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Latest Updates on IBC
SG Tushar Mehta questions locus of individual shareholder in IBC
Citing several judgments, the SG said only the company can speak for the shareholder
 "SG Tushar Mehta questions locus of individual shareholder in IBC")
CoC of Reliance Capital decides to hold a second auction on April 4
The decision to hold a second auction was decided on Monday in a formal meeting of the CoC
 "CoC of Reliance Capital decides to hold a second auction on April 4")
Future Enterprises admitted for insolvency, NCLT appoints interim RP
Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore
 "Future Enterprises admitted for insolvency, NCLT appoints interim RP")
NSE withdraws decision to drop Zee Entertainment from F&O segment
NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available
 "NSE withdraws decision to drop Zee Entertainment from F&O segment")
Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief
The admission of insolvency proceedings against Zee, say lawyers, will delay the company's proposed merger with Sony
 "Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief")
Some relief for Khaitans as McLeod Russel gets interim stay in CIRP
Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement
 "Some relief for Khaitans as McLeod Russel gets interim stay in CIRP")
Status check: 30% recovery in IBC so far, shows CareEdge data
For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims
 "Status check: 30% recovery in IBC so far, shows CareEdge data")
165 IBC liquidation cases saw 94% asset value erosion since 2016: Report
It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution
 "165 IBC liquidation cases saw 94% asset value erosion since 2016: Report")
Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected
Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday.
 "Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected")
Kanorias make an offer under Section 12A to take Srei out of insolvency
They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said
ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod
Reportedly, ASG has over 50 eye hospitals across 16 states in the country
 "ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod")
Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more
Business Standard brings you the top headlines at this hour
 "Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more")
Individual insolvency misuse by personal guarantors in govt cross hairs
Draft IBC amendments propose to remove 'perverse incentives'
 "Individual insolvency misuse by personal guarantors in govt cross hairs")
Govt proposes a slew of changes to Insolvency and Bankruptcy Code
Among other changes, the corporate affairs ministry has suggested developing a state-of-the-art electronic platform that can handle several processes under the Code with minimum human interface
 "Govt proposes a slew of changes to Insolvency and Bankruptcy Code")
Voting for IBC resolution of twin Srei companies to begin on Thursday
Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders
 "Voting for IBC resolution of twin Srei companies to begin on Thursday")
Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto
Auto component manufacturing company undergoing insolvency proceedings
 "Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto")
Budget session: Govt likely to propose amendments to competition law
The Budget session of Parliament will commence from January 31 with President Droupadi Murmu's address to the joint sitting of Lok Sabha and Rajya Sabha
 "Budget session: Govt likely to propose amendments to competition law")
Siva group companies look to settle dues with State Bank of India, others
Siva group offers Rs 81 cr to lenders
 "Siva group companies look to settle dues with State Bank of India, others")
Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension
NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday
 "Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension")
NCLAT upholds removal of resolution professional of Shree Ram Urban Infra
NCLT "has categorically observed that the RP has 'miserably failed to adhere to the timelines stipulated in the Code," said the appellate tribunal
 "NCLAT upholds removal of resolution professional of Shree Ram Urban Infra")
