Ibc Proceedings

SG Tushar Mehta questions locus of individual shareholder in IBC

Citing several judgments, the SG said only the company can speak for the shareholder

Status check: 30% recovery in IBC so far, shows CareEdge data

For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims

Two firms can face IBC proceedings if both are corporate debtors: SC

The Supreme Court on Thursday said if two corporate bodies fall within the ambit of corporate debtors, there is no reason why insolvency proceedings cannot be initiated against both under the IBC. Section 7 of the Insolvency and Bankruptcy Code (IBC) deals with the initiation of the corporate insolvency resolution process by financial creditors. The apex court also observed that approval of a resolution in respect of one borrower cannot "certainly discharge" a co-borrower. A bench of Justices Indira Banerjee and J K Maheshwari delivered its verdict on a plea against the August last year judgement of the National Company Law Appellate Tribunal (NCLAT) which had dismissed an appeal against an order of the adjudicating authority, the National Company Law Tribunal (NCLT), Mumbai. The NCLT had in its February last year order admitted a petition for initiation of Corporate Insolvency Resolution Process (CIRP) against a firm for the same set of loans arising out of the same loan documents

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

Piramal Group acquires DHFL for total consideration of Rs 34,250 cr

The creditors of DHFL will recover an aggregate amount of Rs 38,000 crore from the resolution

Top headlines: Govt likely to resume IBC filings, Tesla now accepts Bitcoin

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HC seeks Centre's reply on BPSL ex-chairman plea against IBC proceedings

It refused to stay, at this stage, a notice issued by SBI to Singal seeking to invoke personal guarantee under the provisions.

IBC suspension during Covid-19 will give firms breathing space: Experts

As per the Ordinance, the corporate insolvency resolution process cannot be initiated against a company under the IBC for defaults arising on or after March 25, 2020, for a period of six months

Covid-19: Govt clears plan to suspend IBC for 6 months, ordinance soon

Suspension could be extended to one year and is expected to allow companies to get their business back on track without the fear of being dragged into insolvency

IBC suspended for a year, Covid-19 related debt exempted from default

The Corporate Affairs ministry will issue a special circular to define the time period which will cover "covid related debt" to be exempted from default, the finance minister said

India Inc gets IBC breather for six months amid coronavirus outbreak

Section 7 of the Code enables financial creditors to start insolvency proceedings against a company, while section 9 gives these powers to an operational creditor

IBC process helps creditors recover Rs 1.6 trn, revives 160 companies

But, also this amount is 210 per cent of their liquidation value," Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo said.

IBC report card: In 3 years, 48% cases initiated by operational creditors

Financial creditors initiated around 1,086 cases or 43 per cent

Insolvency regime for personal guarantors to corporate debtors from Dec 1

A case is taken up for resolution under the law only after approval from the National Company Law Tribunal (NCLT)

Challenges have made Insolvency and Bankruptcy Code stronger: IBBI chief

The code came into force in December 2016 and the first resolution case was approved in August 2017

Explained: Are Enforcement Directorate's seizures harming the economy?

ED's move could stall the resolution process, prevent banks from recovering their pending dues

Govt to soon unveil norms to protect winning bidders in IBC cases

Move to prevent reopening of claims, protect acquired assets

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

IBC proceedings: 78 liquidation orders, a handful of resolutions

A large number of cases under liquidation are either small or medium enterprises