Page 3 - Insolvency And Bankruptcy Code

Bad loans & IBC: Going as expected

Indeed, the IBC has only proven how wide and deep corrupt banking practices in PSBs were

IDBI Bank third lender to drag Siti Networks to bankruptcy court

Yet to receive notice from NCLT, firm says; HFDC, IndusInd Bank had filed petitions earlier

CoC raises base price of Reliance Capital auction to Rs 6,500 crore

Auction to be held on two days, starting December 22

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases

RCap assets' e-auction to kick off on Dec 19; base bid at Rs 5,300 crore

This is the first time that an e-auction of this scale would take place for a debt resolution under the Insolvency and Bankruptcy Code, 2016

Variable capital firms to boost India's fund management space, says Sahoo

Such entities have a variable capital base as they issues and redeems shares on an on-going basis. With every issue or redemption, the capital base of the VCC changes

FRL's digital database before insolvency not available: Compliance officer

Future Retail's structured digital database prior to the corporate insolvency resolution process has not been available for verification for the quarter that ended September due to various reasons, including non-cooperation from erstwhile management and lack of administrative arrangements, the company's newly-appointed company secretary and compliance officer said in a regulatory filing. The company has now initiated the process of inviting competitive quotes to purchase the software necessary for the maintenance of the structured digital database to comply with Sebi regulations, FRL Compliance Officer Pratiksha Salecha said in note filed on BSE by the company. Under the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, listed companies are required to maintain a secured digital database which has to be verified. Salecha was appointed on September 29, 2022, Compliance Officer of Future Retail Ltd (FRL) against which the Corporate ...

IBBI chief bats for putting valuation of IBC entities in public domain

The board has amended its regulation to allow IPEs to register as insolvency professionals and perform all their functions, including managing a company's operations

Top Headlines: One licence for insurance biz, amendment in IBC, and more

Here is our morning brief of today's top headlines

Considering options on Electrosteel: Vedanta Resources' Anil Agarwal

"But it has to have world-class capacity, and cannot be a small plant. We have a capacity of about 3 million tonnes (mt)... we are contemplating. We have to take it to 15-20 mt"

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

Rescuing companies before it is too late

The longevity of companies is in danger today. It is as much the responsibility of the State as of the stakeholders to prevent their premature death

'Financial creditors forego Rs 790 cr under insolvency resolution process'

The report also said the trend in the loan recovery rate is also going down

Cumulative recovery rate under insolvency resolution falls to 30.18% in Q3

The cumulative recovery rate under the insolvency resolution processes of debt-ridden companies declined to 30.18 per cent at the end of the September quarter, indicating that lenders took more haircut on their exposure, shows a study. The recovery rate has fallen steeply from a peak of 43 per cent in Q1 FY20. Of the Rs 7,90,626.2 crore claims from the financial creditors admitted by various benches of the National Company Law Tribunal (NCLT), only Rs 2,43,452.5 crore or 30.18 per cent have been recovered till the end of Q2 FY23, as per an analysis of IBBI data done by Care Ratings. The overall recovery rate implies a haircut of around 70 per cent for the lenders. The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which provides for market-linked and time-bound resolution of stressed assets. The cumulative recovery rate has been on a downtrend, falling from 43 per cent in Q1 FY20 and 32.9 per cent in Q

Insolvency proceedings begin in Ansal Properties and Infrastructure

The creditors of Ansal Properties have been asked to submit their claims with proof by December 1 to the interim resolution professional

NCLT dismisses bankruptcy proceedings against GTL Infra, GTL Ltd

The court said several companies owe GTL Infrastructure money as it has made claims of Rs 13,393 crore against Aircel and others

Our investment reflects confidence in India's economy: AM/NS India CEO

ArcelorMittal and Nippon Steel, has embarked on an expansion that includes increasing capacity at its existing location, Hazira in Gujarat, and setting up new plants in Odisha

Warren Tea to exit plantations, plans expansion of IT and hotel businesses

Signs deal with Dhunseri group for the last four estates it currently owns

IBBI expected to introduce two key changes to the Insolvency Law: Report

The decision was made during meetings between IBBI officials, lawyers, consultants and some officials from the finance ministry

Slow and poor recovery of avoidance transactions, shows IBC data

Slow progress: Recovery of avoidance transactions less than 0.3%