Page 6 - Latest Updates on IBC
Centre likely to amend IBC in winter session to improve efficiency: Report
According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC
 "Centre likely to amend IBC in winter session to improve efficiency: Report")
A different kind of quiet quitting
Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?
Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan
The voting on the resolution plans concluded on Thursday evening
 "Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan")
American Express to start reporting card information to NeSL in November
Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC
 "American Express to start reporting card information to NeSL in November")
Revised RBI norms to improve governance, bolster ARCs structurally: Crisil
More stringent NOF guidelines could edge out smaller players, lead to consolidation
 "Revised RBI norms to improve governance, bolster ARCs structurally: Crisil")
NCLT approves resolution plan by Arcelor affiliate for Uttam Galva
Resolution amount was Rs 4,020 cr as per the plan
 "NCLT approves resolution plan by Arcelor affiliate for Uttam Galva")
RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty
Reliance Communications, then owned by Anil Ambani, had to shut down its business operations as a result of its high debt burden and a failed merger with Aircel
 "RBI's revised ARC norms: Aircel, RCom debt resolution faces uncertainty")
Ex-promoters can't hold stake in insolvent firms acquired by others: SC
The promoters were holding 2.35 per cent shares in the company even after Tata Steel acquired 72.65 per cent shares during the resolution process under the IBC
 "Ex-promoters can't hold stake in insolvent firms acquired by others: SC")
Welspun bid for ABG Shipyard among highest for assets under liquidation
Gujarat govt welcomes the winning offer which could boost ship building activity under the new 2019 port policy
 "Welspun bid for ABG Shipyard among highest for assets under liquidation")
Insolvent companies could lose spectrum under the new Telecom Bill
Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions
 "Insolvent companies could lose spectrum under the new Telecom Bill")
NCLAT sets aside insolvency proceedings against Mack Star Marketing
The NCLAT observed that out of Rs 147.6 crore -- sanctioned by Yes Bank in Mack Star's name for the purpose of renovating 'Kaledonia' a two-year-old building constructed at a cost of Rs 100 crore
 "NCLAT sets aside insolvency proceedings against Mack Star Marketing")
After lay-offs, edtech startup Lido Learning files for insolvency
Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016
 "After lay-offs, edtech startup Lido Learning files for insolvency")
NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC
The estimated deal size is Rs 1,830 crore
 "NTPC to buy Avantha's Jhabua Power, its first acquisition under the IBC")
BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery
FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016
 "BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery")
SC ruling on IBC will have overriding effect over indirect tax recoveries
The move, according to tax experts, will set a precedent for matters related to recoveries
Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees
Experts have said the ICC believes its international media rights could fetch more money than those for the Indian Premiere League (IPL), and it has adopted a two-round process to make the auction str
 "Viacom18 wants closed-envelope bids for media rights junked, ICC disagrees")
Banks took a haircut of 69 per cent while resolving IBC cases: Report
Haircuts are defined as the losses incurred by the creditors (banks in this case) on resolving the bad debts or stressed assets
 "Banks took a haircut of 69 per cent while resolving IBC cases: Report")
Centre likely to introduce the IBC amendment bill in winter session
The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India
 "Centre likely to introduce the IBC amendment bill in winter session")
Legislation: Intent and interpretation
Interpreting the margins at the cost of core legislation could be costly for the economy
Power to admit insolvency application not binding even when debt owed: SC
The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent
 "Power to admit insolvency application not binding even when debt owed: SC")
