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News Category : Insolvent Professional

IICA launches two-year graduate insolvency programme
Posted Date : 16-Feb-2019 , 08:38:52 am | Posted By CASANSAAR

With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP). Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or...

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Category : Insolvent Professional | Comments : 0 | Hits : 549

Board of bankrupt companies can access documents - SC
Posted Date : 04-Feb-2019 , 11:51:08 am | Posted By CASANSAAR

The erstwhile boards of bankrupt companies will now have access to vital documents, including proposed resolution plans of the companies they ran, while participating in the meetings of the lenders, the Supreme Court has ruled.  The apex court in its order dated January 31 also ruled, howeve...

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Category : Insolvent Professional | Comments : 0 | Hits : 245

Supreme Court upholds Insolvency and Bankruptcy Code in its entirety
Posted Date : 25-Jan-2019 , 03:56:26 pm | Posted By CASANSAAR

The Supreme Court of India upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.  The two-judge bench headed by Justice Rohinton Nariman also upheld the ban on promoters’ bids for the defaulting company underg...

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Category : Insolvent Professional | Comments : 0 | Hits : 408

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019
Posted Date : 25-Jan-2019 , 11:04:24 am | Posted By CASANSAAR

No. IBBI/2019-20/GN/REG040. -In exercise of the powers conferred by clause (t) of subsection (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Ins...

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Category : Insolvent Professional | Comments : 0 | Hits : 213

IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 25-Jan-2019 , 11:03:19 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be i...

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Category : Insolvent Professional | Comments : 0 | Hits : 217

Govt weighs introducing Deemed Admission under IBC
Posted Date : 18-Jan-2019 , 08:11:49 am | Posted By CASANSAAR

The government is considering introducing the procedure of “deemed admission” of companies under the Insolvency and Bankruptcy Code (IBC) for faster resolution of debt-laden companies. In certain cases where the financial creditors have approached the National Company Law Tribunal (NC...

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Category : Insolvent Professional | Comments : 0 | Hits : 524

SC reserves judgment on plea challenging validity of IBC
Posted Date : 16-Jan-2019 , 09:15:48 am | Posted By CASANSAAR

The Supreme Court on Tuesday reserved its judgment in petitions moved by opera­tional creditors challenging the validity of Insolvency and Bankruptcy Code (IBC).  A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing the petitions moved by several operati...

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Category : Insolvent Professional | Comments : 0 | Hits : 206

Creditor Can Proceed Against Guarantor Even Without Proceeding Against Borrower - NCLAT
Posted Date : 14-Jan-2019 , 07:13:41 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor. It was held : We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...

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NCLT allows reopening of IL&FS’s Past accounts
Posted Date : 02-Jan-2019 , 10:30:05 am | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on allowed the Govt to reopen and recast the accounts of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 150

IBBI publishes revised syllabus and other details of valuation examinations
Posted Date : 01-Jan-2019 , 07:38:42 pm | Posted By CASANSAAR

The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017. 2. The Central Government, vide a notification...

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Category : Insolvent Professional | Comments : 0 | Hits : 357

Bidders may face jail term, Rs 1 crore penalty if they pull out of insolvency process
Posted Date : 26-Dec-2018 , 05:50:58 pm | Posted By CASANSAAR

The government and the Insolvency & Bankruptcy Board of India want to invoke certain sections against companies, which have decided to withdraw their offers to buy out stressed companies through the resolution process and derailing the complete process, says a Times of India report. The publi...

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Category : Insolvent Professional | Comments : 0 | Hits : 614

NCLT helps recover Rs.80,000 crore in 2018 from IBC cases
Posted Date : 26-Dec-2018 , 11:50:36 am | Posted By CASANSAAR

 Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than ₹80,000 crore in the year passing-by and the kitty is expected to swell beyond ₹1 trillion in 2019 with several big-ticket default cases pe...

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Category : Insolvent Professional | Comments : 0 | Hits : 562

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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Category : Insolvent Professional | Comments : 0 | Hits : 498

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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Category : Insolvent Professional | Comments : 0 | Hits : 669

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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Category : Insolvent Professional | Comments : 0 | Hits : 386

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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Category : Insolvent Professional | Comments : 0 | Hits : 405

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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Category : Insolvent Professional | Comments : 0 | Hits : 292

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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Category : Insolvent Professional | Comments : 0 | Hits : 278

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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Category : Insolvent Professional | Comments : 0 | Hits : 286

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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Category : Insolvent Professional | Comments : 0 | Hits : 349

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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Category : Insolvent Professional | Comments : 0 | Hits : 327

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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Category : Insolvent Professional | Comments : 0 | Hits : 318

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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Category : Insolvent Professional | Comments : 0 | Hits : 352

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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Category : Insolvent Professional | Comments : 0 | Hits : 488

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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Category : Insolvent Professional | Comments : 0 | Hits : 476

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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Category : Insolvent Professional | Comments : 0 | Hits : 780

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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Category : Insolvent Professional | Comments : 0 | Hits : 734

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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Category : Insolvent Professional | Comments : 0 | Hits : 536

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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Category : Insolvent Professional | Comments : 0 | Hits : 695

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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Category : Insolvent Professional | Comments : 0 | Hits : 428

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