Page 8 - Latest Updates on IBC
Insolvency proceedings' deadline problem
The Bankruptcy Law Reforms Committee had spent considerable time on the timelines to be prescribed for various steps under the insolvency/bankruptcy proceedings
 "Insolvency proceedings' deadline problem")
At Rs 2.5 trillion, IBC recoveries one-third of admitted claims
Until December 31 last year, 457 companies were resolved under IBC: Govt tells Parliament.
 "At Rs 2.5 trillion, IBC recoveries one-third of admitted claims")
SFIO has received 8 complaints regarding violation of IBC provisions: Govt
The Insolvency and Bankruptcy Code (IBC) provides a market-linked framework for resolution of stressed assets and it came into force in 2016
 "SFIO has received 8 complaints regarding violation of IBC provisions: Govt")
IndusInd initiates insolvency process against Zee Entertainment
IndusInd Bank claims to be the financial creditor before the NCLT for initiation of corporate insolvency resolution process against Zee and has claimed a default of Rs 83 crore
 "IndusInd initiates insolvency process against Zee Entertainment")
Insurers seek legal recourse for surety bond biz, urge changes in key laws
Reach out to reinsurers for expertise on surety bonds business
 "Insurers seek legal recourse for surety bond biz, urge changes in key laws")
Reliance Industries plans to make a bid for Videocon's oil assets
In January this year, the NCLAT ordered the lenders to seek fresh bids for Videocon Industries
 "Reliance Industries plans to make a bid for Videocon's oil assets")
Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases
Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic
Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases
Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic
 "Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases")
A code for the committee of creditors
Several proceedings have witnessed a variety of contraventions of provisions of the insolvency law by market players
 "A code for the committee of creditors")
Best of BS Opinion: Strengthening IBC, happy stories for new year & more
Here is the best of Business Standard's opinion pieces for Wednesday
Amount recovered through various channels dropped in 2020-21: RBI report
The IBC route yielded more than Rs 27,000 crore, while around Rs 27,700 crore was recovered through the SARFAESI Act
 "Amount recovered through various channels dropped in 2020-21: RBI report")
Strengthening IBC
Proposed changes will reduce delays
 "Strengthening IBC")
Ministry proposes fixed timeline for NCLT, extended look-back period in IBC
The government has sought public comments on the proposal by January 13
Insolvency proceedings in slow motion
Processes like pre-packaged insolvency resolution and mediation and conciliation, which are not adjudication-intensive, may be encouraged
 "Insolvency proceedings in slow motion")
Delhi HC stops coercive action by ED against firms under liquidation in IBC
In a detailed ruling on interplay between IBC and PMLA, the court allowed a writ petition by a liquidator to proceed with the liquidation process of a corporate debtor
 "Delhi HC stops coercive action by ED against firms under liquidation in IBC")
Till September, 421 cases resolved under insolvency law: Govt
As of September 30, a total of 4,708 CIRPs were initiated under the IBC
NCLT order on initiating insolvency proceedings against RCap this evening
The RBI had moved NCLT last week to initiate insolvency proceedings against the company.
Code of conduct: IBBI move on COCs raises questions on jurisdiction
The step has added to the growing concern around the role of the insolvency regulator and whether it has delivered the goods
RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital
In a statement on its website, RBI said there would be an interim moratorium on and from the filing of the application till its admission or rejection by the NCLT
 "RBI moves NCLT Mumbai for bankruptcy proceedings against Reliance Capital")
IBBI empowers adjudicating authority to pick IPs from panel to curb delays
Board has prepared an algorithm to place insolvency professionals on a panel in a particular order. The IP with lowest volume of ongoing processes gets a score of 100, will be at the top of the panel
 "IBBI empowers adjudicating authority to pick IPs from panel to curb delays")
