Page 7 - Latest Updates on IBC
Insolvency regulator working to bring mediation in insolvency cases
A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.
 "Insolvency regulator working to bring mediation in insolvency cases")
The Cinderella of insolvency
Undermining operational creditors is against the basic spirit of IBC
 "The Cinderella of insolvency")
Top headlines: IBBI amends rules, yield curve inverts in the US, and more
As investors and the bond market brace for a sharp hike in policy rate by central banks to fight inflation, the yield curve has inverted in the US
 "Top headlines: IBBI amends rules, yield curve inverts in the US, and more")
Creditors will now need to file info about defaults as IBBI amends rules
The amendment also provides for filing copy of GST returns by operational creditors, along with e-way bills as documentary evidence of the debt and default
 "Creditors will now need to file info about defaults as IBBI amends rules")
IBBI amends rules, creditors may get power to remove liquidator under IBC
IBBI wants liquidation timeline reduced
Top Headlines: Hurdles in recruitment plan, India Inc's capital expenditure
Business Standard brings you the top headlines at this hour
 "Top Headlines: Hurdles in recruitment plan, India Inc's capital expenditure")
5 years of IBC: Loans taken for telecom, oil assets sank Videocon
VIL's problems began after it entered the telecommunications (telecom) business and its second generation (2G)-based telecom licences were cancelled by the Supreme Court (SC) in 2012
 "5 years of IBC: Loans taken for telecom, oil assets sank Videocon")
From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape
BSL was admitted for insolvency proceedings on July 26, 2017
 "From debt trap to steely resolve, Bhushan Steel an outlier in IBC landscape")
What makes Essar steel sector's comeback kid amid insolvency proceedings
The $5.7-billion acquisition that closed after an 865-day-long saga was the largest private sector transaction in India in 2019 and the second-largest steel transaction globally that year
 "What makes Essar steel sector's comeback kid amid insolvency proceedings")
IBC framework needs a booster dose; debt resolutions slacken in two years
According to the statistics by the Insolvency and Bankruptcy Board of India, since the provisions of IBC came into force in December 2016, as many as 5,258 insolvency cases have been filed by lenders
 "IBC framework needs a booster dose; debt resolutions slacken in two years")
IBBI draft papers to improve insolvency resolution likely out this month
The pandemic-induced slowdown has caused inordinate delays in the resolution process, which also impacted the potential investors' plan to acquire stressed assets in India
 "IBBI draft papers to improve insolvency resolution likely out this month")
NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis
The interim distribution will be for Rs 16,361 crore -- Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units
 "NCLAT directs new board of IL&FS to pay lenders on a pro-rata basis")
IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule
The directive comes after observing gaps in the current IBC regime that deals with statutory claims
 "IBC regime: NCLAT directs MCA, IBBI to amend statutory claims rule")
CBIC issues SOPs for recovering tax dues from insolvent companies
The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process
 "CBIC issues SOPs for recovering tax dues from insolvent companies")
Petition for insolvency gets time-barred if filed after 3 years: NCLAT
A former managing director of a Dutch company had moved tribunal seeking payment of salary arrears from its Indian arm.
Top headlines: Govt warns cab aggregators, volatility in power stocks
Here are the top business stories on Wednesday
 "Top headlines: Govt warns cab aggregators, volatility in power stocks")
Lenders can invoke personal guarantees in IBC cases, says Supreme Court
IBC provision requires initiation of CIRP to proceed against personal guarantors
 "Lenders can invoke personal guarantees in IBC cases, says Supreme Court")
Resolution primary objective of IBC; but recovery important too: SBI MD
Financial and operational creditors owe money to companies facing insolvency proceedings and so recovery has to be an important factor while achieving resolution of stressed assets, he noted
 "Resolution primary objective of IBC; but recovery important too: SBI MD")
Govt seeks inputs on tackling cross-border insolvency: Union Minister Rao
Union Budget in February talked about updating the Insolvency and Bankruptcy Code to enable cross-border dispute resolution.
NCLT orders insolvency proceedings against Santasha Real Estate
The order came on a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh
