Page 24 - Insolvency And Bankruptcy Code

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

Suspension of IBC can affect resolution efforts and shift focus to recovery

On Wednesday, the Union Cabinet gave approval to the suspension of the IBC for Covid-19-related stress

Revised inter-creditor pacts may do away with need for 66% lenders' nod

Banks will be able to customise ICAs in accordance with their needs even as more financial stakeholders are on-boarded, including those with foreign currency exposures

NCLAT quashes NCLT order making MCA a party to all IBC proceedings

Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy

Jet Airways: Insolvency resolution process deadline extended till Aug 21

According to a regulatory filing, 69 days of lockdown period from March 24 to May 31 would be excluded for computing the CIRP deadline

Firms red-flag pitfalls of IBC suspension; law's future unsure, say experts

With the Insolvency and Bankruptcy Code, which was the instrument lenders had to make their borrowers fall in line, suspended for a year, many say this makes uncertain the future of a landmark law

What steps did the govt take to prevent MSMEs from defaulting on loans?

Two important steps have been taken in this regard by the govt

New-look inter-creditor agreement on the cards as IBC process suspended

The Indian Banks' Association can be expected to begin formal discussions with the wider banking fraternity over the next fortnight

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

Suspension - Boon or bane for the Insolvency and Bankruptcy Code

While the announcements were made today, the seeds of the repeal of Sections 7, 9 and 10 of the IBC had already been sown in April

No fresh insolvency to be initiated for 1 year under IBC: FM Sitharaman

Minimum threshold to initiative insolvency proceeding has been raised to Rs 1 crore from Rs 100,000 to benefit MSMEs

NCLT orders insolvency procedure for Eason Reyrolle on SBI, Canara plea

The banks together claimed over Rs 230 crore from the company, along with interest and other charges

Jet lenders to take a call on fresh EoIs, voting to conclude by May 18

If lenders favour fresh EoIs, this will be the third time they would have called for EoIs. No positive result in previous two attempts as no party came forward with a concrete plan

Best of BS Opinion: The economic fallout, coronavirus outbreak, and more

Here is a summary of Business Standard opinion pieces for the day

Say no to banks

Suspending IBC for an extended period would destroy it

Giving teeth to bankruptcy code

By adopting a few steps many companies that have no alternative but to go to the NCLT to keep themselves from closing down can be saved

Banks want IBC proceedings in all pending cases to be suspended for 2 years

Fall in valuation, lack of demand cited as reasons

Top biz headlines: Stimulus package for industry, IBC breather and more

Here are the top 10 business headlines on Friday morning

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