Bankruptcy Code

165 IBC liquidation cases saw 94% asset value erosion since 2016: Report

It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution

Arena-Varde Partners, NARCL and Authum submit final bids for Srei companies

Srei Infrastructure Finance and Srei Equipment Finance were admitted for bankruptcy following applications filed by the Reserve Bank of India in October 2021

IBC process: Resolution and distribution of funds may be separated

IBC amendments likely in the Budget Session, MCA also rethinking priority given to govt dues in the waterfall mechanism

Committee of creditors may ask bidders to sweeten offers for RCap

As many as 55 companies submitted expressions of interest (EoIs) for Reliance Capital but only a few submitted binding bids

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process

White House monitoring FTX collapse, calls for crypto industry regulation

The collapse this week of FTX dealt another blow to the cryptocurrency industry, which has seen severe volatility and bankruptcies of other high-profile firms, including Celsius Network Ltd

IBBI rescinds 11 circulars issued from 2018 to 2021 to avoid duplication

Contents of these circulars have already been included subsequently in updated regulations issued by the IBBI

BS Number Wise: Asset reconstruction companies need to rebuild

They have been losing business as the IBC process picks up pace

NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

IBBI fixes timelines for the liquidation process to reduce delays

If any claim is not filed during the liquidation process, the amount of claim collated during CIRP should be verified by the liquidator

New amendments to bankruptcy code look to boost returns of stressed assets

IBBI had invited comments from the stakeholders to suggest if parts of stressed assets could be sold off instead of as a whole

Central Bank withdraws IBC case as Aban Offshore pays one-time settlement

The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan

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

Top headlines: FRL to go under insolvency at NCLT; Wipro Q1 net falls 21%

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IBBI releases discussion paper aimed at improving value of stressed assets

Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets

Reliance Capital debt resolution may be delayed over subsidiaries

Options of settling the finances of eight units of Reliance Capital that are financially sound leads to disagreement between bidders and administrator.

IBBI proposes mechanism to allow withdrawal from voluntary liquidation

The process to rescind would be the same as was followed to initiate it - approval by a special resolution, passed by members or partners

Asia defies dire predictions of a massive spike in corporate bankruptcies

Lockdowns worldwide prompted by the coronavirus outbreak have wrecked economic growth and led to bankruptcies of firms