Page 10 - Latest Updates on IBC
AGR case: Supreme Court puts spectrum users in the dock on IBC firms' dues
Such telcos should pick up AGR bill, says apex court
 "AGR case: Supreme Court puts spectrum users in the dock on IBC firms' dues")
Suspension of some IBC provisions aimed at rescuing viable companies: Sahoo
IBBI said that some IBC provisions were suspended due to the Covid-19 situation and there is no complete ban or prohibition on lenders with regard to proceedings for corporate defaults
 "Suspension of some IBC provisions aimed at rescuing viable companies: Sahoo")
Insolvency law: IBBI lists out red flags to detect avoidance transactions
Resolution professionals and liquidators can also facilitate claw-back or disgorgement of value, if any, lost through avoidance transactions
 "Insolvency law: IBBI lists out red flags to detect avoidance transactions")
Ruchi Soya Industries hit down limit after soaring 3 times in 22 sessions
Market players said the stock is easily prone to manipulation as hardly any shares are with the public
 "Ruchi Soya Industries hit down limit after soaring 3 times in 22 sessions")
President approves ordinance to suspend IBC, offer 6-month relief to firms
Reprieve can be extended up to a year via govt notification; default committed before March 25 not to enjoy benefit
 "President approves ordinance to suspend IBC, offer 6-month relief to firms")
Suspension of IBC can affect resolution efforts and shift focus to recovery
On Wednesday, the Union Cabinet gave approval to the suspension of the IBC for Covid-19-related stress
 "Suspension of IBC can affect resolution efforts and shift focus to recovery")
Covid to drag down recoveries from stressed assets by 40% in FY21: Icra
Suspension of new IBC action to impact resolution; lenders may also have to take bigger haircuts
 "Covid to drag down recoveries from stressed assets by 40% in FY21: Icra")
New-look inter-creditor agreement on the cards as IBC process suspended
The Indian Banks' Association can be expected to begin formal discussions with the wider banking fraternity over the next fortnight
 "New-look inter-creditor agreement on the cards as IBC process suspended")
Both debtors & creditors will be wary of using IBC in short term: M S Sahoo
As the banking system gears up to support businesses in face of defaults due to Covid 19, resolution of stressed assets could be the next big task for system, says M S Sahoo
 "Both debtors & creditors will be wary of using IBC in short term: M S Sahoo")
Best of BS Opinion: The economic fallout, coronavirus outbreak, and more
Here is a summary of Business Standard opinion pieces for the day
 "Best of BS Opinion: The economic fallout, coronavirus outbreak, and more")
Say no to banks
Suspending IBC for an extended period would destroy it
Giving teeth to bankruptcy code
By adopting a few steps many companies that have no alternative but to go to the NCLT to keep themselves from closing down can be saved
 "Giving teeth to bankruptcy code")
Banks want IBC proceedings in all pending cases to be suspended for 2 years
Fall in valuation, lack of demand cited as reasons
 "Banks want IBC proceedings in all pending cases to be suspended for 2 years")
Focus on capital formation policy
It is vital to ensure that the clamour for suspending bankruptcy laws does not translate into reality
Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma
The resolution plan will fetch the secured lenders around 32.3% recovery
 "Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma")
GST compliance of companies under IBC: Gaps in the new mechanism
The gaps need to be plugged immediately if this long-standing issue has to be addressed keeping in mind the intent and objectives of IBC, 2016
Covid-19 impact: Banks want NPA forbearance for next two quarters or more
An account becomes NPA if default is beyond 90 days. With the present crisis, a huge number of accounts will fall in this category in the next two quarters
 "Covid-19 impact: Banks want NPA forbearance for next two quarters or more")
Top headlines: Nationwide lockdown, Flipkart halts new orders, and more
From telcos facing connectivity challenge, medicine supply hit to govt mulling OBC suspension, Business Standard brings top headlines of the day
 "Top headlines: Nationwide lockdown, Flipkart halts new orders, and more")
Srei Infra seeks one-year blanket moratorium on debt repayment for industry
Srei Infra wants Centre to intervene and ask state govts to clear all dues to contractors, expedite tax refunds, and release payments in arbitration awards
 "Srei Infra seeks one-year blanket moratorium on debt repayment for industry")
IBA withdrawal of communique on loans of up to Rs 200 cr stumps banks
IBA withdraws note on FinMin letter which had PMO inputs
 "IBA withdrawal of communique on loans of up to Rs 200 cr stumps banks")
