Page 5 - Latest Updates on IBC
Govt proposes a slew of changes to Insolvency and Bankruptcy Code
Among other changes, the corporate affairs ministry has suggested developing a state-of-the-art electronic platform that can handle several processes under the Code with minimum human interface
 "Govt proposes a slew of changes to Insolvency and Bankruptcy Code")
Voting for IBC resolution of twin Srei companies to begin on Thursday
Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders
 "Voting for IBC resolution of twin Srei companies to begin on Thursday")
Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto
Auto component manufacturing company undergoing insolvency proceedings
 "Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto")
Budget session: Govt likely to propose amendments to competition law
The Budget session of Parliament will commence from January 31 with President Droupadi Murmu's address to the joint sitting of Lok Sabha and Rajya Sabha
 "Budget session: Govt likely to propose amendments to competition law")
Siva group companies look to settle dues with State Bank of India, others
Siva group offers Rs 81 cr to lenders
 "Siva group companies look to settle dues with State Bank of India, others")
Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension
NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday
 "Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension")
NCLAT upholds removal of resolution professional of Shree Ram Urban Infra
NCLT "has categorically observed that the RP has 'miserably failed to adhere to the timelines stipulated in the Code," said the appellate tribunal
 "NCLAT upholds removal of resolution professional of Shree Ram Urban Infra")
NCLT admits insolvency plea filed against Future Supply Chain Solutions
Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default
NCLAT dismisses Wave Group's appeal for insolvency proceedings
The NCLAT upheld the old order, along with the fine of Rs 1 crore
 "NCLAT dismisses Wave Group's appeal for insolvency proceedings")
Realisation through IBC 201% of liquidation value as of Sept: RBI
SARFAESI and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism, says Trend and Progress Report
Bad loans & IBC: Going as expected
Indeed, the IBC has only proven how wide and deep corrupt banking practices in PSBs were
Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo
In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases
 "Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo")
IBBI chief bats for putting valuation of IBC entities in public domain
The board has amended its regulation to allow IPEs to register as insolvency professionals and perform all their functions, including managing a company's operations
 "IBBI chief bats for putting valuation of IBC entities in public domain")
Slow and poor recovery of avoidance transactions, shows IBC data
Slow progress: Recovery of avoidance transactions less than 0.3%
 "Slow and poor recovery of avoidance transactions, shows IBC data")
NCLT orders corporate insolvency resolution of real estate firm BPTP
RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003
Journey towards strong governance a work in progress: Deepak Parekh
The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said
 "Journey towards strong governance a work in progress: Deepak Parekh")
NCLT initiates insolvency proceedings against Ansal Properties & Infra
The entire project is lying incomplete/unfinished even after a gap of four years from the promised
Creditors realise Rs 2.43 trn via insolvency resolution process till Sep
The report also added till September 2022, 740 CIRPs have been withdrawn under the provisions of section 12A of the Insolvency and Bankruptcy Code
Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data
IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery
NCLT extends insolvency resolution process for Srei Infra till Jan 5
As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP
 "NCLT extends insolvency resolution process for Srei Infra till Jan 5")
