Page 32 - Insolvency And Bankruptcy Code

Haldiram, 2 others in race to buy out Lavasa for about Rs 2,046 cr

Promoted by HCC, Lavasa was set up as a picturesque hill station near Pune in Maharashtra in 2000. It defaulted on Rs 4,150 crore in loans to banks

Can financial creditor sell assets of firms in liquidation? NCLAT to decide

The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said

Save the bankruptcy code

Govt must step in to make necessary changes

Number of cases admitted under insolvency saw a rise in Sep quarter

The number of insolvency cases admitted by the bankruptcy court continued to stay elevated, with 369 companies alone admitted in the Sept quarter.

NCLAT rejects plea for insolvency proceedings against Intex Technologies

The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it

Sort out Bhushan Power and Steel asset issue: NCLAT to MCA and ED

Appellate tribunal says ED can claim dues from proceeds of crime under IBC as operational creditor

Suzlon may escape NCLT route as lenders explore debt restructuring

The Centre's latest diktat to public sector banks (PSBs) to avoid the insolvency route would favour the company

FRDI Bill should focus on speedy resolution of stressed financial firms

Most legal experts believe had the FRDI Bill been enacted alongside the Insolvency and Bankruptcy Code, it would have helped the government deal with the crisis better

Uncertainity of one case does not reflect true efficiency of IBC: FM

Sitharaman was responding to a question on a particular recent case which many allege reflects some major loopholes in the IBC

Govt asks PSBs to look for alternative resolution mechanism outside IBC

Banks have also been asked to promote the disbursement of Mudra loans

Keep off firms under insolvency, go after promoters: SBI chief to ED, CBI

State Bank chairman Rajnish Kumar on Tuesday said the Enforcement Directorate and other central law enforcement agencies should restrict to attaching personal assets while investigating a promoter and keep off the company which is under the insolvency process. Speaking a day after NCLAT asked the ED to release the attached properties of Bhushan Power & Steel which is being taken over by JSW Steel, Kumar asserted the lenders' first right of taking charge of an asset of its bank-financed and said no one should dispute the same. "Any action which ED or any other central authority has to take, they can take with the existing promoters and attach their personal assets leaving their companies away," he said, speaking at a Bloomberg event here. Kumar said the agencies should follow this rule especially in case of companies which are undergoing bankruptcy process, as new suitors are "not fools" to risk their money. "The person acquiring a company cannot be subjected to any .

Formula on cards to distribute insolvency funds: Corporate Affairs Secy

Srinivas said the "only problem" between financial and operational creditors during the litigation process in bankruptcy cases remains the amount of recovery that the creditors get

Govt may set threshold for homebuyers to prevent misuse of IBC provision

Corporate Affairs Secretary Injeti Srinivas said the personal insolvency regime would be fully operational in one year

Central Bank withdraws insolvency application against Aban Offshore

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later

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

Move to prevent reopening of claims, protect acquired assets

Supreme Court resuscitates Amtek Auto, allows fresh bids for company

Court gives RP 21 days to call new bids, CoC 2 week thereafter to decide; to hear the case again on November 5

Top 10 biz headlines: RCap's $5-bn debt, Oyo to raise $1 bn, and more

From Oyo eyeing fresh funds to Reliance Capital getting a downgrade from CARE Ratings, here are the top 10 business headlines for Monday

MCA defends IBC amendments, sticks to strict deadlines in Supreme Court

The MCA has told the apex court that processes of corporate insolvency resolution are time-bound and if it does not adhere to the time-limit then the viability of the process is over

Operational creditors trigger 50% of insolvency resolution process: IBBI

Of the 2,162 CIRPs initiated, 1,080 have been by operational creditors and 868 are by financial creditors

Recent CoC decisions raise hopes for the return of errant promoters

Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions