registered Valuer with Insolvency and Bankruptcy Board
Posted Date : 06-Apr-2018 , 10:53:10 am | Posted By CASANSAAR
With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI released the process required.
The process of registration as registered value...
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Rs 4 lakh crore NPAs have returned due to IBC
Posted Date : 05-Apr-2018 , 08:49:35 am | Posted By CASANSAAR
Less than half of the staggering Rs 9 lakh crore worth of non-performing assets (NPAs), or bad loans, accumulated by banks had returned due to the system set in place by the Insolvency and Bankruptcy Code (IBC), 2016, the government said on Wednesday.
The figure was revealed by Corporate Af...
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IBC panel suggests treating home buyers as financial creditors
Posted Date : 03-Apr-2018 , 11:01:19 pm | Posted By CASANSAAR
Home buyers should be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process, a high-level panel has recommended to the government.
The 14-member panel has also suggested relaxations for Micro, Small and Medium Enterprises (MSMEs) u...
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IBC committee wants wider pool of bidders for insolvent companies
Posted Date : 04-Apr-2018 , 09:14:56 am | Posted By CASANSAAR
A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies.
Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from biddi...
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CoC can withdraw insolvency process if 90% votes for such a move - IBC panel
Posted Date : 03-Apr-2018 , 09:53:12 am | Posted By CASANSAAR
Ambiguity surrounding out-of-court settlements of insolvency cases, such as the one for Binani Cement, might soon be a thing of the past. A high-level panel reviewing the Insolvency and Bankruptcy Code (IBC) has recommended that the committee of creditors (CoC) concerned should be give the powers to...
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