Page 6 - Insolvency And Bankruptcy Code

RIL inches closer to acquiring Lanco Amarkantak with Rs 1,960 cr cash offer

If the deal goes through, it will be the third big-ticket acquisition by the Ambani firm under IBC

Srei group receives two resolution plans for debt-ridden companies: Report

Two bids have been received for two debt-ridden Srei group companies under the insolvency resolution process and one of the bids is estimated to be worth around Rs 15,000 crore, according to sources. Srei Infrastructure Finance Limited and Srei Equipment Finance Limited are undergoing a resolution process under the Insolvency and Bankruptcy Code. "This is to inform you that the 13th (Thirteenth) meeting of the Consolidated Committee of Creditors of Srei Infrastructure Finance Limited and Srei Equipment Finance Limited was duly convened and conducted on Monday, August 29, 2022, from 5:15 P.M. onwards. The meeting was conducted virtually. "It is further informed that the Administrator of the Corporate debtor has received two (2) 'Resolution Plans' pursuant to the Request for Resolution Plan dated April 1, 2022, (as modified on June 30, 2022) issued by the Administrator within the deadline for submission as given to the Prospective Resolution Applicants (PRAs)," a regulatory filing sai

SC ruling on IBC will have overriding effect over indirect tax recoveries

The move, according to tax experts, will set a precedent for matters related to recoveries

NARCL to buy loans of five distressed companies, lenders agreement awaited

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

Banks took a haircut of 69 per cent while resolving IBC cases: Report

Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets

Financial creditors to Future Retail place claims worth Rs 21,000 cr

60% of such claims are from state-owned banks and other creditors, shows data on company's website

Top Headlines: Common charger for all mobiles; banks rush to woo depositors

At a time when growth in bank credit is outstripping that of deposits, several lenders, including the country's largest bank, State Bank of India (SBI), have raised deposit rates ahead of the festival

Centre likely to introduce the IBC amendment bill in winter session

The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India

State Bank of India moves NCLT to recover dues from Bajaj Hindusthan Sugar

The sugar and ethanol producer owes nearly Rs 4,800 crore to banks

Total 1,999 insolvency cases were going on as of June 2022, says govt

The resolution for corporate debtors is done under the Insolvency and Bankruptcy Code which provides for resolution through a market-driven process

NCLT admits Bank of India's insolvency petition against Future Retail

IRP appointed; corporate insolvency resolution process to start against the retailer

Legislation: Intent and interpretation

Interpreting the margins at the cost of core legislation could be costly for the economy

Defaulting firm's debt includes both principal and interest: NCLAT

Case related to a company that challenged insolvency proceeding against it for delaying payments to borrower

Govt likely to introduce bills to amend competition, insolvency laws

The government is likely to propose amendments to the competition and insolvency laws as it seeks to further strengthen the regulatory regime as well as address the needs of new age markets.

Power to admit insolvency application not binding even when debt owed: SC

The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent

Deadline 14 days, but time to decide on admitting insolvency cases goes on

Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman

IBBI releases discussion paper aimed at improving value of stressed assets

Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets

Insolvency regulator working to bring mediation in insolvency cases

A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.

IBBI discussion paper proposes increasing fees on service providers

The Board is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government, it says

Some gaps in ILC recommendations on resolution process, say experts

Report seen as unclear on who should pursue cases related to avoidable transactions and improper trading under bankruptcy code