IBC News

The Centre is inviting recommendations on provisions related to the time period for approval of resolution plans. Comments on rules related to avoidable transactions and wrongful trading are also welcome. The Central government has sought comments on the recent proposals by January 13, 2022.

The IBC process was meant to revive businesses. On the contrary, IBC has been a fraught process. Experts say IBC has neither been swift, as promised, nor the level of recoveries, projected at a very low 20% levels, were encouraging.

Earlier the Central government has pushed a notification allowing banks to do so. The bench comprising of justices L Nageswara Rao and S Ravindra Bhat held the Centre’s notification. Petitioners had challenged the November 15, 2019 notification issued under the IBC.

This is the fourth time that EoI has been invited for Jet Airways, which was shuttered last year.

Siddhartha's body was found on the banks of the Netravathi river in Karnataka on Wednesday. In a letter purportedly written by him, Siddhartha alleged, among other reasons, harassment by the Income Tax department as the cause for taking his own life.

According to its president Gurpreet Chatwal, the recovery rate for the 94 cases resolved through IBC by FY2018-19 is 43 per cent, compared with 26.5 per cent through earlier resolution mechanisms.

The code, which became fully operational in December 2016, provides for a market-determined and time-bound insolvency resolution process.

On November 14, Aditya Birla Group firm UltraTech Cement won bid to acquire debt-ridden Binani Cement.

A 14-member Insolvency Law Committee had made suggestions to the Ministry of Corporate Affairs, including addressing woes of home buyers and making recoveries easier for lenders.

He said that we need to have radical agenda for reform of the banking sector if we want these things not happen in future.

Insolvency and Bankruptcy Code has provided a resolution framework that will help corporates clean up their balance sheets and reduce debts.

The bill seeks to replace an ordinance which was promulgated in November to prevent unscrupulous persons from misusing or vitiating the provisions of the Insolvency and Bankruptcy Code (IBC).

Capital markets regulator Sebi chairman Ajay Tyagi on Saturday expressed hope that the Insolvency and Bankruptcy Code (IBC) will help boost investor confidence and encourage fund inflows into the corporate bonds market, especially in low-rated instruments.

The strong steps taken by Reserve Bank to resolve NPAs are likely to raise provisioning by a whopping 25 per cent this year as lenders will take up to 60 percent hair cut while resolving these accounts.