Page 4 - Latest Updates on IBC
Home buyers likely to get some relief from insolvency proceedings
The move is intended to reassure home buyers while also providing a tailored debt resolution regime for the real estate sector
 "Home buyers likely to get some relief from insolvency proceedings")
Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date
Stakeholders asked to share comments on all regulations by December 31
 "Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date")
Lenders to Go First await NCLT's verdict to chalk-out strategy
There was no meeting on Thursday. Banks have already reviewed the situation on Wednesday
 "Lenders to Go First await NCLT's verdict to chalk-out strategy")
Safeguards for project-wise insolvency in real estate on the cards
The MCA said such projects will be recognised as distinct from the larger entity for the limited purpose of resolution
 "Safeguards for project-wise insolvency in real estate on the cards")
Easing the process: Guidelines for NCLT to deal with IBC cases in the works
MCA also planning artificial intelligence system for case management
JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail
This month, the National Company Law Tribunal (NCLT) had granted an extension of 90 days for conducting the corporate insolvency resolution process (CIRP) of FRL and extended it to June 15, 2023
 "JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail")
NCLT approves AM Mining resolution plan for Indian Steel Corporation
The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores
 "NCLT approves AM Mining resolution plan for Indian Steel Corporation")
SG Tushar Mehta questions locus of individual shareholder in IBC
Citing several judgments, the SG said only the company can speak for the shareholder
 "SG Tushar Mehta questions locus of individual shareholder in IBC")
CoC of Reliance Capital decides to hold a second auction on April 4
The decision to hold a second auction was decided on Monday in a formal meeting of the CoC
 "CoC of Reliance Capital decides to hold a second auction on April 4")
Future Enterprises admitted for insolvency, NCLT appoints interim RP
Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore
 "Future Enterprises admitted for insolvency, NCLT appoints interim RP")
NSE withdraws decision to drop Zee Entertainment from F&O segment
NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available
 "NSE withdraws decision to drop Zee Entertainment from F&O segment")
Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief
The admission of insolvency proceedings against Zee, say lawyers, will delay the company's proposed merger with Sony
 "Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief")
Some relief for Khaitans as McLeod Russel gets interim stay in CIRP
Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement
 "Some relief for Khaitans as McLeod Russel gets interim stay in CIRP")
Status check: 30% recovery in IBC so far, shows CareEdge data
For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims
 "Status check: 30% recovery in IBC so far, shows CareEdge data")
165 IBC liquidation cases saw 94% asset value erosion since 2016: Report
It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution
 "165 IBC liquidation cases saw 94% asset value erosion since 2016: Report")
Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected
Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday.
 "Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected")
Kanorias make an offer under Section 12A to take Srei out of insolvency
They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said
ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod
Reportedly, ASG has over 50 eye hospitals across 16 states in the country
 "ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod")
Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more
Business Standard brings you the top headlines at this hour
 "Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more")
Individual insolvency misuse by personal guarantors in govt cross hairs
Draft IBC amendments propose to remove 'perverse incentives'
 "Individual insolvency misuse by personal guarantors in govt cross hairs")
