Page 13 - Latest Updates on IBC
Firms under IBC: Govt to allow resolution professionals to make filings
The RP is not empowered to carry on compliances such as signing and uploading the audited and unaudited financial results
 "Firms under IBC: Govt to allow resolution professionals to make filings")
IBC report card: In 3 years, 48% cases initiated by operational creditors
Financial creditors initiated around 1,086 cases or 43 per cent
 "IBC report card: In 3 years, 48% cases initiated by operational creditors")
Recoveries from Odisha Slurry Pipeline under CIRP could be low: Srei fund
IGOF has written to the resolution professional and the committee of creditors, requesting that OSPIL be withdrawn from CIRP
 "Recoveries from Odisha Slurry Pipeline under CIRP could be low: Srei fund")
RBI begins bankruptcy proceedings against DHFL, sends stressed NBFC to NCLT
DHFL, once one of India's top shadow lenders, owes its creditors - which include mutual funds, banks, pension funds, insurance firms and retail investors - close to Rs 1 trillion
 "RBI begins bankruptcy proceedings against DHFL, sends stressed NBFC to NCLT")
Aviva Life settles Apeejay Trust's Rs 27-lakh insolvency case in NCLT
Earlier this month, the NCLT had ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust
 "Aviva Life settles Apeejay Trust's Rs 27-lakh insolvency case in NCLT")
MFs unlikely to get priority in DHFL refund, haircut imminent: Experts
Experts are also of the view that the fund houses would have to take a haircut, much against their wish of incurring any such paring down of their refunds
 "MFs unlikely to get priority in DHFL refund, haircut imminent: Experts")
Govt may amend IBC, go for buyer protection and stricter homebuyers' norms
In October, Corporate Affair Secretary Injeti Srinivas said the ministry is mulling setting up of a threshold for home buyers for starting insolvency proceedings against real estate developers.
 "Govt may amend IBC, go for buyer protection and stricter homebuyers' norms")
Ruling in Essar case a watershed moment in insolvency law, says IBBI chief
The Insolvency and Bankruptcy Code, 2016 envisages closure of a corporate insolvency resolution process in a time-bound manner
 "Ruling in Essar case a watershed moment in insolvency law, says IBBI chief")
A test case
DHFL resolution will strain IBC, but is systemically vital
 "A test case")
Mutual funds will join DHFL's IBC resolution process: Sebi chief Tyagi
Mutual funds, which have lent substantial sums of money to DHFL had not joined previous attempts at resolution, after financial woes at the company came to light
 "Mutual funds will join DHFL's IBC resolution process: Sebi chief Tyagi")
RBI to supersede DHFL board, approach NCLT for bankruptcy proceedings
The central bank said it had appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, the administrator for DHFL
Ahead of bankruptcy process, RBI puts DHFL board under administrator
The announcement comes after the government last week empowered the RBI to refer stressed NBFCs and HFCs having assets worth of at least Rs 500 crore to insolvency court
 "Ahead of bankruptcy process, RBI puts DHFL board under administrator")
NCLAT gives Sterling promoters 30 more days to settle creditors' dues
The NCLAT had said it will not come in the way of the individuals such as promoters and directors
Govt paves way for insolvency resolution of financial service providers
Insolvency proceedings will be initiated only on an application by the appropriate regulator, who will be notified by the MCA, depending upon the FSP
 "Govt paves way for insolvency resolution of financial service providers")
Govt notifies insolvency rules for financial service providers' resolution
The move also comes against the backdrop of instances of various FSPs facing problems
 "Govt notifies insolvency rules for financial service providers' resolution")
Govt considers special window for resolution of stressed NBFCs under IBC
The move also comes against the backdrop of financial sector players like Dewan Housing Finance Corporation Ltd facing troubles
 "Govt considers special window for resolution of stressed NBFCs under IBC")
After DHFL crisis, centre to issue new rules to bring NBFCs under IBC
DHFL is one of the largest HFCs that ran into trouble last year soon after the collapse of IL&FS
Can financial creditor sell assets of firms in liquidation? NCLAT to decide
The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said
 "Can financial creditor sell assets of firms in liquidation? NCLAT to decide")
Save the bankruptcy code
Govt must step in to make necessary changes
NCLAT rejects plea for insolvency proceedings against Intex Technologies
The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it
 "NCLAT rejects plea for insolvency proceedings against Intex Technologies")
