Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Code News

Parliament approves changes in insolvency and bankruptcy code

Sitharaman said the proposed amendments also respond to issues pertaining to financial creditors in the wake of a recent ruling with respect to financial and operational creditors.

Rajya Sabha passes bankruptcy code amendments for clarity on debt resolution mechanism

Sitharaman said the changes were “brought in for greater clarity” so that “no grey area prevails”, and “no interpretations which are going against the original intent of the Act are still prevalent”.

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Supreme Court orders status quo in Essar insolvency case

A bench headed by Justice R F Nariman said the monitoring committee will continue its work till the case is heard on August 7.

IBC amendments get Cabinet nod; 330-day deadline for resolution among key changes

The amendments to IBC are aimed at filling critical gap in the corporate insolvency resolution framework while at the same maximising value from the resolution process, the government said.

Banking sector gross NPA falls as IBC helps in better recovery

Recovery through the IBC was Rs 70,000 crore in fiscal 2019 – or twice the Rs 35,500 crore recovered through other resolution mechanisms such as the Debt Recovery Tribunal, Crisil said.

Resolution of steel companies under IBC yields higher recovery

In total 94 cases that were successfully resolved under the IBC till March-end 2019, 16 steel companies accounting for over half of the stressed debt yielded recovery of 53 per cent and haircut of 47 per cent.

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Banking Stress: IBC amendments to usher in crossborder insolvency resolution

A panel by Ministry of Corporate Affairs had suggested adopting the United Nations Commission on International Trade Laws on cross-border insolvency.

IBC hits and misses

Time taken for resolution process falls, but continues to exceed prescribed limits.

Lenders’ differences, legal challenges behind delay in resolutions under IBC

The IBC requires a corporate insolvency resolution process (CIRP) to be completed in 180 days, which can be extended by another 90 days to a maximum of 270 days.

‘Banks expected to realise Rs 80K crore from IBC in FY20’

The higher realisation in FY2020 would be driven by the expected conclusion of the corporate insolvency resolution process (CIRP) of two large accounts, Essar Steel Ltd and Bhushan Steel and Power Ltd, according to ICRA Ratings.

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