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Friday, July 03, 2020

Insolvency and Bankruptcy Code

INSOLVENCY AND BANKRUPTCY CODE NEWS

Over Rs 3 lakh crore dues, IBC changes add to MSMEs’ liquidity woes

June 30, 2020 12:33 am

Even as government departments have started clearing up dues of MSMEs with the Finance Ministry stressing timely clearance of funds, many micro and small firms are stuck with pending payments of more than Rs 3 lakh crore with large firms with no easy legal recourse.

NCLAT sets aside NCLT order on making MCA party in all IBC cases

May 26, 2020 1:02 am

A three-member Bench of the NCLAT held that the NCLT order asking the Ministry to be made a party in all IBC cases, without giving the MCA a chance to present its side would have resulted in “serious miscarriage of justice, besides causing undue hardship”.

Insolvency code should be suspended for six months to help companies recover

April 17, 2020 12:16 pm

After the lockdown is over, several companies are likely to default on their dues to both operational and financial creditors. The latter include banks and others who have given financial assistance to a company in the form of loans and debentures.

Experts explain: Is India ready for the group insolvency?

March 30, 2020 12:18 pm

It is a well-settled legal principle that subsidiaries are a separate legal entity and holding company does not own assets of its subsidiary.

Full review of IBC in pipeline as govt aims for faster resolutions

March 16, 2020 12:36 am

Non-adherence to timelines under the Insolvency and Bankruptcy Code (IBC) is an issue that has been repeatedly raised by lenders and the government has repeatedly sought to address it through amendments to the IBC.

Achievement of the Insolvency Code is that debtors now resolve defaults in early stages

March 14, 2020 10:11 am

Recovery is incidental under the IBC. Its primary objective is rescuing companies in distress. There is a myth that although the IBC process has rescued 200 companies, it has sent 800 companies for liquidation.

Amendments to insolvency law passed by Parliament

March 13, 2020 1:45 am

The Insolvency and Bankruptcy Code (Amendment) Bill, 2020 was passed by voice vote in Rajya Sabha. It had been approved by Lok Sabha on March 6.

IBC Second Amendment Bill cleared in Lok Sabha; new management not to be prosecuted for predecessor’s offences

March 07, 2020 5:00 am

The Bill was first tabled in Lok Sabha on December 12, 2019, but was referred to the Standing Committee on Finance before being reintroduced in Parliament on Friday.

SC judge cautions against delays in cases under IBC

March 07, 2020 4:40 am

Justice N V Ramana hailed the work of the tribunals and said that according to a recent report, the realisable amount through cases resolved under the IBC as on February 2020 amounted to around Rs 3.57 lakh crore.

Homebuyers’ quorum requirement under IBC: SC agrees to hear pleas

January 14, 2020 4:15 am

A two-judge bench led by Justice Rohinton Nariman, also said that status quo as of today should be maintained with respect to the applications.