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Insolvency and Bankruptcy Code News

Insolvency and Bankruptcy Code

05 Jul 2024

Understanding Waterfall Mechanism In Sec 53 Of Insolvency & Bankruptcy Code

A crucial element of the waterfall mechanism is the full payment of Insolvency Resolution Process costs before any distributions are made to other stakeholders.

19 Mar 2024

Real Estate Allottees As Financial Creditors Get Boost With SC Order

Although it has been over five years since the inclusion of real estate project allottees as Financial Creditors under the Insolvency and Bankruptcy Code, several issues about their rights, status, treatment etc remain unresolved.

Supertech Ltd bankruptcy

26 Mar 2022

Delhi-NCR's other real estate firms facing insolvency proceedings; check here

Meanwhile, many real estate companies are facing insolvency proceedings including Jaypee Infratech and Mumbai-based HDIL. Amrapali group and Unitech group have also defaulted in delivering many projects, particularly in Delhi-NCR, affecting thousands of homebuyers.

Insolvency and Bankruptcy Code

31 Dec 2021

Centre seeks comments on proposed changes to insolvency law ahead of Budget

The Centre is inviting recommendations on provisions related to the time period for approval of resolution plans. Comments on rules related to avoidable transactions and wrongful trading are also welcome. The Central government has sought comments on the recent proposals by January 13, 2022.

13 Jul 2021

Centre to bring 23 Bills in Parliament’s Monsoon Session

Monsoon Session of Parliament is set to begin on July 19 The Centre will bring 23 Bills in the House

02 Aug 2019

Business failure must not be looked down upon: FM on VG Siddhartha's death

Siddhartha's body was found on the banks of the Netravathi river in Karnataka on Wednesday. In a letter purportedly written by him, Siddhartha alleged, among other reasons, harassment by the Income Tax department as the cause for taking his own life.

15 May 2019

IBC process helps recover Rs 70K cr bad loans in FY19: Report

According to its president Gurpreet Chatwal, the recovery rate for the 94 cases resolved through IBC by FY2018-19 is 43 per cent, compared with 26.5 per cent through earlier resolution mechanisms.

03 Apr 2019

Banks can now refer defaulters to NCLT on case by case basis: Bankers

The Supreme Court on Tuesday quashed the RBI's February 12 circular, which prescribed rules for recognising one-day defaults by large corporates and initiating insolvency action as a remedy.

25 Jan 2019

SC upholds constitutional validity of Insolvency and Bankruptcy Code

The bench disposed of a batch of pleas filed by companies challenging various provisions of the IBC.

03 Jan 2019

Jaitley targets previous UPA government as IBC Code completes two years

Jaitley said the Congress left behind the legacy of an anachronic system of resolving commercial insolvency.

27 Dec 2018

Non-adherence to timelines under IBC a major concern, says govt official

The code, which became fully operational in December 2016, provides for a market-determined and time-bound insolvency resolution process.

President Ram Nath Kovind

06 Jun 2018

President approves promulgation of IBC amendment Ordinance 2018

The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors.

23 May 2018

Cabinet clears amendments to bankruptcy code

A 14-member Insolvency Law Committee had made suggestions to the Ministry of Corporate Affairs, including addressing woes of home buyers and making recoveries easier for lenders.

19 Apr 2018

Fresh bids invited for ABG Shipyard under insolvency law

ABG Shipyard is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code(IBC, 2016) as per the orders of NCLT.

Reserve Bank of India

13 Feb 2018

RBI notifies revised framework to deal with bad loans

The new guidelines have specified framework for early identification and reporting of stressed assets.

Economic Survey

29 Jan 2018

IBC mechanism used actively to resolve bad loan problem: Economic Survey

Insolvency and Bankruptcy Code has provided a resolution framework that will help corporates clean up their balance sheets and reduce debts.

Insolvency and Bankruptcy Code

23 Nov 2017

IBC Ordinance to have no impact on valuation of assets under resolution: SBI chief

The President today gave his assent to the Ordinance amending the Insolvency & Bankruptcy Code, 2016.

Insolvency and Bankruptcy Code

23 Nov 2017

Insolvency and Bankruptcy Code 2016: Check out gist of the amendments

The IBC became operational in December 2016 and provides for a time-bound insolvency resolution process.

Insolvency and Bankruptcy Code

23 Nov 2017

President approves ordinance on Insolvency and Bankruptcy Code

The ordinance was approved by the cabinet on Wednesday.

Insolvency and Bankruptcy Code

22 Nov 2017

Govt to come out with ordinance to tighten insolvency law

The Code, which became operational in December last year, provides a market-determined and time-bound insolvency resolution process. Over 300 cases have already been approved by the National Company Law Tribunal (NCLT) to be taken up under the law, implemented by the corporate affairs ministry.

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