Page 2 - Ibc Rules

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

MDs, CEOs of ARCs can't have more than 3 terms in office without a cool-off

RBI allows ARCs to bid for assets in IBC cases

Draft Telecom Bill: Centre to take spectrum back if telcos fail to pay dues

The draft telecom bill also recognised that the spectrum is a valuable resource and provided for the assignment of the spectrum for the public good

New telecom bill may clarify on insolvency norms for stressed firms: Report

With Indian Telecommunication Bill, 2022, a spectrum will be held by a telco till it continues to pay the dues and provide the services. Once the service stops, the spectrum will go to the government

Central Bank withdraws IBC case as Aban Offshore pays one-time settlement

The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan

BoI takes Future Lifestyle to NCLT under bankruptcy code for due recovery

FLFL - in its filing with the BSE - said Saraf and Partners, advocates, on behalf of BoI, has served a petition under Section 7 of the IBC 2016

SC ruling on IBC will have overriding effect over indirect tax recoveries

The move, according to tax experts, will set a precedent for matters related to recoveries

Power to admit insolvency application not binding even when debt owed: SC

The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent

IBBI amends rules, creditors may get power to remove liquidator under IBC

IBBI wants liquidation timeline reduced

Insolvency professionals back success fee, warn against over-regulation

The NCLAT held that success fee is more in the nature of contingency and speculative it is not part of IBC provisions and is not chargeable

Resolution plan submitted before NCLT can't be modified or withdrawn: SC

The Supreme Court on Monday held that CoC approved resolution plan submitted to the National Company Law Tribunal (NCLT) cannot be modified or withdrawn as it would create another tier of negotiations

Feudalism of corporate debtors gone after IBC implementation, says CEA

With the implementation of the insolvency law, the days of feudalism of corporate debtors where they had considered it their divine right to be in control are gone: Chief Economic Adviser

Stressed steel plants acquired via IBC seeing faster turnaround: CRISIL

The steel plants acquired via IBC process include Bhushan Steel, Essar Steel, Electrosteel Steels, Monnet Ispat & Energy Ltd and Bhushan Power & Steel

Piramal Group's resolution plan for beleaguered DHFL gets NCLT nod

Piramal's plan offers to pay Rs 37,250 crore, with upfront cash of Rs 12,700 crore.

Govt brings ordinance to introduce pre-packaged debt resolution for MSMEs

The latest move comes less than two weeks after the suspension of certain IBC provisions ended

NCLT needs clear set of protocols to flatten bankruptcy curve, say experts

Debt restructuring schemes under company law, and introduction of Code-based pre-packs are worth exploring, say experts

IBC suspended for a year, Covid-19 related debt exempted from default

The Corporate Affairs ministry will issue a special circular to define the time period which will cover "covid related debt" to be exempted from default, the finance minister said

GST compliance of companies under IBC: Gaps in the new mechanism

The gaps need to be plugged immediately if this long-standing issue has to be addressed keeping in mind the intent and objectives of IBC, 2016

Insolvency limited to concerned realty project, won't impact others: NCLAT

The appellate tribunal has also suggested that there should also be a reverse corporate insolvency process in such cases

Systemic change: Hits and misses of India's bankruptcy reforms code

IBC has had a carrot-and-stick effect - making companies serious about governance and bringing stuck capital back into the economy. It seems to be a work in progress, but the system is surely working