Page 11 - Insolvency And Bankruptcy Code

Lenders to make Rs 5,000-crore provisions for Srei bad loans, say bankers

The banks will set aside around 15 per cent provision for secured loans. It would be higher for unsecured credit

Srei files writ petition in Bombay High Court against RBI

The matter will be heard on October 7

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. Before IBC, he said, there used to be this feudalism, where the corporate debtor took it as the divine right to be in control. "One big change that the IBC has brought is that it has ended feudalism of the promoters in a capitalistic society. There is absolutely no space for feudalism in an economic society which is actually based on freedom," he said at the 5th annual day of the Insolvency & Bankruptcy Board of India (IBBI). In a democracy or a free society, he said, there is no space for feudalism. Talking about resistance to reforms in a democracy, he said it comes from a vocal minority who have access to corridors of power. In any democracy, when you think about reform, there is always this tussle between two sets of stakeholders, one that is a vocal ...

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

Videocon insolvency process: BoM raises issue of breach of confidentiality

Bank of Maharashtra has raised the issue of the breach of confidentiality in the corporate insolvency resolution process of the debt-ridden group before the National Company Law Appellate Tribunal

DHFL acquisition to see Piramal Enterprises sharpen its retail focus

Completes acquisition; pays Rs 34,250 cr to creditors

Govt may offer pre-pack insolvency resolution plan even for large firms

To quicken the pace of stressed asset resolution, the Centre may soon come up with a prepackaged insolvency framework under the IBC for large corporates, similar to the one introduced for SMEs.

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

Videocon insolvency: Lenders make U-turn, approach NCLAT for fresh bids

Billionaire Anil Agarwal's Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15% of the admitted claims of Rs 64,838.63 cr of lenders

MCA, Finance Ministry hammer out key changes to IBC at review meet

The IBBI has said that the CoC functions in an unregulated environment

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

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

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

Another IBC fix?

Regulator's proposal for code of conduct for creditors deserves scrutiny

McLeod Russel steps out of insolvency after settlement with creditor

Sources say offer has been made to P P Gupta of Techno Electric for a minority stake in the firm, who could chip in to help McLeod promoters bring in equity as per debt resolution

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

Need objective assessment of working of insolvency law: IBBI chief

IBBI Chairperson M S Sahoo on Thursday pitched for a comprehensive and objective framework to assess the working of the insolvency law to make prompt course corrections.

Why controlling CoC conduct could be a challenging task for IBBI

Experts say such a code could lead to litigation, which may affect the decision-making ability of the committee

McLeod Russel promoters seek to settle with Techno as way out of insolvency

Sources say talks between the two parties are on, finer details of a settlement being worked out; top brass of both sides refuse to comment

IBBI proposes stringent rules for more transparent liquidation process

Board says this will improve stakeholders' confidence and participation in the process, lead to effective supervision and monitoring, and improve outcomes of the process