IBC

Sunday, May 19, 2024 | Last Update : 04:44 AM IST

Finance Minister Nirmala Sitharaman (Photo- PTI)

Key tax, other deadlines extended; ATM charges waived

Govt to announce economic package soon to cushion impact of coronavirus, says Sitharaman

24 Mar 2020 8:09 PM

The Reserve Bank on Friday sent the troubled mortgage lender for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.

DHFL shares fall nearly 5 pc as RBI starts resolution process

Over 17 lakh shares of DHFL were traded on the NSE, while the BSE saw an exchange of 4.51 lakh shares.

02 Dec 2019 4:37 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

The corporate insolvency resolution process for an FSP would be initiated ‘only on an application by the appropriate regulator’.

NBFCs with Rs 500 cr assets can go for insolvency resolution

On Friday, the ministry notified the framework for dealing with systemically important FSPs, excluding banks.

19 Nov 2019 9:35 AM

Finance Minister Nirmala Sitharaman (Photo: File)

No need to escalate one case to reflect everything to do with IBC: Sitharaman

Bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.

21 Oct 2019 9:58 AM

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

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 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

Finance Minister Nirmala Sitharaman. (Photo: ANI)

Finance Minister Sitharaman to meet CEOs of PSU banks on Friday

The country's largest bank, State Bank of India, has lending worth Rs 1.76 lakh crore classified as NPA till march 2019.

01 Aug 2019 10:18 AM

The NCLAT had asked state-owned NBCC, whose bid was rejected by the CoC of Jaypee Infratech, to submit fresh resolution plan for the debt-ridden company.

NCLAT extends Jaypee Infratech insolvency period by 90 days

Appellate tribunal rejected the plea of Jaiprakash Associates Ltd, the promoters of Jaypee Infratech, to be eligible to submit bid.

30 Jul 2019 3:02 PM

NCLAT gave operational creditors equal status as lenders in the distribution of the ArcelorMittal's bid amount among the creditors of Essar Steel.

Supreme Court orders status quo in Essar insolvency case

Essar Steel was auctioned under the new IBC to recover Rs 54,547 crore of unpaid dues of financial lenders.

22 Jul 2019 11:29 AM

Dutch insolvency court administrator has agreed before the NCLAT not to sell the confiscated assets of debt-ridden Jet Airways.

Dutch bankruptcy administrator moves NCLAT on Jet Airways matter

A consortium of 26 bankers led by SBI had approached NCLT to recover dues of over Rs 8,500 cr from Jet Airways.

12 Jul 2019 12:48 PM

Former promoters of Fortis Healthcare Ltd, Malvinder Singh and Shivinder Singh. (Photo: ANI)

NCLAT dismisses HDFC's insolvency plea against RHC Holding

The NCLAT had in January this year issued notices to RHC Holding and other parties and directed them to file their replies.

10 Jul 2019 12:03 PM

The ecosystem for insolvency and bankruptcy is getting systematically built out with recovery and resolution of significant amount of distressed assets.

Economic Survey: Debt recovery strengthened, claims of Rs 1.73 lakh cr settled

The Survey said that IBC has initiated a cultural shift in the dynamics between lender and borrower, promoter and creditor.

04 Jul 2019 3:31 PM

Lenders have decided to seek resolution under IBC since only a conditional bid was received.

Lenders seek Jet Airways bankruptcy in last-ditch sale effort

Jet and its lenders have been searching for new investors but have failed to agree a proposal.

18 Jun 2019 8:46 AM

The counsel further alleged that JAL is creating legal hurdles in the IBC proceedings.

Direct NCLT Allahabad for early hearing on insolvency plea against JAL: ICICI Bank

A single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Bank's plea on July 1 for hearing.

17 Jun 2019 1:18 PM

The RBI came out with a revised prudential framework for resolution of stressed assets after its February 2018 circular in this regard was struck down by the Supreme Court.

New RBI norms to give more lenders headroom to resolve large NPAs: Report

New framework provides some leeway to lenders and encourages them to refer cases to IBC, said SBI in its report.

11 Jun 2019 7:10 PM

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

In its petition, ESAHL said Arcelor Mittal India Ltd and its promoter Lakshmi Mittal had "misled" the Supreme Court, lenders and insolvency court into believing that they had ceased to have any business association with Pramod and Vinod Mittal and their companies.

Essar Steel shareholder seeks rejection of ArcelorMittal bid for company

Essar Steel shareholder ESAHL said ArcelorMittal India Ltd and its promoter Lakshmi Mittal had 'misled' Supreme Court.

07 May 2019 3:12 PM

IBBI chief M S Sahoo noted that CoCs must provide all relevant information to resolution applicants so that they find interest in the companies. (Representational Image)

Dangerous to let viable cos close down: IBBI chief

The objective of IBC is to rescue viable companies and close down unviable ones, IBBI chief M S Sahoo said.

04 May 2019 2:49 PM

Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour.

Suraksha's bid to acquire Jaypee Infra fails after creditors reject offer

Jaypee Group's promoters too are keen to retain control over its realty arm and have submitted debt resolution plan under IBC.

04 May 2019 10:44 AM

Four entities -- Etihad Airways, TPG Capital, Indigo Partners and National Investment and Infrastructure Fund (NIIF) -- are learnt to have shown interest in picking up stake in Jet Airways. (Photo: AFP/File)

Jet Airways crisis: Lenders keen on non-IBC resolution in case bidding process fails

Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily.

21 Apr 2019 11:34 AM

Financial creditors recovered 48.24 per cent of their admitted claims and operational creditors got 48.41 per cent of their admitted claims. (Representational Image)

Creditors recover nearly half of total claims in 88 insolvency cases

Claims totalling a little over Rs 1.42 trillion were admitted in 88 cases under IBC till Feb 28, IBBI data showed.

15 Apr 2019 2:02 PM

Arvind Panagariya served as the first vice chairman of NITI Aayog for two years from 2015 to 2017.

Modi govt has major successes in social sector schemes: Panagariya

Panagariya said government has managed to accelerate outcomes in sectors like roads, railways, waterways, aviation and digitisation.

14 Apr 2019 3:45 PM

MS Sahoo, who is at the helm of the Insolvency and Bankruptcy Board of India (IBBI), noted that the code does not rule out recovery, but it must be incidental to reorganisation.

Insolvency law's objective is reorganisation of defaulting firms: IBBI's Sahoo

Insolvency and Bankruptcy Code provides a framework for market-driven and time-bound resolution process.

31 Mar 2019 4:54 PM

Corporate Affairs Secretary Injeti Srinivas said that personal insolvency should be approached carefully and in a planned manner. (Representational Image)

Over 12,000 cases filed since implementation of insolvency law, says govt

Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.

26 Mar 2019 12:42 PM

Noting that the IBC is the last resort, Srinivas said that if there is inherent capacity for a company to bounce back, then it is best for members of the company and the creditors to try and see how it can be resolved.

Creditors-company negotiations better than insolvency: govt official on Jet Airways

In afternoon trade, shares of Jet Airways rose nearly three per cent to Rs 232.35 on the BSE.

25 Mar 2019 1:36 PM

NCLAT has upheld the previous order of the Chandigarh bench of NCLT, which had imposed a cost of Rs 1 lakh on Liberty House citing casual approach.

NCLAT allows withdrawal of Liberty House bid for ARGL

NCLAT also said that its order would not debate Liberty House in participating in other resolution processes.

08 Mar 2019 12:55 PM

Over Rs 2 lakh crorebad loans settled, says govt offical

Injeti Srinivas was speaking at the inaugural session of a three-day international conference on 'Insolvency and Bankruptcy Laws'.

01 Mar 2019 4:14 PM

IBC brought back Rs 3 lakh crore into banking system: Jaitley

On the issue of non-performing assets (NPAs), he said the curve is going down.

01 Mar 2019 11:42 AM

PNB with a score of 78.4 out of 100 has been ranked first in the EASE. (Photo: File)

Fraud-hit PNB ranks highest in implementation of 'reforms agenda' in 2018: Study

The bank's net profit rose 7.12 per cent to Rs 247 crore in the three months to December 2018.

28 Feb 2019 5:32 PM

The fund will be operational for eight years and will be in the investment mode for next four years. (Photo: File)

Kotak ties up with ADIA for USD 600 mn distressed assets fund

ADIA has committed USD 500 million for the special situations fund, while Kotak will invest the remaining.

28 Feb 2019 5:21 PM

The application has been filed under Section 7 of the Insolvency and Bankruptcy Code 2016. (Photo: ANI)

JM Financial files application with NCLT against Hotel Leela Venture

The potential share issue could have hiked the JMARC’s stake in Leela Venture to 75 per cent from the current 26 per cent.

26 Feb 2019 2:21 PM

'Effective steps' on anvil to deal with frivolous bids under IBC, says official

Srinivas also said a time would come when the Code becomes the last resort to deal with stressed assets.

26 Feb 2019 2:18 PM

This body appoints insolvency professionals taken from the RBI or the finance or law ministries to run a sick company till the case is resolved.

New recovery process works

There’s also a need to set up a Public Credit Registry swiftly that would offer information on a borrower’s creditworthiness.

30 Dec 2018 12:10 AM

IBC is unlikely to greatly improve loan recovery rates and there is a need to increase bad asset provisioning to above the present 50 per cent.

Keep more capital buffer for your own interest: RBI ED to banks

Banks with capital will get going and those without it will be punished by the ecosystem.

07 Dec 2018 12:22 PM

Finance Minister Arun Jaitley. (Photo: Twitter | ANI)

Trade war will help India emerge as bigger trading, mfg base: Jaitley

Jaitley said the rising oil prices, too, pose a challenge for the economy, since India is a net importer of crude oil.

28 Sep 2018 12:56 PM

Gross NPAs at the end of the quarter ended June 30, 2018 were Rs 82,888.79 cr¬ore, which was a rise of 43 per cent over the same time last year.

PNB eyes IBC route for Rs 6,000 crore power NPA recovery

PNB will go for the NCLT route of recovery rather than debt restructuring with companies.

29 Aug 2018 9:22 AM

As per the BSE, the surveillance measures shall be in conjunction with all other prevailing surveillance measures.

Cos under insolvency process to face additional surveillance

The data available with the BSE shows that 75 firms are undergoing insolvency process as per the IBC.

09 Jun 2018 5:36 PM

With the proposed revision, home buyers will be equally treated with financial lenders in the liquidation proceeds of the defaulting builder.

IBC tweak to help homebuyers, to hit lenders

As operational creditors, home buyers’ inte-rests are not fully optimised up till now.

25 May 2018 1:31 AM

Yes Bank said write back of provisions consequent to the above recoveries were Rs 36 crore.

Yes Bank recovers 66 pc of original claim filed for Bhushan Steel

Shares of Yes Bank were trading 0.25 per cent lower at Rs 333.85 apiece on BSE.

23 May 2018 11:28 AM

Mittal also made a strong case for reducing interest rates by 100 basis points or 1 per cent to help the industry.

Allow promoters to bid under IBC if not willful defaulters: CII

Non-performing assets in the banking sector were over Rs 8.31 lakh crore at the end of December 2017.

26 Apr 2018 3:09 PM

A new law on insolvency and resolution process has facilitated this transfer of ownership and operational management.

Bankers clear Ebix resolution plan for Educomp

Changes in the IBC were aimed at giving companies a chance to revive, bring in fresh capital into the country.

25 Apr 2018 11:51 AM

Withdrawal of all debt restructuring tools by the Reserve Bank of India will lead to more assets being classified as non-performing or bad loans. (Photo: PTI)

Banks anticipate tough Q4 as RBI tightens NPA norms

State Bank of India and PNB has deposited significantly lower advance tax during the quarter.

28 Mar 2018 3:50 PM

BIL denied reports of resolution professional alleging fraud by BIL promoters. (Photo: PTI)

No violation in Rs 7,266 cr bid for Binani Cement under IBC, says UltraTech

All the creditors, who are against the bid from the present resolution plan have gone to NCLT.

22 Mar 2018 11:59 AM

The Supreme Court of India. (Photo: PTI)

IDBI Bank rushes to SC with plea to review stay on Jaypee insolvency

SC accepts bank's petition and posts matter for hearing on Monday; homebuyers oppose bank's fresh submission.

05 Sep 2017 11:43 AM

Ajay Tyagi who is a 1984 batch IAS officer assumed office of Sebi chair on March 1, 2017. (Photo: PTI).

Bankruptcy code can help deepen bond markets: Sebi

Chief Ajay Tyagi adds bankruptcy reforms have had significant impact on developing corporate bonds in various countries.

19 Aug 2017 4:58 PM

Out of these 12 accounts, nine have already been referred to the NCLT. (Photo: PTI/Representational)

Bankers review progress of 12 large NPA accounts under IBC

IAC has referred all accounts whose fund and non-fund based loans are greater than Rs 5,000 crore.

08 Aug 2017 9:19 AM

The extra provisioning, which directly impacts the bottomlines, will eat into banks profits by around 25 per cent in FY18.

IBC: Banks to set aside Rs 18,000 cr in FY18, expect 25 per cent profit

SBI had conceded that it will require more provisions but ruled out big impact on profits.

18 Jul 2017 2:31 PM

The steel company's debt has increased to over Rs 42,000 crores.

Gujarat HC junks Essar Steel plea against RBI's order

Essar Steel was among 12 accounts that were identified for insolvency proceedings.

17 Jul 2017 5:35 PM

Gujarat HC rejects Essar Steel plea against IBC circular

Earlier, HC had stayed insolvency proceedings against Essar Steel that was named among 12 major NPAs.

17 Jul 2017 4:51 PM

Banks face an astronomous $150 bn bad loans to repay.

Insolvency and Bankruptcy Code explained

IBC that was passed in May 2016 replaced three existing laws on insolvency and bankruptcy.

13 Jul 2017 3:14 PM

SBI files insolvency against Electrosteel at NCLT

The move comes amid SBI and other lenders starting insolvency proceedings against the 12 bad loan accounts identified by RBI.

29 Jun 2017 2:57 PM

Banks to increase provisioning by 25 per cent post NPA haircut: Crisil

The RBI over a fortnight back referred the 12 largest bad loans for resolution under the Insolvency and Bankruptcy Code 2016.

26 Jun 2017 5:14 PM

Essar, Bhushan Steels and Electrosteel referred to NCLT for insolvency

Essar Steel, Bhushan Steel and Electrosteel Steel collectively have NPAs worth Rs 1 lakh crore.

23 Jun 2017 11:16 AM

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