Page 4 - Insolvency And Bankruptcy Code

Rs 13K-cr 'sham' transactions were audited, given clean chit: Srei promoter

Concerted effort to financially kill group by using auditors to mis-categorise transactions: Srei promoter

TMS Ep306: insolvency process, big guns exports, markets, game of skills

Has India's insolvency process matured? Has India finally buried the Bofors ghost? Is it time to raise high-beta bets in your portfolio? How's game of skill different from game of chance? Answers here

Has India's insolvency process attained adulthood?

Till Sept this year, financial creditors have recovered about 33% of their claims in 553 corporate insolvency processes that ended up getting resolved. Has India's insolvency process turned a corner?

NCLT orders corporate insolvency resolution of real estate firm BPTP

RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003

NCLT initiates insolvency proceedings against Ansal Properties & Infra

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects. A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa buyers of Ansal API's real estate project "The Fernhill" located at Sector 91, Gurgaon. In their petition, the buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement. "The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted," it said. As a necessary consequence of the moratorium, it also imposed ...

Creditors realise Rs 2.43 trn via insolvency resolution process till Sep

Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised insolvency resolution processes against total claims of Rs 7.91 lakh crore till September 30, 2022. So far 532 CIRPs (Corporate Insolvency Resolution Process) yielded resolution plans, said the quarterly report of the Insolvency and Bankruptcy Board of India (IBBI). "Till September 30, 2022, the creditors have realised Rs 2.43 lakh crore under the resolution plans. " The fair value of the assets available with these CDs, when they entered the CIRP was estimated at Rs 2.14 lakh crore and liquidation value of Rs 1.37 lakh crore against the total claims of the creditors' worth Rs 7.91 lakh crore," it said. The creditors have realised 177.55 per cent of the liquidation value and 84 per cent of the fair value (based on 456 cases where fair value has been estimated), the newsletter said. "The haircut for creditors relative to the fair value of assets was less

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

Piramal Capital withdraws insolvency proceedings against Reliance Power

Piramal Capital and Housing Finance Ltd has withdrawn the insolvency proceedings against Reliance Power Ltd. Piramal Capital and Housing Finance Ltd has withdrawn the application made against Reliance Power Ltd under section 7 of the Insolvency and Bankruptcy Code 2016, a BSE filing stated. This follows an out-of-court settlement between both the companies over a Rs 526 crore loan default by Reliance Power and its subsidiary Reliance Natural Resources Ltd (RNRL). In 2010, RNRL merged with Reliance Power. RNRL had defaulted on a loan of Rs 526 crore obtained from the erstwhile Dewan Housing Finance Corporation Ltd (DHFL). The Piramal Group had acquired DHFL in 2021 and merged it with Piramal Capital and Housing Finance. In March this year, Piramal Capital initiated bankruptcy proceedings against Reliance Power under section 7 of the IBC, 2016 in the NCLT Mumbai to recover dues. In July, during a hearing on Piramal Capital's application, both the companies had informed the NCLT ..

ESL Steel capacity expansion by next year: Vedanta's Sunil Duggal

Mining giant says priority is to finish doubling capacity of company it acquired in June 2018

Govt asks state-owned firms to consider insolvency court to shut units

Public sector companies will have to file an insolvency application under IBC for the resolution of a loss-making unit within three months of approval from a committee comprising top cabinet ministers

Auditor flags Rs 13,110 cr of fraud deals in Srei Equipment Finance

Sum includes transactions amounting to Rs 1,283 cr determined as undervalued; Srei Equipment Finance is currently undergoing corporate insolvency resolution process

NCLT extends insolvency resolution process for Srei Infra till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

IBBI rescinds 11 circulars issued from 2018 to 2021 to avoid duplication

Contents of these circulars have already been included subsequently in updated regulations issued by the IBBI

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Centre likely to amend IBC in winter session to improve efficiency: Report

According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC

How IBBI's tighter compliance rules for resolution professionals will help

Insolvency professional agencies will have to designate/appoint a compliance officer

A different kind of quiet quitting

Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?

Deadlock over carrier's revival: Banks not keen on sharing Jet's liability

Deadlock over carrier's revival after NCLAT order

Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan

The voting on the resolution plans concluded on Thursday evening

Corporate insolvency: Rethinking irregular transactions

So far 786 applications have been filed to recover over Rs 2.2 trillion allegedly lost through irregular transactions. Retrieving this needs a law, policy and regulatory focus