On the eve of the budget, the big announcement of last year’s budget of establishing a National Asset Reconstruction Company (NARCL) is yet to be implemented due to procedural logjam. The ask in this budget is to introduce amendments to Insolvency and Bankruptcy Code (IBC Code) that are amenable to implementation and help the common … Read more
Lenders have selected ‘s offer of ₹2,800 crore for a financially-stressed Lanco power unit, to put to a vote after its offer was declared higher than that of rival bidder iLabs Group, according to sources. Vedanta and iLabs Group were the only two bidders under the Insolvency and Bankruptcy Code (IBC) provisions for the stressed … Read more
The government on Thursday invited comments on various amendments proposed to the insolvency law, including to provisions related to time period for approval of resolution plans as well as avoidable transactions and wrongful trading. The amendments have been proposed by the Insolvency Law Committee (ILC). The comments have been sought till January 13, 2022. According … Read more
India could exclude some key strategic sectors, such as aviation, telecommunications and critical infrastructure services, from the cross-border insolvency framework’s ambit. The Ministry of Corporate Affairs (MCA) released a consultation paper on November 24 seeking public comments on a draft cross-border insolvency framework under the Insolvency and Bankruptcy Code (IBC) by December 15. The government … Read more
International Finance Service Centre (IFSC) at Gujarat International Finance Tec (Gift) City, a Special Economic Zone (SEZ), was conceptualised to create an offshore jurisdiction in India. The plan was to capture some of the business that was being carried out in Singapore, Mauritius, Dubai, Hongkong, London and similar centres of global finance. A host of … Read more
The government is looking to make the Insolvency & Bankruptcy Code more comprehensive and broad-based so that there is an enhanced ease of exit, a senior official said Friday. ”We continue to work together to make this insolvency framework more effective and efficient. It will surely be one of the important chapters in the success … Read more
Seeking to bring in more transparency, the Insolvency and Bankruptcy Board of India (IBBI) on Friday proposed a code of conduct for the committee of creditors under the insolvency law. IBBI, a key institution in implementing the Insolvency and Bankruptcy Code (IBC), has also proposed further measures to strengthen the regulatory framework for liquidation process. … Read more
India is considering several operational changes in the Insolvency and Bankruptcy Code (IBC), harnessing digital technology to help remove seemingly insurmountable obstacles of distance or time – and speed up the resolution of bad loans. The Indian Institute of Insolvency Professional of ICAI (IIIPI), which constituted a study group, has recommended greater adoption of digital … Read more
New Delhi, The government on Tuesday said that financial creditors have realised Rs 2.45 lakh crore or 36 per cent of their total claims under the insolvency resolution process till the end of June. As many as 4,540 companies were admitted under the corporate insolvency resolution process as of June 30 this year. The process … Read more
The Insolvency and Bankruptcy Board of India (IBBI) is tightening the process for resolution of defaulting companies to avoid charges of bias and prejudice after a few cases ended up in disputes. Indian Institute of Insolvency Professionals of ICAI (IIIPI) has submitted a report to IBBI, which is said to be in discussion with various … Read more