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Tags : "IBC"

Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill

A surge in the number of companies being dragged through insolvency proceedings after the suspension of the Insolvency and Bankruptcy Code (IBC) is lifted is unlikely, according to finance minister Nirmala Sitharman. Responding to a discussion on the IBC amendment bill in Lok Sabha, Sitharaman said stakeholders have other options for loan stress resolution and […]Read More

Rajya Sabha passes amendment in Insolvency and Bankruptcy Code

The Rajya Sabha on Saturday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 amid the coronavirus pandemic. Replying to a debate on the Bill in the House, Finance Minister Nirmala Sitharaman said the intention of the […]Read More

SBI, asset reconstruction companies fear RBI’s stance may block many

Mumbai: Reserve Bank of India has asked asset reconstruction companies to submit plans of bankrupt companies where they are acting as resolution applicants, leaving them worried about their role in such cases and concerned over erosion in the value of assets they intend to acquire. “You are advised to inform us whether your company is […]Read More

SC says govt should cancel licenses, auction spectrum if dues

The Supreme Court has said that the government should move to cancel licenses and spectrum if statutory dues are being wiped out. This will be tough for Reliance Communications (RCom) and Aircel, who are about to sell their assets including airwaves to a third party, but have pending adjusted gross revenue (AGR) dues. “The government […]Read More

Government considering pre-packaged resolution for stressed firms under IBC

The government is looking to provide a pre-packaged resolution framework for stressed companies under the Insolvency and Bankruptcy Code (IBC). A pre-packaged resolution, where a company prepares a restructuring plan in cooperation with its creditors before initiating insolvency proceedings, reduces the time and costs involved in the process. “Government has set up a committee to […]Read More

Sebi rethinks minimum public shareholding norms for companies under insolvency

Mumbai: Learning its lesson from Ruchi Soya Industries’ extreme share price movement after the company went through insolvency proceedings, the Securities and Exchange Board of India (Sebi) proposed to rejig the minimum public shareholding norms for firms under insolvency. In a consultation paper floated on Wednesday, the markets regulator proposed three options for companies which […]Read More

Modi’s plans to reform India hinge on one aspect: Free

By Arvind PanagariyaSince the second UPA government, India has come a long way on the road to reforms. Insolvency and Bankruptcy Act (IBC), goods and services tax (GST), direct benefit transfers (DBT), National Medical Commission (NMC) Act, Ayushman Bharat Yojana, slashing of corporate profit tax, commercial mining in coal and agricultural marketing reforms are some […]Read More

IBBI proposes to limit cases with insolvency professionals

NEW DELHI: In what may bring about major reform and efficiency in the insolvency regime in India, the Insolvency and Bankruptcy Board of India (IBBI) has proposed to limit the number of cases an insolvency professional can handle to five as it noted that few insolvency professionals (IP) are handling too many cases In a […]Read More

View: Fear of flattening the business curve

By Ritin Rai The Ordinance amending the Insolvency and Bankruptcy Code (IBC), and suspending the law for six months from June 5, was long overdue. Over the last two months during Covid-19 lockdown, commentators had suggested more nuanced amendments to IBC to address the pandemic’s impact on businesses and the economy. GoI has, however, adopted […]Read More