Insolvency And Bankruptcy Code

Friday, Apr 26, 2024 | Last Update : 04:12 AM IST

insolvency and bankruptcy code

Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the Monsoon Session of Parliament. (Photo: PTI)

Rajya Sabha adjourned for day, passes Insolvency and Bankruptcy Code Bill

The chair called Amar Patnaik (BJD) to initiate the debate on the bill

03 Aug 2021 4:05 PM

We are working out a mechanism where the resolution applicant, who through this entire court supervised process is acquiring a stressed asset as a going concern, will not be encumbered by the criminal liability relating to the company which has been caused by the previous management, an official said.

Govt plans to amend IBC to ring-fence buyers of stressed assets from prosecution

The move will help make the insolvency process more attractive for the bidders and instil confidence in them, sources said.

24 Nov 2019 5:29 PM

Finance Minister Nirmala Sitharaman, while talking to reporters, said states too will have to make efforts in improving the business climate in India, especially with regard to property registration. (Photo: File)

Sitharaman promises further GST simplification to help India improve biz ranking

India has jumped 14 places to rank 63rd in the World Bank's ease of doing business ranking index and the country aims to be within 50.

24 Oct 2019 4:07 PM

We had GST (goods and services tax). We had IBC (insolvency and bankruptcy code). All these reforms have been implemented in last three years. And as a result, we are in a transition period. A lot of cleanup has happened in the corporate sector, said SBI Chairman Rajnish Kumar. (Photo: File)

Indian economy in transition phase, growth to come back: SBI Chairman

Growth can come back. Because of a lot of (reforms), economy is in transition, said SBI chief Rajnish Kumar.

24 Oct 2019 12:36 PM

It is not a very happy situation. There is a feedback...threshold approach has to be looked at, Corporate Affairs Secretary Injeti Srinivas.(Photo: File)

Govt mulls raising Rs 1 lakh default threshold for invoking IBC: Srinivas

The banks should be looking at other options for recovering loans before invoking the IBC, said Corp Affairs Secy Injeti Srinivas.

14 Oct 2019 10:18 PM

Corporate Affairs Secretary Injeti Srinivas said discussions have been held with the microfinance industry regarding criteria for the proposed waiver for small distressed borrowers from the economically weaker section (EWS). (Photo: File)

Govt plans loan waiver for 'small distressed borrowers' under insolvency law

The proposed waiver would be offered as part of 'Fresh Start' provisions under the Insolvency and Bankruptcy Code.

18 Aug 2019 2:17 PM

We have requested the government for infusion. The government will decide as to how to be given (it to) the bank, said Syndicate Bank MD Mrutyunjay Mahapatra.

Syndicate Bank expects Rs 4,000 cr from NPA recovery in FY20

The bank has recovered about Rs 800 crore in the first quarter, said Syndicate Bank MD Mrutyunjay Mahapatra.

12 Aug 2019 5:06 PM

The SC order came on petitions filed on behalf of 181 builders.

Homebuyers can file insolvency cases: Supreme Court

The court described remedies under the Consumer Protection Act, 1986, and RERA as “concurrent remedies”.

10 Aug 2019 1:24 AM

A bench headed by Justice R F Nariman, which disposed of a batch of over 180 petitions filed by various builders. (Photo: File)

SC upholds IBC amendments, status of homebuyers as financial creditors

The bench said only genuine homebuyers can invoke insolvency proceedings against the builder.

09 Aug 2019 12:09 PM

The Union of India/ILFS are directed to file a fresh Progress Report by September 3, 2019, said the appellate tribunal.

NCLAT expresses displeasure over delay in IL&FS resolution

NCLAT directed Corporate Affairs Ministry and IL&FS group to file a fresh progress report by September 3.

08 Aug 2019 8:43 PM

The full service carrier stopped flying on April 17 as it ran out of money for daily operations. (Photo: Representational/PTI)

Jet Airways employees seek interim financial relief

AK Mohanty said one month's salary should be released to Jet Airways employees for their basic survival.

06 Aug 2019 3:46 PM

Sitharaman hoped that the proposed amendments will help in timely disposal of cases and said that the delay at admission stage was itself worrying. (Photo: ANI)

Rajya Sabha approves Insolvency and Bankruptcy Code (Amendment) Bill, 2019

Manish Gupta supported the Bill but added that the Bill should have been referred to a parliamentary panel for further scrutiny.

30 Jul 2019 9:47 AM

Public sector banks, which account for over 80 per cent of the NPAs in the system, alone could see gross NPAs climb down over 400 bps to approximately 10.6 per cent by March 2020, from a peak of 14.6 per cent in March 2018. (Photo: Representational)

By March 2020, banks’ gross NPAs to reduce to 8 per cent

The banking system saw gross NPAs reaching a peak of 11.5 per cent in March 2018. In March 2019 NPAs stood at 9.3 per cent.

27 Jun 2019 2:00 PM

Etihad and the Hinduja Group demanded over 85% haircut on Jet’s debt.

Jet Air lands in NCLT as banks give up on revival

The decision was taken after a meeting of the lenders, as they have not yet received any concrete proposal for the airline.

18 Jun 2019 6:39 AM

Moody's said, extension of the circular to non-bank finance companies (NBFCs) will help align the loan loss provisioning norms for the large stressed accounts of NBFCs with commercial banks.

RBI's new prudential framework for stressed asset resolution credit positive: Moody's

RBI issued a framework for resolution of stressed assets, which give banks 30 days to review a borrower account before labelling it NPA.

10 Jun 2019 11:21 AM

India's envoy to Singapore Jawed Ashraf assured that the IBC will continue to get improved, which will see the investment cycle picking up especially with the participation of the private sector. (Representational Image)

Singapore can become major investor in India's stressed assets, says envoy

A large part of existing investment is Singapore's government linked funds and private equity funds in India.

07 Jun 2019 12:50 PM

The Supreme Court (Representational image)

New NPA resolution norms soon

The SC had clarified that the Centre has to authorise the RBI to issue direction to banks/non-banks if it were an insolvency case.

07 Jun 2019 6:56 AM

‘Haircut compared to amount due, but bonus compared to liquidation value’

According to Sahoo, the resolution plans have yielded about 200 per cent of liquidation value for creditors.

04 Jun 2019 2:17 AM

During the first half of the previous fiscal, banks recovered Rs 60,713 crore from bad loans. (Representational Image)

Public sector banks recover Rs 1.2 lakh cr from bad loans in 2018-19

Banks recovered close to Rs 55,000 crore from the NCLT resolution, an official said.

25 May 2019 1:12 PM

As on March 31, 2019, there were 1,143 cases outstanding under the IBC of which resolution in 32 per cent of the cases was pending for more than 270 days.

IBC process helps recover Rs 70,000 cr bad loans in FY19: Report

The recovery rate for the 94 cases resolved through IBC by FY2018-19 is 43 per cent.

15 May 2019 8:49 AM

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Sunil Gatade