Page 17 - Latest Updates on IBC
NCLAT gives Sterling promoters 30 more days to settle creditors' dues
The NCLAT had said it will not come in the way of the individuals such as promoters and directors
 "NCLAT gives Sterling promoters 30 more days to settle creditors' dues")
Govt paves way for insolvency resolution of financial service providers
Insolvency proceedings will be initiated only on an application by the appropriate regulator, who will be notified by the MCA, depending upon the FSP
 "Govt paves way for insolvency resolution of financial service providers")
Govt notifies insolvency rules for financial service providers' resolution
The move also comes against the backdrop of instances of various FSPs facing problems
 "Govt notifies insolvency rules for financial service providers' resolution")
Govt considers special window for resolution of stressed NBFCs under IBC
The move also comes against the backdrop of financial sector players like Dewan Housing Finance Corporation Ltd facing troubles
 "Govt considers special window for resolution of stressed NBFCs under IBC")
After DHFL crisis, centre to issue new rules to bring NBFCs under IBC
DHFL is one of the largest HFCs that ran into trouble last year soon after the collapse of IL&FS
Can financial creditor sell assets of firms in liquidation? NCLAT to decide
The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said
 "Can financial creditor sell assets of firms in liquidation? NCLAT to decide")
Save the bankruptcy code
Govt must step in to make necessary changes
NCLAT rejects plea for insolvency proceedings against Intex Technologies
The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it
 "NCLAT rejects plea for insolvency proceedings against Intex Technologies")
Govt asks PSBs to look for alternative resolution mechanism outside IBC
Banks have also been asked to promote the disbursement of Mudra loans
Formula on cards to distribute insolvency funds: Corporate Affairs Secy
Srinivas said the "only problem" between financial and operational creditors during the litigation process in bankruptcy cases remains the amount of recovery that the creditors get
Resolving stressed financial firms
A resolution corporation is required for the failure of banks, insurance companies, and systemically important firms
 "Resolving stressed financial firms")
PTC India Financial Services thermal energy exposure to go below 10%
PFS says it is shifting its focus towards renewable energy (RE), roads and transmission
 "PTC India Financial Services thermal energy exposure to go below 10%")
Govt to soon unveil norms to protect winning bidders in IBC cases
Move to prevent reopening of claims, protect acquired assets
 "Govt to soon unveil norms to protect winning bidders in IBC cases")
SC sets aside insolvency of Jignesh Shah's firm La-Fin Financial Services
Apex court says petition moved by IL&FS Financial Services filed after three years, falls outside limitation period
 "SC sets aside insolvency of Jignesh Shah's firm La-Fin Financial Services")
Operational creditors trigger 50% of insolvency resolution process: IBBI
Of the 2,162 CIRPs initiated, 1,080 have been by operational creditors and 868 are by financial creditors
 "Operational creditors trigger 50% of insolvency resolution process: IBBI")
Recent CoC decisions raise hopes for the return of errant promoters
Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions
 "Recent CoC decisions raise hopes for the return of errant promoters")
Moving NCLT against a builder gone bust may not always work for homebuyers
Homebuyers should keep IBC as the last resort; if the delayed project is without encumbrances, they should explore self-development
 "Moving NCLT against a builder gone bust may not always work for homebuyers")
Missing the bus… again and again
There is a sincere intent on the part of the policy makers, regulator and the industry to revive the sector. The plans, however, seem to be addressing some aspects and missing in comprehensiveness
 "Missing the bus… again and again")
Nithia Capital identifies Indian stressed steel assets for acquisition
While Nithia has zeroed in on about 15 assets, only some are expected to materialise
 "Nithia Capital identifies Indian stressed steel assets for acquisition")
3 years on, just 6% resolution plans accepted under IBC, says report
Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on
 "3 years on, just 6% resolution plans accepted under IBC, says report")
