Page 4 - Latest Updates on IBC
From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape
BSL was admitted for insolvency proceedings on July 26, 2017
 "From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape")
What makes Essar steel sector's comeback kid amid insolvency proceedings
The $5.7-billion acquisition that closed after an 865-day-long saga was the largest private sector transaction in India in 2019 and the second-largest steel transaction globally that year
 "What makes Essar steel sector's comeback kid amid insolvency proceedings")
IBC framework needs a booster dose; debt resolutions slacken in two years
According to the statistics by the Insolvency and Bankruptcy Board of India, since the provisions of IBC came into force in December 2016, as many as 5,258 insolvency cases have been filed by lenders
 "IBC framework needs a booster dose; debt resolutions slacken in two years")
IBBI draft papers to improve insolvency resolution likely out this month
The pandemic-induced slowdown has caused inordinate delays in the resolution process, which also impacted the potential investors' plan to acquire stressed assets in India
 "IBBI draft papers to improve insolvency resolution likely out this month")
NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis
The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units
 "NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis")
IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule
The directive comes after observing gaps in the current IBC regime that deals with statutory claims
 "IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule")
CBIC issues SOPs for recovering tax dues from insolvent companies
The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process
 "CBIC issues SOPs for recovering tax dues from insolvent companies")
Petition for insolvency gets time-barred if filed after 3 years: NCLAT
A former managing director of a Dutch company had moved tribunal seeking payment of salary arrears from its Indian arm.
Top headlines: Govt warns cab aggregators, volatility in power stocks
Here are the top business stories on Wednesday
 "Top headlines: Govt warns cab aggregators, volatility in power stocks")
Lenders can invoke personal guarantees in IBC cases, says Supreme Court
IBC provision requires initiation of CIRP to proceed against personal guarantors
 "Lenders can invoke personal guarantees in IBC cases, says Supreme Court")
Resolution primary objective of IBC; but recovery important too: SBI MD
Financial and operational creditors owe money to companies facing insolvency proceedings and so recovery has to be an important factor while achieving resolution of stressed assets, he noted
 "Resolution primary objective of IBC; but recovery important too: SBI MD")
Govt seeks inputs on tackling cross-border insolvency: Union Minister Rao
Union Budget in February talked about updating the Insolvency and Bankruptcy Code to enable cross-border dispute resolution.
NCLT orders insolvency proceedings against Santasha Real Estate
The order came on a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh
 "NCLT orders insolvency proceedings against Santasha Real Estate")
Insolvency proceedings' deadline problem
The Bankruptcy Law Reforms Committee had spent considerable time on the timelines to be prescribed for various steps under the insolvency/bankruptcy proceedings
At Rs 2.5 trillion, IBC recoveries one-third of admitted claims
Until December 31 last year, 457 companies were resolved under IBC: Govt tells Parliament.
 "At Rs 2.5 trillion, IBC recoveries one-third of admitted claims")
SFIO has received 8 complaints regarding violation of IBC provisions: Govt
The Insolvency and Bankruptcy Code (IBC) provides a market-linked framework for resolution of stressed assets and it came into force in 2016
 "SFIO has received 8 complaints regarding violation of IBC provisions: Govt")
IndusInd initiates insolvency process against Zee Entertainment
IndusInd Bank claims to be the financial creditor before the NCLT for initiation of corporate insolvency resolution process against Zee and has claimed a default of Rs 83 crore
 "IndusInd initiates insolvency process against Zee Entertainment")
Insurers seek legal recourse for surety bond biz, urge changes in key laws
Reach out to reinsurers for expertise on surety bonds business
 "Insurers seek legal recourse for surety bond biz, urge changes in key laws")
Reliance Industries plans to make a bid for Videocon's oil assets
In January this year, the NCLAT ordered the lenders to seek fresh bids for Videocon Industries
 "Reliance Industries plans to make a bid for Videocon's oil assets")
Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases
Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic
 "Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases")
