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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Insolvent Professional

Lenders set to recover 43.1% from insolvency proceedings
Posted Date : 15-Feb-2020 , 09:48:57 am | Posted By CASANSAAR

Successful resolutions of corporate insolvency proceedings till the end of 2019 are set to result in recoveries of Rs 1.52 lakh crore for lenders, averaging 43.1% of their admitted claims of Rs 3.52 lakh crore, according to data released by the Insolvency and Bankruptcy Board of India (IBBI). Res...

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Category : Insolvent Professional | Comments : 0 | Hits : 138

Insolvency to be limited to realty project concerned - NCLAT
Posted Date : 12-Feb-2020 , 07:26:27 am | Posted By CASANSAAR

In a relief to realty players, the National Company Law Appellate Tribunal (NCLAT) has held that any insolvency process initiated by a flat buyer or financial institution would be limited to the project concerned only and not impact other projects of developers. A NCLAT bench headed by Chairman J...

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Category : Insolvent Professional | Comments : 0 | Hits : 381

NCLT ban on ex-bankers appointment as Resolution Professionals - NCLAT
Posted Date : 22-Jan-2020 , 10:06:39 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) last week stayed a recent order by the National Company Law Tribunal’s New Delhi Bench, which prohibited appointing a former bank official as independent resolution professional (IRP) of a bankrupt company because of the possibility of &ldquo...

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

IBBI amends voluntary liquidation process regulations
Posted Date : 18-Jan-2020 , 09:49:45 am | Posted By CASANSAAR

A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI. The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the volu...

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Category : Insolvent Professional | Comments : 0 | Hits : 239

SC exempts retrospective petitions from IBC amendment
Posted Date : 14-Jan-2020 , 08:18:54 am | Posted By CASANSAAR

The Supreme court of India on Monday gave a status quo order regarding the amendment of section 3 of the Insolvency and Bankruptcy Code that homebuyers set stringent conditions for individual financial creditors to approach the bankruptcy court. The Monday's order by the SC has exempted the peti...

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Category : Insolvent Professional | Comments : 0 | Hits : 383

CBI arrests insolvency resolution professional in case of Bribe
Posted Date : 14-Jan-2020 , 08:07:13 am | Posted By CASANSAAR

The CBI has arrested an insolvency resolution professional (IRP) appointed by the NCLT and another person for allegedly receiving a bribe of Rs 3.5 lakh from a consultant by threatening him with a criminal case, officials said on Monday. In what is likely to be the first corruption case by the CB...

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Category : Insolvent Professional | Comments : 0 | Hits : 450

IBBI amends liquidation process norms
Posted Date : 07-Jan-2020 , 03:15:25 pm | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting insolvency resolution plan.The Insolvency and Bankruptcy Code (IBC) provides for time-bound...

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Category : Insolvent Professional | Comments : 0 | Hits : 328

Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 99

Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR

Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...

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Category : Insolvent Professional | Comments : 0 | Hits : 111

IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
Posted Date : 21-Dec-2019 , 09:58:47 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday. He pointed out that though 44 per cent of recovery may not look very rosy but one should view ...

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Category : Insolvent Professional | Comments : 0 | Hits : 421

Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
Posted Date : 12-Dec-2019 , 09:21:33 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being face...

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Category : Insolvent Professional | Comments : 0 | Hits : 197

DHFL becomes first financial services firm to be taken to NCLT
Posted Date : 02-Dec-2019 , 09:42:05 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday referred Dewan Housing Finance Corp. Ltd (DHFL), which has a debt of Rs.83,873 crore, to the National Company Law Tribunal (NCLT) for insolvency proceedings. “The Reserve Bank has today filed an application for initiation of corporate insolvency res...

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Category : Insolvent Professional | Comments : 0 | Hits : 325

Govt plans to amend IBC to provide immunity to buyers of stressed assets from prosecution
Posted Date : 25-Nov-2019 , 09:36:16 am | Posted By CASANSAAR

The government plans to amend the Insolvency and Bankruptcy Code (IBC) to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters. This will help make the insolvency process more attractive for the bidders and instil confide...

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Category : Insolvent Professional | Comments : 0 | Hits : 529

Wealth managers, merchant bankers may come under IBC
Posted Date : 22-Nov-2019 , 09:41:22 am | Posted By CASANSAAR

Wealth managers, insurance brokers, merchant bankers and share transfer agents may soon be under the ambit of Insolvency and Bankruptcy Code (IBC), even as the Centre has decided to keep banks, insurance companies and pension funds out of it, at least for the time being. Officials said there woul...

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Category : Insolvent Professional | Comments : 0 | Hits : 167

Personal guarantor insolvency under IBC from December 1
Posted Date : 20-Nov-2019 , 11:04:40 am | Posted By CASANSAAR

The government on Tuesday notified rules for the initiation of insolvency proceedings against personal guarantors to corporate debtors, to be applicable from December 1. Under these rules, if insolvency proceedings against a corporate debtor under the Insolvency and Bankruptcy Code are already in pr...

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Category : Insolvent Professional | Comments : 0 | Hits : 231

Supreme Court sets aside NCLAT judgement, gives upper hand to banks
Posted Date : 16-Nov-2019 , 08:55:46 am | Posted By CASANSAAR

Ruling on the long fought Essar Steel insolvency case, the Supreme Court on November 15 set aside NCLAT judgement and said that the ultimate discretion on distribution of funds was with the Committee of creditors. The Committee of Creditors (COC) consists of banks. The NCLAT had earlier said t...

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Category : Insolvent Professional | Comments : 0 | Hits : 764

Govt considers special window for resolution of stressed NBFCs under IBC
Posted Date : 08-Nov-2019 , 09:28:49 am | Posted By CASANSAAR

The government is mulling a special window for resolution of stressed non-banking finance companies under the Insolvency and Bankruptcy Code, a senior government official said. A special window, is certainly something which is being examined closely, the official said. The move also comes agai...

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Category : Insolvent Professional | Comments : 0 | Hits : 191

Flipkart gets stay on insolvency proceedings initiated against it at NCLT
Posted Date : 07-Nov-2019 , 08:13:58 am | Posted By CASANSAAR

Online sales platform Flipkart has got a stay order on insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT), in a case involving alleged withholding of dues to a seller. CloudWalker Streaming, a Mumbai-based supplier of LED TVs, alleged Flipkart did not honour a...

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Category : Insolvent Professional | Comments : 0 | Hits : 517

Govt to issue new rules to bring NBFCs under IBC
Posted Date : 07-Nov-2019 , 08:01:18 am | Posted By CASANSAAR

The fear that at Dewan Housing Finance Corporation (DHFL) may spill over to other non-banking finance companies (NBFC) has pushed the government to introduce fresh rules and regulations to bring even the financial sector under the purview the Insolvency and Bankruptcy Code (IBC). A government sou...

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Category : Insolvent Professional | Comments : 0 | Hits : 176

IBC resolutions exceed new time limit of 330 days prescribed by Govt
Posted Date : 29-Oct-2019 , 10:33:22 am | Posted By CASANSAAR

The average time taken for completion of 156 CIRPs that have yielded resolution plans has overshot the government's revised deadline of 330 days for completion of the process. According to the Insolvency and Bankruptcy Board of India (IBBI) data, till September 2019, 156 CIRPs have yielded re...

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Category : Insolvent Professional | Comments : 0 | Hits : 161

IBBI for statutory recognition of valuation professionals
Posted Date : 16-Oct-2019 , 11:08:02 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo has said that there should be a statuary nod given to valuation professionals in India to further streamline the profession. Speaking at an event here, Sahoo said: "IBBI is looking for valuers who are part of a setup whi...

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Category : Insolvent Professional | Comments : 0 | Hits : 404

Section 7 Application under IBC governed by Article 137 of Limitation Act - SC
Posted Date : 25-Sep-2019 , 08:46:13 am | Posted By CASANSAAR

Supreme Court has held that applications under Section 7 of Insolvency and Bankruptcy Code (IBC) are governed by Article 137 of the Limitation Act for computation of limitation period. The judgment was rendered by a Bench of Justices Rohinton Nariman, R Subhash Reddy and Surya Kant. In the pre...

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Category : Insolvent Professional | Comments : 0 | Hits : 258

Dissenting financial creditor should not be discriminated - NCLAT
Posted Date : 19-Sep-2019 , 09:49:47 am | Posted By CASANSAAR

The NCLAT on Tuesday said ‘secured financial creditors’ should not be discriminated on the ground of dissenting vote, and given separate treatment in the settlement of claims. Allowing the appeal of Hero Fincorp Ltd, the appellate tribunal said that the amended regulations of the Inso...

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Category : Insolvent Professional | Comments : 0 | Hits : 251

OC trigger 50% of insolvency resolution process - IBBI
Posted Date : 18-Sep-2019 , 07:55:29 am | Posted By CASANSAAR

Almost 50 per cent of corporate insolvency resolution process (CIRP) cases initiated against corporate debtors is by operational creditors, while financial creditors have initiated 40 per cent of the total CIRPs against corporate debtors, the data compiled by Insolvency and Bankruptcy Board of India...

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Category : Insolvent Professional | Comments : 0 | Hits : 185

NCLT approves JSW Steel's Rs.19,700 Cr bid for Bhushan Power & Steel
Posted Date : 06-Sep-2019 , 08:43:25 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process. The NCLT approved the offer while stating that profits made by Bhus...

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Category : Insolvent Professional | Comments : 0 | Hits : 340

NCLT starts insolvency proceedings against Today Homes Noida
Posted Date : 26-Aug-2019 , 08:12:20 am | Posted By CASANSAAR

The NCLT has initiated insolvency proceedings against NCR-based real estate firm Today Homes Noida Ltd on a petition filed by a group of homebuyers. A two-member NCLT bench, headed by President Justice M M Kumar, has appointed an interim resolution professional (IRP) to take over the management of t...

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Category : Insolvent Professional | Comments : 0 | Hits : 272

NCLT admits application for initiating insolvency proceedings against HDIL
Posted Date : 21-Aug-2019 , 10:02:56 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has admitted the insolvency plea filed by public sector lender Bank of India against debt-ridden real estate firm Housing Development and Infrastructure Ltd (HDIL). In a filing to the BSE, the Mumbai-based real estate firm said the company has been admitte...

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Category : Insolvent Professional | Comments : 0 | Hits : 200

Govt plans debt waiver for small distressed borrowers under IBC
Posted Date : 19-Aug-2019 , 09:48:39 am | Posted By CASANSAAR

The government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC). Corpora...

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Category : Insolvent Professional | Comments : 0 | Hits : 267

IBBI to commence individual insolvency process soon
Posted Date : 10-Aug-2019 , 08:41:49 am | Posted By CASANSAAR

As rules and regulations on personal guarantors to corporate debtors are almost prepared, Insolvency and Bankruptcy Board of India (IBBI) may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC), said MS Sahoo, chairperson of IBBI. Talking on the sidelines of a c...

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Category : Insolvent Professional | Comments : 0 | Hits : 694

SC upholds homebuyers' rights as financial creditors under IBC
Posted Date : 09-Aug-2019 , 01:22:55 pm | Posted By CASANSAAR

In a major win for homebuyers, the Supreme Court on August 9 upheld the amendment in the Insolvency and Bankruptcy Code that confers them the status of financial creditors. Dismissing the plea of over 200 real estate companies that had pleaded that the IBC amendment was illegal and unconstitution...

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Category : Insolvent Professional | Comments : 0 | Hits : 224

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