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Insolvency & Bankruptcy Code

Is Commercial Wisdom undermining IBC? Experts call for relook

Is Commercial Wisdom undermining IBC? Experts call for relook

Tue, Aug 03, 2021

Banks have accepted haircut up to 95%, which goes against the intent of Insolvency and Bankruptcy Code (IBC)

Lockdown effect! Important update about liquidation processes under Insolvency and Bankruptcy Code

Lockdown effect! Important update about liquidation processes under Insolvency and Bankruptcy Code

Tue, Apr 28, 2020

In a major development, the Insolvency and Bankruptcy Board of India (IBBI) has excluded the liquidation timeframe for bankrupt companies from the lockdown period.

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Fri, May 04, 2018

The world’s largest steelmaker ArcelorMittal on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.

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Bill on financial service providers referred to joint panel

Bill on financial service providers referred to joint panel

Fri, Aug 11, 2017

The Financial Resolution and Deposit Insurance Bill, 2017, was referred to the joint committee of the two houses after it was introduced in the Lok Sabha by Minister of State for Finance Arun Ram Meghwal.

Bank NPAs make opportunity for asset reconstruction firms: Jaitley

Bank NPAs make opportunity for asset reconstruction firms: Jaitley

Sun, Jul 30, 2017

"The opportunities presented by the Insolvency and Bankruptcy Code (IBC) framework and the government`s emphasis on resolution represent a unique opportunity for ARCs and Private Equity (PE) firms," Jaitley said here at a meeting with leading ARCs and PE firms focussed on stressed assets.

Challenge lies in IBC's successful implementation: SC judge

Challenge lies in IBC's successful implementation: SC judge

Sat, Jul 29, 2017

Emphasising that the Code is important for the country's economy, Justice Sikri said interpreting the law is also a challenge before National Company Law Tribunal (NCLT) and Insolvency and Bankruptcy Board of India (IBBI).

Insolvency Code to boost entrepreneurship, ease of doing business

Insolvency Code to boost entrepreneurship, ease of doing business

Sat, Jul 29, 2017

Addressing captains of industry at a day-long national conference on IBC organised by the Associated Chambers of Commerce and Industry of India (Assocham), the minister said the code would facilitate insolvency of corporates in a timely manner to maximise value of their assets.

Jyoti Structures: NCLT admits corporate insolvency resolution process filed by SBI

Jyoti Structures: NCLT admits corporate insolvency resolution process filed by SBI

Mon, Jul 24, 2017

Jyoti Structures which owes over Rs 7,000 crore to a list of bankers said on Monday that NCLT has admitted CIRP filed by SBI to whom its owes over Rs 1,200 crore.

Electrosteel bankruptcy: NCLT appoints interim resolution

Electrosteel bankruptcy: NCLT appoints interim resolution

Sat, Jul 22, 2017

The Kolkata bench of NCLT appointed Dhaivat Anjaria as IRP for ascertaining the particulars and convene a committee of creditors for evolving the resolution plan of the creditors.

NCLT allows Essar Steel to file objections to SBI, SCB pleas

NCLT allows Essar Steel to file objections to SBI, SCB pleas

Wed, Jul 19, 2017

The Ahmedabad bench of the tribunal of judicial member Bikki Raveendra Babu granted time to Essar Steel till July 22 to file objections to the petitions moved by the two lenders against the company after the Gujarat High Court dismissed its petition yesterday.

Essar's steely resolve or road to liquidation?

Essar's steely resolve or road to liquidation?

Tue, Jul 18, 2017

After Gujarat HC dismissed Essar Steel's petition against RBI and lenders, Insolvency & Bankruptcy code (IBC), 2016 will commence immediately giving 180 days to make resolution plan.

Rs 8 lakh crore NPAs may face bankruptcy proceedings by March 2019

Rs 8 lakh crore NPAs may face bankruptcy proceedings by March 2019

Sun, Jul 16, 2017

"So, it should be safe to assume that the non-performing assets (NPAs) mess would largely be resolved by the first quarter of financial year 2019-20," Assocham study titled 'NPAs Resolution: Light at the end of tunnel by March 2019' said.

Action against Essar Steel based on internal panel's advice, RBI tells Gujarat HC

Action against Essar Steel based on internal panel's advice, RBI tells Gujarat HC

Sat, Jul 15, 2017

A single bench judge bench of Justice S.G. Shah is hearing a petition filed by the steel major on July 4 seeking quashing of insolvency proceedings, claiming that the action was unilaterally initiated without giving it a hearing at a time when the company was in a major restructuring mode.

Q1FY18 results for the banking sector don't look too upbeat

Q1FY18 results for the banking sector don't look too upbeat

Mon, Jul 10, 2017

Looks like India's banking universe especially PSBs will continue to suffer with subdued earnings in Q1FY18.

JSW keen to snap up stressed assets, to create $1-billion war chest

JSW keen to snap up stressed assets, to create $1-billion war chest

Thu, Jun 29, 2017

"We will look at all those assets which are stressed from an opportunity point of view and as long as they are value-accretive to shareholders," JSW Steel chairman and managing Director Sajjan Jindal told reporters on the sidelines of the company's annual general meeting here.

Axis Bank says 80% bad loans secured; shares gain

Axis Bank says 80% bad loans secured; shares gain

Thu, Jun 29, 2017

After RBI identified 12 accounts, Axis Bank said their exposure was in 8 accounts and 80% of the outstanding loan was secured.

No trading restriction on stocks going under bankruptcy, says Sebi

No trading restriction on stocks going under bankruptcy, says Sebi

Thu, Jun 29, 2017

Ajay Tyagi, Chairman, Sebi has said there will be no trading restriction on companies going under IBC. However, he cautioned mutual funds industry to not take NPAs as debt transfer.

NPA issue: After Insolvency & Bankruptcy code; RBI now tightens S4A norms

NPA issue: After Insolvency & Bankruptcy code; RBI now tightens S4A norms

Thu, Jun 22, 2017

RBI has enlarged the overseeing committee to review resolution under the S4A scheme where corporates exposure of loan is Rs 500 crore in banks gross NPAs.

RBI deputy Mundra says state-run lenders may need more capital

RBI deputy Mundra says state-run lenders may need more capital

Fri, Jun 16, 2017

Mundra, addressing reporters in the sidelines of a banking event in New Delhi, also said there was no specific timeline set by the central bank to identify additional loan defaulters on which bankers would need to start bankruptcy proceedings.

Bad Loans Cleanup Phase 2: Govt says insolvency cases to be resolved within 90 days

Bad Loans Cleanup Phase 2: Govt says insolvency cases to be resolved within 90 days

Fri, Jun 16, 2017

A group of corporate debtors have been identified by the Insolvency and Bankruptcy Board of India (IBBI) that can opt for faster resolution under Insolvency & Bankruptcy code. Time period has been reduced to 90 days for process of a cases than the usual 180 days.

RBI identifies 25% gross NPAs for insolvency; we bring pros and cons

RBI identifies 25% gross NPAs for insolvency; we bring pros and cons

Wed, Jun 14, 2017

RBI has made its move in bring 12 accounts under insolvency and bankruptcy code. How will banks cope up with this would be keenly watched, however we bring you pros and cons for the central banks decision.

Framework under NPA ordinance by RBI may be out within 15 days

Framework under NPA ordinance by RBI may be out within 15 days

Mon, May 22, 2017

The Reserve Bank is likely to announce within a fortnight the guidelines to operationalise NPA ordinance so as to expedite the recovery of bad loans which have crossed Rs 8 lakh crore.

Bankruptcy Code to unlock Rs 25,000 crore in 5 years: ICSI

Bankruptcy Code to unlock Rs 25,000 crore in 5 years: ICSI

Fri, Dec 16, 2016

IBBI has granted registration to ICSI Insolvency Professional Agency to act as insolvency professional agency under the Board.

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