Government extends suspension of fresh insolvency proceedings for three months
The ministry of corporate affairs, which notified the extension on Thursday, had received extensive representation from the industry seeking extension of the suspension, according to reports. The current suspension of sections 7, 9 and 10 of the IBC for six months from March 25, as per the ordinance promulgated in June, was ending on Friday.
Privatise select PSU banks, dilute role of DFS: Raghuram Rajan
"Re-privatization of select PSBs can then be undertaken as part of a carefully...
Rajya Sabha approves amendments to insolvency law
In the wake of the COVID-19 situation, the government decided to suspend the provisions sta...
Rajan: Allow promoters to renegotiate under IBC
Rajan said that after Covid, there was a tendency to take a stand that this is a new kind of situation and requires a new kind of process and therefore cases cannot be referred under the Insolvency and Bankruptcy Code (IBC).
AGR case: SC asks DoT to apprise about the basis of spectrum sharing done by telcos
The top court asked the secretary of DoT to file a specific affidavit apprising it about who was using the spectrum from the date of grant of license and from which date the respective sharing of spectrum has taken place.
MCA extends term of Justice Bansi Lal Bhat as acting chairperson NCLAT by three months
The extension was applicable from June 15, the order said, or until a regular chairperson was appointed. He took over the appellate tribunal as acting chairperson on March 15, after Justice SJ Mukhopadhaya completed his term in the office. Bhat was first appointed as a judicial member of the NCLAT in October 2017.
Firms get 6-month relief from IBC rules
Default on repayments from March 25, the day when the nationwide lockdown began to curb coronavirus infections, would not be considered for initiating insolvency proceedings for at least six months.
Resolution plan: NCLT to take call on Reliance Communications' assets on Wednesday
The National Company Law Tribunal (NCLT) will decide on August 5 if UV Asset Resolution Co Ltd (UVARCL) and Reliance Jio Infocomm (Jio) are the buyers of RCom’s assets . The two firms have been overwhelmingly voted in favour of the resolution plans submitted by UVARCL and Jio by RCom’s lenders .
New GST registrations hit by lockdown: Industry Insider
While several applicants have faced delays going up to a few weeks, some of the applications filed before the lockdown began on March 25 are yet to be issued registration numbers. The issue, which is being faced by taxpayers across different states, has been raised by many businesses with the Central Board of Indirect Taxes and Customs (CBIC).
International Cricket Council finally postpones T20 World Cup due to Covid-19
The ICC also announced windows for the next three ICC men’s events, in order to bring clarity to the calendar and give the sport the best possible opportunity over the next three years to recover from the disruption caused by Covid-19, it said in a statement.
UCO Bank Q1 results: Net profit rises to Rs 21.5 cr on lower bad loan provisions
Its total income in April-June 2020 fell slightly to Rs 4,436.57 crore from Rs 4,446.61 crore in the same period of 2019, the bank said in a regulatory filing.
Covid provides an opportunity for ARCs and stress funds to help economy: Edelweiss ARC
When the Covid problem started, I was worried about whether there will be any recoveries at all. But in the June quarter, we recovered about Rs 600 crore. We have recovered from almost 60-70 loan accounts.
Work is on to amend IBC to address cross-border insolvency: M S Sahoo
"There is proposal to amend the IBC to provide for such cases like cross border insolvency," the IBBI chief said.
Personal guarantor insolvency under IBC from December 1
According to the Supreme Court’s recent ruling in the Essar Steel case, overturning an order of the National Company Law Appellate Tribunal, claims against a personal guarantor would not extinguish once a resolution plan for the corporate debtor was approved.
Rajya Sabha passes IBC amendment, restoring primacy of lenders in insolvency cases
She referred to the Essar Steel insolvency case where the lenders and operational creditors have been treated at par by the bankruptcy court for distribution of auction proceeds.