Page 2 - Insolvency

Ruchi Soya insolvency: Adani Wilmar ineligible to bid, says Patanjali

The firm's brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold

Why IBBI's claim of recovering 70% of debt from 12 cases is doubtful

Sources at the IBBI said the numbers in the resolution plan and the board's report may vary because the board included the claims of the homebuyers

Insolvency: Miglani family in talks with foreign investors to settle dues

ArcelorMittal had parked Rs 70 billion for Uttam Galva Steels and KSS Petron, classified as non-performing assets for more than a year, to become eligible for bidding at Essar Steel

Objective of IBC is resolution, not liquidation, says IBBI chief MS Sahoo

Of the 130 cases, around 100 were probably liquidated

Nagarjuna Oil insolvency: NCLT further extends resolution period by 60 days

The NCLT had earlier extended the period for Corporate Insolvency Resolution Process (CIRP) by 90 days with effect from 21 January 2018

NCLAT asks Tata Steel if it would pay Bhushan Steel's GST, income tax dues

The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month. The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acquisition filed by Bhushan Steel's founding Singal family and the firm's operational creditor Larsen and Toubro, asked Tata Steel to submit a statement of statutory dues of the company. The two member bench headed by NCLAT Chairman, Justice S J Mukhopadhaya also asked the Resolution Professional, which oversaw the auction of Bhushan Steel, to state how much would L&T get from Rs 532 crore offered to all the operational creditors. Bhushan Steel owed its lenders about Rs 56,000 crore and was among the 12 big loan defaulters identified by the Reserve Bank of India last year to undergo insolvency under the new bankruptcy law. Tata Steel offered Rs 35,200 crore in cash to acquire Bhushan Steel. ..

IBC not being used to full extent; lenders need to do more: IBBI chief

The CoC, which includes both financial as well as operational creditors of a company, should be "proactive", he said

YES Bank recovers Rs 1.84 bn, or 66% of original claim, from Bhushan Steel

Tata Steel had won the bid to acquire debt-laden Bhushan Steel in an insolvency auction

Protecting the insolvency process

Regulatory forbearance should be viewed with caution

Insolvency rules tweaked to maximise bid value, period of restructuring cut

Restructuring time for stressed assets reduced by 15 days

Insolvency regulator empanels resolution professionals to save NCLT's time

The list will be renewed with additions after six months

CBDT relaxes norms for MAT on firms facing insolvency

To minimise genuine hardships faced by affected companies, said the Central Board of Direct Taxes

A fair chance

Promoters shouldn't be allowed to game insolvency process

Lenders prefer sectoral guidelines for choosing buyers in insolvency sales

Bankers feel that if a company is sold at less than half its valuation it will be unfair for creditors

Insolvency order against treatment firm VA Tech Wabag

Sources said the parties had a contractual dispute in terms of the payment of the amount

Insolvency reforms: Gradually and then suddenly

Nearly 400 resolution processes, six liquidations and 40 voluntary liquidations are on

Insolvency reforms: Crucial year ahead for regulator

Uncertainties cloud over approvals required for implementing sanctioned plans

Debtors raise concerns on resolution rules under insolvency code

Even as creditors are going ahead with the insolvency proceedings initiated against 12 companies under the new Insolvency and Bankruptcy Code (IBC), the latter are raising concerns on the procedures for appointment of Interim Resolution Professionals (IRPs). It appears some of the companies have approached the Securities and Exchange Board of India and other authorities for clarity on whether the current securities law, especially on insider trading and the takeover code, would apply. "Some contentions have been raised over the insolvency proceedings. We are studying the feedback received," said a regulatory official. Under the IBC, if a borrower is unable to pay the debt in a given time, a creditor can initiate insolvency resolution proceedings. Either a creditor or debtor company has to file an application, with proof of default, to the National Company Law Tribunal for initiating the process of resolution. The IRP, within seven days of taking charge, will appoint a registered ...

180-day moratorium: 3 of 4 firms seek extension, one goes for liquidation

4 of the cases were UB Engineering, Innoventive Industries, Nicco Corporation, Synergies Dooray

NCLT questions insolvency proceedings

The next date of hearing on this issue is on July 25