IBC mechanism needs structural changes to expedite faster resolution of companies
The structural reforms needed are an increase in the number of benches, outsourcing of administration function to a specialized agency, clarity on the timeline for submission of objections on resolution plan and credible data management on on-going cases which will help in ironing out major creases that thwart the faster resolution of cases.
Insolvency resolution: The IBC story so far and the way forward
Jurisprudence of any legislation takes time to evolve and IBC was no exceptio...
NCLT terms realty developer’s advance to landlord operational debt under IBC
In August 2018, both the entities had executed a term sheet afte...
DHFL resolution: Lenders approve Piramal's bid
The "resolution plan submitted by Piramal Capital and Housing Finance Limited was duly approved by CoC by majority voting under section 30(4) of the Insolvency & Bankruptcy Code....as the successful resolution plan," it said.
Govt must be clever while carrying out structural reforms: Raghuram Rajan
The government has enormous political power but it cannot use it without consultations, without talking to the people who will be affected. Being clever means not doing it itself but working through the states.
India’s export restrictions, import duties on farm goods, reforms come up in WTO review
The global trade body, in the seventh Trade Policy Review of India, said New Delhi continued to use trade policy to meet non-trade policy objectives, changing policies constantly, thus diminishing the predictability of the trade policy regime.
Ground seems ready for new options to resolve stressed assets: IBBI chief
In place for more than four years, the Insolvency and Bankruptcy Code (IBC) is helping in resolution of stressed assets in a market-linked and time-bound manner, and the proposal for "pre-pack" framework is also in the works.
IBBI will strive for 'malleable regulatory framework' within confines of insolvency law: MS Sahoo
The Insolvency and Bankruptcy Board of India (IBBI) has adapted itself to the new environment in the wake of the coronavirus pandemic and will strive to provide a "malleable regulatory framework" within the confines of the insolvency law, according to its Chairperson M S Sahoo.
Suspension of fresh IBC proceedings, pandemic woes may hit resolution pace for stressed assets
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year.
IBC extension set to increase complications in the financial statements of companies
For the lenders, the financial statements will have to reflect and even take a judgment on the financial health of companies they have lent to. This is mainly because they will have to provide for this in the financial statements.
Centre notifies three-month extension of IBC suspension
The MCA also notified 45 sections of the amended Companies Act, largely relating to the decriminalisation and reduction of fines of various offences under the law, in an earlier notification on Monday.
Insolvency and bankruptcy code (IBC) suspension extended till March 31
The government had suspended fresh proceedings under IBC for loan defaults on or after March 25, for six months, as part of measures to provide relief to the industry due to the pandemic. India had announced its first nationwide lockdown on March 25, and relief measures including several compliance relaxations and extensions were announced soon after.
Govt weighs 2 options for pre-pack IBC resolution
The move was aimed at quickening the pace of insolvency resolution while reducing the burden on the NCLT since prepacks will be decided out of court and will only be brought to the NCLT for approval.
Insolvency and Bankruptcy Board of India amends liquidation regulations to hasten process
The Insolvency and Bankruptcy Code envisages early closure of the liquidation process so that the assets of the debtor are released for alternative use expeditiously, IBBI said.
Rajya Sabha passes amendment in Insolvency and Bankruptcy Code
Replying to a debate on the Bill in the House, Finance Minister Nirmala Sitharaman said the intention of the IBC is to keep companies a "going concern" and not liquidate them.