Insolvency And Bankruptcy Code

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In its petition, ESAHL said Arcelor Mittal India Ltd and its promoter Lakshmi Mittal had "misled" the Supreme Court, lenders and insolvency court into believing that they had ceased to have any business association with Pramod and Vinod Mittal and their companies.

Essar Steel shareholder seeks rejection of ArcelorMittal bid for company

Essar Steel shareholder ESAHL said ArcelorMittal India Ltd and its promoter Lakshmi Mittal had 'misled' Supreme Court.

07 May 2019 3:12 PM

IBBI chief M S Sahoo noted that CoCs must provide all relevant information to resolution applicants so that they find interest in the companies. (Representational Image)

Dangerous to let viable cos close down: IBBI chief

The objective of IBC is to rescue viable companies and close down unviable ones, IBBI chief M S Sahoo said.

04 May 2019 2:49 PM

Four entities -- Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) -- are learnt to have shown interest in picking up stake in Jet Airways. (Photo: AFP/File)

Jet Airways crisis: Lenders keen on non-IBC resolution in case bidding process fails

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily.

21 Apr 2019 11:34 AM

Financial creditors recovered 48.24 per cent of their admitted claims and operational creditors got 48.41 per cent of their admitted claims. (Representational Image)

Creditors recover nearly half of total claims in 88 insolvency cases

Claims totalling a little over Rs 1.42 trillion were admitted in 88 cases under IBC till Feb 28, IBBI data showed.

15 Apr 2019 2:02 PM

Arvind Panagariya served as the first vice chairman of NITI Aayog for two years from 2015 to 2017.

Modi govt has major successes in social sector schemes: Panagariya

Panagariya said government has managed to accelerate outcomes in sectors like roads, railways, waterways, aviation and digitisation.

14 Apr 2019 3:45 PM

MS Sahoo, who is at the helm of the Insolvency and Bankruptcy Board of India (IBBI), noted that the code does not rule out recovery, but it must be incidental to reorganisation.

Insolvency law's objective is reorganisation of defaulting firms: IBBI's Sahoo

Insolvency and Bankruptcy Code provides a framework for market-driven and time-bound resolution process.

31 Mar 2019 4:54 PM

Corporate Affairs Secretary Injeti Srinivas said that personal insolvency should be approached carefully and in a planned manner. (Representational Image)

Over 12,000 cases filed since implementation of insolvency law, says govt

Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.

26 Mar 2019 12:42 PM

Noting that the IBC is the last resort, Srinivas said that if there is inherent capacity for a company to bounce back, then it is best for members of the company and the creditors to try and see how it can be resolved.

Creditors-company negotiations better than insolvency: govt official on Jet Airways

In afternoon trade, shares of Jet Airways rose nearly three per cent to Rs 232.35 on the BSE.

25 Mar 2019 1:36 PM

The central bank said the resolution applicants under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016 may find it attractive to borrow abroad to repay the existing lenders. (Representational Image)

ECB route opened for funding insolvency cases

Guidelines in this regard will be issued by the end of this month.

08 Feb 2019 1:34 AM

While 79 CIRPs ended in resolution, 302 cases had entered into liquidation, which is a very high proportion.

Insolvency cases are getting delayed

As on December 31, 2018, rating agency Icra said 898 CIRP’s were awaiting a resolution.

30 Jan 2019 1:34 AM

These cases would include Essar Steel, Bhushan Power & Steel, Videocon Group, Monnet Ispat, Amtek Auto, Ruchi Soya, Lanco Infratech, Jaypee Infratech among others.

NCLT helps recover Rs 80,000 crore

In 2019, the NCLT is expected to finalise corporate insolvency resolution process of several stressed assets.

26 Dec 2018 12:57 AM

The project received investments of around Rs 7,000 crore to complete the power station.

Stressed power assets strangulated in recovery

The failure has been much starker in the power sector, which contributes a major chunk of stressed assets.

27 Nov 2018 12:14 AM

After facing stiff challenge from rival bidders, JSW Steel may finally emerge victorious in the battle for control of Bhushan Power & Steel (BPSL). Debt-ridden BPSL is facing insolvency proceedings for the past 15 months, a timeframe that far exceeds the mandated 270 days for resolution under the Insolvency and Bankruptcy Code (IBC).

JSW Steel most likely winner for Bhushan Power

CoC may wait till October 22 when Tata Steel’s plea challenging re-bids will come up for hearing before NCLT.

16 Oct 2018 10:01 AM

Resolution professional of debt-ridden Videocon Industries on Tuesday invited bids from prospective buyers to take control of the firm, which has interest ranging from consumer electronics to oil and gas.

Bids invited for debt ridden Videocon under insolvency resolution process

State Bank of India had filed separate insolvency proceedings against Videocon.

25 Sep 2018 5:15 PM

The government, unintentionally, seems to be killing public sector banks. (Representational image)

Merger of 3 banks: Danger lies ahead

The merger will create India’s third largest bank, with total business worth Rs 14.82 lakh crores.

20 Sep 2018 1:45 AM

The government has taken a host of reforms, but much more could have been done over the past four years, said Economic Advisory Council to the Prime Minister (EAC-PM) member Shamika Ravi. (Photo: Twitter)

Govt could have done much more in past 4 years: EAC-PM member

On the economic front, Modi's election, I think, was a mandate for development and economic reforms, she said.

03 Sep 2018 12:58 PM

Asserting that the worst is behind for state-owned lenders, Financial Services Secretary Rajiv Kumar on Thursday expressed hope that the banks would come out of the Prompt Corrective Action (PCA) framework this fiscal.

Banks to come out of PCA framework by this fiscal: Rajiv Kumar

Various measures taken by the government including implementation of Insolvency and Bankruptcy Code has yielded good results.

16 Aug 2018 4:40 PM

Not backing big firms on IBC: Piyush Goyal

The bill also aims at giving relief to homebuyers by recognising their status as financial creditors, thus giving them due representation in the CoC.

01 Aug 2018 1:41 AM

The amendments to the insolvency law which empowers home buyers to be recognised as financial creditors was introduced in the Lok Sabha on Monday, even as opposition parties objected to certain changes in the Act alleging that these intended to "help one industry".

Insolvency amendment bill to benefit one industry, says Opposition

The insolvency law empowers home buyers to be recognised as financial creditors.

23 Jul 2018 4:51 PM

Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year.

PNB's NPA recovery in first quarter tops FY 2018 level

The Insolvency and Bankruptcy Code (IBC) resolution process has greatly helped Punjab National Bank.

15 Jul 2018 3:48 PM

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Shobhaa De