Page 6 - Latest Updates on IBC
Sell bad debts early, let ARCs take part in IBC: RBI committee
About 80 per cent of the recovery ARCs made came through the "deployment of measures of reconstruction that do not necessarily lead to revival of businesses"
 "Sell bad debts early, let ARCs take part in IBC: RBI committee")
Reliance Naval and Engineering lenders ask bidders to sweeten offers
The lenders are planning to close the deal within the next two weeks by voting on both revised proposals
 "Reliance Naval and Engineering lenders ask bidders to sweeten offers")
To boost CIRP outcomes, IBBI limits change in resolution plan to once
Gives option for a challenge mechanism, curbs discretion of CoC in considering certain resolution plans.
 "To boost CIRP outcomes, IBBI limits change in resolution plan to once")
The NARCL must attract top-quality talent, says Kroll's Tarun Bhatia
'My sense is that the NARCL will have to recruit good talent', says Bhatia
 "The NARCL must attract top-quality talent, says Kroll's Tarun Bhatia")
NCLT admits RBI's applications to initiate IBC proceedings against Srei
NCLT appointed Rajneesh Sharma as an administrator of the Srei Group firms
 "NCLT admits RBI's applications to initiate IBC proceedings against Srei")
IBC is a seminal reform; instrumental in changing feudal mindset: CEA
Terming Insolvency and Bankruptcy Code as a "seminal reform", Chief Economic Adviser KV Subramanian on Friday said it has been instrumental in changing the mindset of promoters of businesses by making them more accountable.
 "IBC is a seminal reform; instrumental in changing feudal mindset: CEA")
Insolvency professionals back success fee, warn against over-regulation
The NCLAT held that success fee is more in the nature of contingency and speculative it is not part of IBC provisions and is not chargeable
 "Insolvency professionals back success fee, warn against over-regulation")
McLeod's return from brink of IBC signals a brief respite for tea industry
In an industry in which more than half the production is accounted for by the small growers, analysts believe that big players may help bring production and pricing discipline
 "McLeod's return from brink of IBC signals a brief respite for tea industry")
Moratorium under IBC applies only to corporate debtor not to promoters: SC
The Supreme Court has held that moratorium under provisions of IBC which restrains initiation of any fresh proceedings applies only to the Corporate Debtor but does not protect the promoters
 "Moratorium under IBC applies only to corporate debtor not to promoters: SC")
NARCL: Another brick in the wall; not too different from other ARCs
Having several routes for NPA resolution has both advantages and disadvantages as the decision will finally be taken by the banks
 "NARCL: Another brick in the wall; not too different from other ARCs")
Centre concedes in SC, lets acting NCLAT chairperson continue till Sep 20
Justice Cheema was to superannuate on September 20, but Justice M Venugopal was appointed as the acting head of the tribunal.
 "Centre concedes in SC, lets acting NCLAT chairperson continue till Sep 20")
MCA, Finance Ministry hammer out key changes to IBC at review meet
The IBBI has said that the CoC functions in an unregulated environment
 "MCA, Finance Ministry hammer out key changes to IBC at review meet")
CoC resolution plan can't be modified or withdrawn: Supreme Court
The IBC has seen higher acceptance in the last ten quarters as maximum cases were admitted during this time
 "CoC resolution plan can't be modified or withdrawn: Supreme Court")
Banks' NPAs stable in June qtr, look manageable; IBC needs improvement: Das
Reserve Bank Governor Shaktikanta Das on Thursday said the stressed assets situation "looks manageable" as the stock of gross NPAs remained stable even after the second wave of pandemic
 "Banks' NPAs stable in June qtr, look manageable; IBC needs improvement: Das")
Cracking the whip: Panel puts resolution professionals under the scanner
Govt feels enough checks and balances in place; experts say there's need for audit and regulator
 "Cracking the whip: Panel puts resolution professionals under the scanner")
3/4th of liquidated companies were in BIFR or defunct: IBBI data
Of the 396 corporate debtors rescued through resolution plans, 127 were in either BIFR or defunct, according to IBBI
 "3/4th of liquidated companies were in BIFR or defunct: IBBI data")
Another IBC fix?
Regulator's proposal for code of conduct for creditors deserves scrutiny
 "Another IBC fix?")
Boeing 777 held by Dutch sold; insolvency process to close now: Jet Airways
Jet Airways said one of Boeing 777 aircraft, which was under the custody of Dutch Administrator due to insolvency proceedings in Netherlands is sold, and proceedings to be utilised to close process
 "Boeing 777 held by Dutch sold; insolvency process to close now: Jet Airways")
Insolvency law's success needs to be appreciated, say experts
The insolvency law has provided a framework for resolution of stressed assets, and its success needs to be appreciated in comparison with the situation that prevailed prior to its implementation
 "Insolvency law's success needs to be appreciated, say experts")
IBC not a panacea for all ills, needs holistic assessment: IBBI chief Sahoo
Says haircuts taken by lenders is not IBC's fault, creditors staring at a haircut of 78% were not only rescued under the Code but their haircut was reduced to 61%
 "IBC not a panacea for all ills, needs holistic assessment: IBBI chief Sahoo")
