INSOLVENCY AND BANKRUPTCY
Covid effect: Govt may ease resolution rules for insolvent firms
Sitharaman recently said that if the disruption caused by coronavirus extends then it would suspend the use of the corporate insolvency resolution process for sometime. The finance minister had also increased the minimum amount of the default required to initiate the insolvency resolution and liquidation processes against companies from Rs 1 lakh to Rs 1 crore.
Lockdown period won’t be counted in IBC timelines
National Company Law Tribunal (NCLT) had recently allowed 90 days extension for the resolut...
Parliament passes amendments to IBC
The bill seeks to remove bottlenecks and streamline the corporate insolvency resolution process. It aims ...
Separate GST registrations confuse interim resolution professionals
IRPs appointed under the Insolvency and Bankruptcy Code (IBC) have approached the finance ministry, seeking clarity on several aspects regarding the Central Board of Indirect Taxes and Customs (CBIC) notification issued on Saturday and a follow-up circular on Monday, people familiar with the development said.
Bankruptcy board set to tackle group insolvency
Bringing entities on the basis of inter-connectedness or common assets into the group resolution framework may face challenges and lead banks to classify standard accounts as NPAs, dragging standard cases into insolvency because of non-recovery of dues after insolvency resolution.
Bankruptcy & Insolvency: ED seeks 2 more weeks from NCLT to intervene in Sterling Case
A division bench of tribunal, presided over by judicial member Bhaskara Pantula Moha and technical member Shyam Babu Gautam, allowed ED two weeks’ time to file its response in the matter, and adjourned the matter to March 23.
Recovery through insolvency process better compared to other options: IBBI chief M S Sahoo
The Insolvency and Bankruptcy Code (IBC), which came into effect in 2016, provides for a time-bound and market-linked resolution of stressed assets. In case, the resolution does not happen, the company concerned goes for liquidation. Sahoo, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), said incidental recovery has been pretty good under the Code.
IBC provides lifeline for distressed companies: Sahoo
The insolvency law provides a new lifeline for stressed companies to save them from premature death, IBBI Chairman M S Sahoo said on Friday.
Avoid bankruptcy trial for companies with minor defaults: FinMin
The finance ministry has issued an advisory to the Indian Banks’ Association (IBA) asking it to avoid referring companies with loans defaults of less than Rs. 200 crores to the bankruptcy tribunal, two bankers familiar with the matter said.
Lenders set to recover 43.1% from insolvency proceedings
Successful resolutions under IBC will result in recoveries of Rs 1.52 lakh cr for banks, IBBI has said.
JetLite staff moves NCLT to be part of Jet’s insolvency resolution
On Friday, the employees approached the Mumbai bench of the National Company Law Tribunal (NCLT) with the argument that when they had approached the resolution professional (RP), their claims were rejected.
Home buyers file plea in SC challenging Insolvency & Bankruptcy Code amendment
"The writ petition has been filed by 11 petitioners of 11 projects being constructed by Pioneer Urban Land & Infrastructure, Emaar MGF Land, BPTP, Supertech, Ansals, among others," said advocate Aditya Parolia of PSP Legal, representing the buyers.
NCLAT to hear only IBC appeals from Tuesday
The National Company Law Appellate Tribunal (NCLAT) will hear only appeals under the Insolvency and Bankruptcy Code (IBC) from Tuesday to avoid overcrowding of court rooms amid the Covid-19 pandemic.
Banks should be instructed not to invoke IBC for non-payment in testing times of Coronavirus: SICCI
SICCI said that the Government should play a 'supportive role' and 'build confidence in the minds of industry while also ensuring that the economy is not crippled.' It lauded the initiatives that the Government has taken in response to curbing the outbreak but sent a list of suggestions that it believed would further help the industry.
Insolvency against Raheja Developers halted, Board to manage
The developer had moved the appellate tribunal after the National Company Law Tribunal (NCLT) held the company to be in default of its obligations to two home buyers who had approached the tribunal.
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