Diabytes
Insolvency and Bankruptcy Code News
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A crucial element of the waterfall mechanism is the full payment of Insolvency Resolution Process costs before any distributions are made to other stakeholders.
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Although it has been over five years since the inclusion of real estate project allottees as Financial Creditors under the Insolvency and Bankruptcy Code, several issues about their rights, status, treatment etc remain unresolved.
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Meanwhile, many real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL.
Amrapali group and Unitech group have also defaulted in delivering many projects, particularly in Delhi-NCR, affecting thousands of homebuyers.
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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.
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Monsoon Session of Parliament is set to begin on July 19
The Centre will bring 23 Bills in the House
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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.
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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.
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The Supreme Court on Tuesday quashed the RBI's February 12 circular, which prescribed rules for recognising one-day defaults by large corporates and initiating insolvency action as a remedy.
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The bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC.
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Jaitley said the Congress left behind the legacy of an anachronic system of resolving commercial insolvency.
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The code, which became fully operational in December 2016, provides for a market-determined and time-bound insolvency resolution process.
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The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.
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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.
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ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code(IBC, 2016) as per the orders of NCLT.
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The new guidelines have specified framework for early identification and reporting of stressed assets.
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Insolvency and Bankruptcy Code has provided a resolution framework that will help corporates clean up their balance sheets and reduce debts.
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The President today gave his assent to the Ordinance amending the Insolvency & Bankruptcy Code, 2016.
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The IBC became operational in December 2016 and provides for a time-bound insolvency resolution process.
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The ordinance was approved by the cabinet on Wednesday.
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The Code, which became operational in December last year, provides a market-determined and time-bound insolvency resolution process. Over 300 cases have already been approved by the National Company Law Tribunal (NCLT) to be taken up under the law, implemented by the corporate affairs ministry.
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