Page 3 - Latest Updates on IBC
Ex-promoters can't hold stake in insolvent firms acquired by others: SC
The promoters were holding 2.35 per cent shares in the company even after Tata Steel acquired 72.65 per cent shares during the resolution process under the IBC
 "Ex-promoters can't hold stake in insolvent firms acquired by others: SC")
Welspun bid for ABG Shipyard among highest for assets under liquidation
Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy
 "Welspun bid for ABG Shipyard among highest for assets under liquidation")
Insolvent companies could lose spectrum under the new Telecom Bill
Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions
 "Insolvent companies could lose spectrum under the new Telecom Bill")
NCLAT sets aside insolvency proceedings against Mack Star Marketing
The NCLAT observed that out of Rs 147.6 crore -- sanctioned by Yes Bank in Mack Star's name for the purpose of renovating 'Kaledonia' a two-year-old building constructed at a cost of Rs 100 crore
 "NCLAT sets aside insolvency proceedings against Mack Star Marketing")
After lay-offs, edtech startup Lido Learning files for insolvency
Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016
 "After lay-offs, edtech startup Lido Learning files for insolvency")
NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC
The estimated deal size is Rs 1,830 crore
 "NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC")
BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery
FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016
 "BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery")
SC ruling on IBC will have overriding effect over indirect tax recoveries
The move, according to tax experts, will set a precedent for matters related to recoveries
Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees
Experts have said the ICC believes its international media rights could fetch more money than those for the Indian Premiere League (IPL), and it has adopted a two-round process to make the auction str
 "Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees")
Banks took a haircut of 69 per cent while resolving IBC cases: Report
Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets
 "Banks took a haircut of 69 per cent while resolving IBC cases: Report")
Centre likely to introduce the IBC amendment bill in winter session
The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India
 "Centre likely to introduce the IBC amendment bill in winter session")
Legislation: Intent and interpretation
Interpreting the margins at the cost of core legislation could be costly for the economy
Power to admit insolvency application not binding even when debt owed: SC
The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent
 "Power to admit insolvency application not binding even when debt owed: SC")
Insolvency regulator working to bring mediation in insolvency cases
A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.
 "Insolvency regulator working to bring mediation in insolvency cases")
The Cinderella of insolvency
Undermining operational creditors is against the basic spirit of IBC
 "The Cinderella of insolvency")
Top headlines: IBBI amends rules, yield curve inverts in the US, and more
As investors and the bond market brace for a sharp hike in policy rate by central banks to fight inflation, the yield curve has inverted in the US
 "Top headlines: IBBI amends rules, yield curve inverts in the US, and more")
Creditors will now need to file info about defaults as IBBI amends rules
The amendment also provides for filing copy of GST returns by operational creditors, along with e-way bills as documentary evidence of the debt and default
 "Creditors will now need to file info about defaults as IBBI amends rules")
IBBI amends rules, creditors may get power to remove liquidator under IBC
IBBI wants liquidation timeline reduced
Top Headlines: Hurdles in recruitment plan, India Inc's capital expenditure
Business Standard brings you the top headlines at this hour
 "Top Headlines: Hurdles in recruitment plan, India Inc's capital expenditure")
5 years of IBC: Loans taken for telecom, oil assets sank Videocon
VIL's problems began after it entered the telecommunications (telecom) business and its second generation (2G)-based telecom licences were cancelled by the Supreme Court (SC) in 2012
 "5 years of IBC: Loans taken for telecom, oil assets sank Videocon")
