Ibc

Downward shift in liquidations seen under IBC: IBBI chairperson Ravi Mittal

Of the total cases ending in liquidation, 211 had admitted claims of more than Rs 1,000 crore, with aggregate claims of Rs 9.59 lakh crore

Ibbi proposes coordinated insolvency resolution for interconnected entities

Ibbi has noted that the current IBC process treats each entity as a standalone unit, overlooking the intricate web of interdependencies often present in modern business ecosystems

Companies in India not using IBC enough to resolve insolvency: IBBI chief

IBBI data suggests that the share of CIRPs initiated by corporate debtors or companies is declining over time

NPA cases referred for resolution, amount involved drop in 2023-24

As a result, the amount involved and the amount recovered in absolute terms was also lower than the amount involved and recovered in 2022-23

IBBI, IBA to launch centralised platform for asset liquidation auctions

Initially, the platform will be deployed in pilot mode, with a full rollout planned at a later date after incorporating improvements based on usage feedback

Bids for KSK Mahanadi Power skyrocket post Adani Group's Rs 12,500 cr offer

Adani Group's Rs 12,500 crore bid to acquire KSK Mahanadi Power has prompted other bidders to revise their offers upwards, and the final number could be much higher, according to sources. Following the implementation of the Committee of Creditors (CoC) Challenge Mechanism, lenders to the distressed power plant are now hopeful of a full recovery from the non-performing asset, an extremely rare feat in IBC proceedings. Sources within the Insolvency and Bankruptcy Code (IBC) framework have credited Adani's initial high bid of Rs 12,500 crore, which was 62 per cent or Rs 4,800 crore higher than the second bidder for reigniting interest in KSK Mahanadi. Six of the original ten bidders, including NTPC, have now submitted revised offers close to Adani's bid, demonstrating strong competition and driving up the asset's value. This reflects the IBC's emphasis on value maximisation, industry insiders noted. Adani's competitive bid, which aggregates to Rs 27,000 crore when combined with KSK ..

There is a need for second-generation IBC reforms, says Amitabh Kant

India's G20 Sherpa called for opening doors to non-sovereign or private players to deploy technology for improved court management

Strengthening IBC: Extend prepack to big companies, says industry

Both the finance minister and the economic survey have highlighted the success of IBC

Can improve recovery rate under IBC to 40%: IBBI chairperson to RPs

In accounting terms, a going concern entity is expected to survive and thrive for at least the next 12 months, even if it is going through insolvency proceedings

At 269, NCLT approves record resolutions under IBC in FY24: IBBI data

However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

NCLAT sets aside insolvency process against Dream 11 parent company

Section 10A deals with the suspension of initiation of insolvency process for any default arising on or after March 25, 2020, for a period of six months or extending to one year

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

After making insolvency process creditor-driven, can IBC address the delays

Experts point out that though the IBBI data reflects a steady rise in the total number of insolvencies admitted, the year-on-year increase does not show a consistent trend

Reached settlement with Celestial Aviation, formalities remain: SpiceJet

SpiceJet informs NCLT of near resolution in dispute with aircraft lessor Celestial Aviation requested an adjournment to finalise the settlement process

A third of withdrawn insolvency processes fully settled, says IBBI

IBBI said that the credible threat of the code that a company may change hands has changed the behaviour of debtors

The post-May 2024 dilemma

Even if we have a majority government, economic performance will be sub-optimal without political consensus on reforms

Economic prospects

Interventions needed to support long-term growth

Battery maker IBC raises $35 mn to fund manufacturing expansion in India

Company says it is developing products are safe at high temperatures and have a longer life

IBC needs further changes for resolution of biz conglomerates: RBI Dy Guv

Swaminathan J, deputy governor, RBI said that very often business conglomerates have intricate corporate structure with inter-connected related-party relationships that add to the complexity

Resolve this: How India's insolvency process drags on, erodes asset value

Litigation tactics of corporate debtors and poor judicial infrastructure among reasons for delay