Page 14 - Latest Updates on IBC
Govt asks PSBs to look for alternative resolution mechanism outside IBC
Banks have also been asked to promote the disbursement of Mudra loans
 "Govt asks PSBs to look for alternative resolution mechanism outside IBC")
Formula on cards to distribute insolvency funds: Corporate Affairs Secy
Srinivas said the "only problem" between financial and operational creditors during the litigation process in bankruptcy cases remains the amount of recovery that the creditors get
Resolving stressed financial firms
A resolution corporation is required for the failure of banks, insurance companies, and systemically important firms
 "Resolving stressed financial firms")
PTC India Financial Services thermal energy exposure to go below 10%
PFS says it is shifting its focus towards renewable energy (RE), roads and transmission
 "PTC India Financial Services thermal energy exposure to go below 10%")
Govt to soon unveil norms to protect winning bidders in IBC cases
Move to prevent reopening of claims, protect acquired assets
 "Govt to soon unveil norms to protect winning bidders in IBC cases")
SC sets aside insolvency of Jignesh Shah's firm La-Fin Financial Services
Apex court says petition moved by IL&FS Financial Services filed after three years, falls outside limitation period
 "SC sets aside insolvency of Jignesh Shah's firm La-Fin Financial Services")
Operational creditors trigger 50% of insolvency resolution process: IBBI
Of the 2,162 CIRPs initiated, 1,080 have been by operational creditors and 868 are by financial creditors
 "Operational creditors trigger 50% of insolvency resolution process: IBBI")
Recent CoC decisions raise hopes for the return of errant promoters
Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions
 "Recent CoC decisions raise hopes for the return of errant promoters")
Moving NCLT against a builder gone bust may not always work for homebuyers
Homebuyers should keep IBC as the last resort; if the delayed project is without encumbrances, they should explore self-development
 "Moving NCLT against a builder gone bust may not always work for homebuyers")
Missing the bus… again and again
There is a sincere intent on the part of the policy makers, regulator and the industry to revive the sector. The plans, however, seem to be addressing some aspects and missing in comprehensiveness
 "Missing the bus… again and again")
Nithia Capital identifies Indian stressed steel assets for acquisition
While Nithia has zeroed in on about 15 assets, only some are expected to materialise
 "Nithia Capital identifies Indian stressed steel assets for acquisition")
3 years on, just 6% resolution plans accepted under IBC, says report
Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on
 "3 years on, just 6% resolution plans accepted under IBC, says report")
Growth is highest priority, every policymaker concerned with it: RBI's Das
Das said that weaker-than-expected growth with signs of a slowdown was the key risk to global financial stability, though banks were more resilient to shocks
 "Growth is highest priority, every policymaker concerned with it: RBI's Das")
Corporate debtor needs immunity from criminal liabilities: JSW Steel MD
Seshagiri Rao pointed out a clarification on immunity to corporate debtor was required as there could be claims from other departments of govt which could eventually result in some problem
 "Corporate debtor needs immunity from criminal liabilities: JSW Steel MD")
Liquidity crunch is impacting debt resolution plans, say lenders
One-time settlements on the decline, say lenders
 "Liquidity crunch is impacting debt resolution plans, say lenders")
Need to improve capacity building of stakeholders, says IBBI chairman
Sahoo reiterated that there was no shortage of resolution professionals and registered valuers
 "Need to improve capacity building of stakeholders, says IBBI chairman")
Supreme Court upholds homebuyers' rights in fight against bankrupt builders
The Supreme Court's verdict paves the way for resumption of several insolvency cases that had been put on hold pending a decision.
 "Supreme Court upholds homebuyers' rights in fight against bankrupt builders")
Private Equity funds ready war chest to help firms skip IBC route
PE funds are cashing in on the new emerging areas of business. However PE funds admit that handling conglomerates needs special expertise and acumen as they are complex deals
 "Private Equity funds ready war chest to help firms skip IBC route")
Is IBC unfair to operational creditors?
Any decision to change the system should be based on developed theory and firm evidence
Govt moves SC to make NCLT judges stick to deadline for resolving cases
In the latest amendments to the Insolvency and Bankruptcy Code (IBC), the government has made it mandatory for all corporate insolvency procedures, including litigation, to be wrapped up in 330 days
 "Govt moves SC to make NCLT judges stick to deadline for resolving cases")
