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IBC

Hindustan National Glass insolvency: Former CJI NV Ramana puts Resolution Professional in the dock

Hindustan National Glass insolvency: Former CJI NV Ramana puts Resolution Professional in the dock

Mon, Jul 03, 2023

The role of yet another insolvency resolution professional (RP), Girish Juneja, has come under the scanner of the Committee of Creditors (COC) of Hindustan National Glass (HNG).

Government to amend insolvency law to reduce time taken for resolution process

Government to amend insolvency law to reduce time taken for resolution process

Sun, Dec 18, 2022

The senior government official told PTI that consultations are going on with various stakeholders, including bankers and lawyers, and the changes are expected to be finalised in the coming weeks.

Budget 2023: Amendments related to CCI, IBC and Companies Act likely to be discussed in Budget session

Budget 2023: Amendments related to CCI, IBC and Companies Act likely to be discussed in Budget session

Fri, Dec 02, 2022

Budget 2023: Tarun said that the amendment draft to strengthen CCI is with the Parliamentary Standing Committee and this draft could be submitted in the next one week.

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Government to form IBC like mechanism for Bank and NBFC

Government to form IBC like mechanism for Bank and NBFC

Thu, Oct 31, 2019

Government to form IBC like mechanism for Bank and NBFC. To know more watch the video

Big boost for homebuyers! SC upholds government decision of granting financial creditors status

Big boost for homebuyers! SC upholds government decision of granting financial creditors status

Fri, Aug 09, 2019

The court has also upheld the IBC Amendment with certain safeguards. Homebuyers will have a say in Committee of Creditors, and they can also initiate insolvency proceedings.

RBI's new framework to expedite resolution of stressed assets

RBI's new framework to expedite resolution of stressed assets

Mon, Jun 10, 2019

The mandatory norm of inter-creditor agreement allows banks to decide resolution strategy outside the IBC and it will help lenders to accelerate process to resolve stressed assets, Sashakt committee on bad loans said Monday.

Financial, operational creditors recover nearly half of total claims in 88 insolvency cases

Financial, operational creditors recover nearly half of total claims in 88 insolvency cases

Mon, Apr 15, 2019

Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data.

12,000 cases filed since implementation of insolvency law, setting up of NCLT: Corporate Affairs Secy

12,000 cases filed since implementation of insolvency law, setting up of NCLT: Corporate Affairs Secy

Mon, Mar 25, 2019

Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country. Srinivas said that personal insolvency should be approached carefully and in a planned manner.

'Effective steps' on anvil to deal with frivolous bids under IBC, says official

'Effective steps' on anvil to deal with frivolous bids under IBC, says official

Tue, Feb 26, 2019

"In some cases after one year or more after settlement has taken place, the resolution applicant has failed to implement the plan. What do we do with such resolution applicants?

IMF Chief Economist praises India's fundamental economic reforms, says growth performance has been 'very solid'

IMF Chief Economist praises India's fundamental economic reforms, says growth performance has been 'very solid'

Mon, Dec 10, 2018

He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. "There is a big challenge of stricter, oversight," the economist said.

Delays beyond 270 days at NCLT cost banks Rs 4,000 cr in Foregone interest: Report

Delays beyond 270 days at NCLT cost banks Rs 4,000 cr in Foregone interest: Report

Tue, Nov 13, 2018

The inordinate delays beyond the 270-day deadline under the Insolvency and Bankruptcy Code (IBC) have cost the lenders to the first 'dirty list' of 12 large defaulters a whopping Rs 4,000 crore in interest income foregone, according to an Icra report.

Ess Dee Aluminium Sudip Dutta bankruptcy insolvency NCLT Calcutta High Court

Ess Dee Aluminium Sudip Dutta bankruptcy insolvency NCLT Calcutta High Court

Mon, Oct 08, 2018

The bankruptcy and insolvency law has finally caught up with Sudip Dutta, the promoter of Ess Dee Aluminium, whose incredible rags-to-riches story came to an end. Dutta, a migrant labourer in Mumbai, who went on to own a big chunk of the packaging industry he once worked for, is now re-entering the insolvency process.

Insolvency and Bankruptcy Code updates: Soon, IBC in border areas, new law for registered valuers?

Insolvency and Bankruptcy Code updates: Soon, IBC in border areas, new law for registered valuers?

Sat, Aug 18, 2018

Insolvency and Bankruptcy Code updates: Corporate affairs secretary Injeti Srinivas today said the evolving insolvency and bankruptcy law can be extended to cross-border assets.

Govt ready to make more changes, if necessary, to IBC

Govt ready to make more changes, if necessary, to IBC

Fri, Aug 03, 2018

While noting that the code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, including those provisions related to barring of wilful defaulters from the bidding process for stressed assets.

Resolutions were needed at any cost: Union Bank of India MD and CEO Rajkiran Rai

Resolutions were needed at any cost: Union Bank of India MD and CEO Rajkiran Rai

Mon, Jul 23, 2018

Union Bank of India MD and CEO told DNA Money that resolutions were needed at any cost and that all fresh lending only happens after the promoter puts in his equity. Gold-plating or disguising bank funds as promoter equity is now history.

NPA crisis: Insolvency and Bankruptcy Code set to suffer setback

NPA crisis: Insolvency and Bankruptcy Code set to suffer setback

Fri, Jul 06, 2018

The finance ministry’s decision to have a new fast-track debt resolution programme for public sector banks with the help of asset management companies (AMCs) may undermine the Insolvency and Bankruptcy Code (IBC) process, brought in with much ‘fanfare’ to resolve the non-performing assets (NPAs) in the banking system, experts said.

Homebuyers dubbed as financial creditors; this is how they reacted

Homebuyers dubbed as financial creditors; this is how they reacted

Thu, May 24, 2018

According to the new ordinance, the homebuyers will now be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process and be a part of the committee of creditors. Besides, the proposed resolution plan under the IBC must comply with the provisions of the Real Estate (Regulation and Development) Act, 2016, the high-level panel had recommended to the government in its report.

Good news! Homebuyers now turn 'financial creditors' at par with banks; builders suffer setback

Good news! Homebuyers now turn 'financial creditors' at par with banks; builders suffer setback

Wed, May 23, 2018

Before this, homebuyers were the last in priority and chances of them getting their money back were virtually nil.

Big boost for SMEs, Centre set to take this giant step

Big boost for SMEs, Centre set to take this giant step

Fri, May 11, 2018

The central government is considering relaxing some rules for convicted promoters as well as for micro, small and medium enterprises (MSMEs) in order to allow more bidders to participate in the resolution process under the Insolvency and Bankruptcy Code (IBC).

NuMetal, LNM back in fray for Essar Steel?

NuMetal, LNM back in fray for Essar Steel?

Fri, Apr 20, 2018

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday put the ball back in the committee of creditors’ (CoC) court by ordering it and the resolution professional (RP) of Essar Steel to re-examine the eligibility of the two bids submitted in the first round.

First case under NCLT process resolved; Vedanta bags Electrosteel

First case under NCLT process resolved; Vedanta bags Electrosteel

Wed, Apr 18, 2018

An operational creditor of Electrosteel, SRG Earth Resources contested that resolution professional has not admitted its full claim. Its demand was also rejected.

Resolution of twin balance sheet problem to take 6-9 months, says Assocham

Resolution of twin balance sheet problem to take 6-9 months, says Assocham

Sun, Apr 15, 2018

Assocham also said the process of resolution of the companies under Insolvency and Bankruptcy Code (IBC) reference would gather pace in the coming months. Twin balance sheet problem refers to the stress on balance sheets of banks due to non-performing assets (NPAs) or bad loans on the one hand, and heavily indebted corporates on the other

Bank NPAs crisis: Govt hopes to get just half of Rs 9.5 lakh crore back

Bank NPAs crisis: Govt hopes to get just half of Rs 9.5 lakh crore back

Thu, Apr 05, 2018

The government on Wednesday said that it is hopeful of getting Rs 4 lakh crore back into the system out of a total of Rs 9.5 lakh crore that has been locked up in the non-performing assets (NPAs) accumulated by the banks.

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