Bankruptcy Norms

Big Lots sells biz to Nexus Capital as it begins bankruptcy proceedings

A stalking horse bid is used as a starting or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or the company

Big Lots sells biz to Nexus Capital as it begins bankruptcy proceedings

A stalking horse bid is used as a starting or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or the company

IBBI issues new guidelines for appointing IPs as resolution professionals

The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees. Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective from July 1, 2024, to December 31, 2024. The panel will be shared with the National Company Law Tribunal and the Debt Recovery Tribunal (DRT) to avoid administrative delays. The panel will have a validity of six months. To be eligible for inclusion in the panel, the IPs must have no pending disciplinary proceedings or convicted in the last three years by a court of competent jurisdiction. Further, they also hold an authorisation for assignment, which will be valid till the validity of the panel, and submit an expression of interest, along with their consent to act in various capacities. In addition, they should have prior experience in handling assignme

Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters

Noida, Ghaziabad goes to polls tomorrow but the sentiment in the industrial hubs show a stark contrast

Special Courts with sessions judges can try offences under IBC: SC

The High Court had observed that the objective of the legislature was not to burden a special court comprising a sessions judge with trials under the IBC

Adam Neumann moves to buy back WeWork as it seeks funds to exit bankruptcy

Adam Neumann had submitted a bid of more than $500 million to buy back WeWork, Reuters reported last month citing a person familiar with the matter

Funds safe, claims edtech major Byju's after US court's freeze order

In Delaware hearing, Judge rejects lenders' request for mandatory injunction, said Byju's. Instead orders a preliminary injunction, effectively seeking to maintain status quo

Central Bank, JC Flowers ARC join race to bid for Future Enterprises

Bidders interested in two insurance joint ventures

WeWork India likely to buy back 27% from bankrupt global business

While WeWork struggles, Indian firm's valuation has shot up

SC upholds validity of key provisions of Insolvency and Bankruptcy Code

The Supreme Court on Thursday upheld certain key provisions of the Insolvency and Bankruptcy Code (IBC) amid the claim of several petitioners that that they are violative of fundamental rights like the right to equality of those against whom insolvency proceedings are initiated. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra decided as many as 391 petitions challenging various provisions of the IBC. Many pleas challenged the constitutional validity of sections 95(1), 96(1), 97(5), 99(1), 99(2), 99(4), 99(5), 99(6) and 100 of the Code. These provisions deal with the various stages of insolvency proceedings against a defaulting firm or individuals. Upholding the provisions to be constitutionally valid, the bench held that they did not suffer from arbitrariness as contended. "The IBC cannot be held to be operating in a retroactive manner in order to hold it violative of the Constitution. Thus, we hold that the statute does not suffer from

How India's bankruptcy code framework is undergoing a quiet makeover

The insolvency regulator has in fact sought public comments on all the regulations it has notified under the code

Vantage emerges highest bidder for SKS Power Generation with Rs 1,800 cr

The bid by Ahmedabad-based Torrent is a close second with a difference of just Rs 7 crore, said a banking source

Speed and capacity

Restoring trust in IBC must be a priority

IBBI rescinds 11 circulars issued from 2018 to 2021 to avoid duplication

Contents of these circulars have already been included subsequently in updated regulations issued by the IBBI

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

Companies can now register themselves as insolvency professionals

Earlier, the regulations only allowed the IPEs to provide support services to insolvency professionals

New amendments to bankruptcy code look to boost returns of stressed assets

IBBI had invited comments from the stakeholders to suggest if parts of stressed assets could be sold off instead of as a whole

IBBI discussion paper proposes increasing fees on service providers

The Board is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government, it says

Jayaswal Neco case to help bankrupt cos, lenders to resolve debt faster

Lenders may sign out-of-court settlements with other bankrupt companies, ARCs

Save the bankruptcy code

Govt must step in to make necessary changes