The Gujarat High Court verdict in the Essar Steel case sanctifies the IBC process and strengthens the hands of lenders Counter-intuitive as it might
Category: IBC-SEBI
Insolvency: Landmark bankruptcy ruling: Loan defaulters’ personal wealth can now be auctioned–Economic Times–19.07.2017
The court has ordered lenders to go after the personal properties of M/s Schweitzer Systemtek India though the company brought in voluntary bankruptcy proceedings. MUMBAI:
Insolvency and Bankruptcy Code: ‘Gujarat High Court views could delay Insolvency Code resolutions’-Economic Times–19.07.2017
The government pushed through the IBC to hasten up recoveries from defaulters MUMBAI: The Gujarat High Court may have dismissed Essar Steel’s petition challenging the
Essar Steel: Gujarat HC turns down Essar Steel’s bad loan plea in big win for banks–Economic Times–19.07.2017
The Gujarat High Court dismissed Essar Steel’s plea against the Reserve Bank of India directive asking lenders to initiate bankruptcy proceedings against the debt-laden company,
Stringent provisioning a disincentive to insolvency process–Economic Times–19.07.2017
By MR Umarji The Reserve Bank of India has recently prescribed provisioning requirements for banks in cases where insolvency resolution process is initiated against any
Essar resolution: Selective speed in judicial working not doable–18.07.2017–
The Gujarat High Court has dismissed a plea by Essar Steel that had contested bankruptcy proceeding against it. This does not mean swift resolution of
Slow to start, banks wrestle with insolvency regime | Business Standard News–13.07.2017
Neeraj Singhal, promoter and vice-chairman of Bhushan Steel, was arrested by the Central Bureau of Investigation (CBI) in August 2014. Singhal’s arrest came days after
You asked for it, so the Bankruptcy Code is here to stay–Economic Times–12.07.2017
During the days of corporate debt restructuring (CDR), numerous borrowers and their advisors pleaded that “in the absence of Chapter 11” , they have no
New bankruptcy law: Multiple delays in first case offers cautionary tale–Business Standard–11.07.2017
In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time
First test of new bankruptcy law offers cautionary tale–Business Line–11.07.2017
The new Insolvency and Bankruptcy Code aims to move cases of company failure into a single forum In January, Innoventive Industries, a speciality steelmaker based
The buy side in bankruptcy process–Business Standard–10.07.2017
The main focus of the Indian bankruptcy reform has been on the sell side: On creating conditions where lenders eject shareholders and put a firm
RBI: NCLT priority for insolvency: RBI partially retracts statement – The Economic Times–09.07.2017
RBI today withdrew a portion of its earlier statement in which it had said that 12 cases identified by it for insolvency proceedings would be
Gujarat HC frowns over directive asking banks to initiate bankruptcy proceedings, RBI on back foot–Economic Times–08.07.2017
The Reserve Bank of India agreed to amend its June 13 press release after the Gujarat High Court expressed surprise at the document’s wording,
Bank NPAs crisis: Insolvency process can only get delayed if courts entertain appeals against RBI orders
On June 13, the central bank had identified a clutch of 12 accounts—this included Essar Steel—that were to be referred by banks to the NCLT,
Proprietary firms to come under bankruptcy code–Business Standard–05.07.2017
After making the insolvency process easier for companies, the focus is now turning to proprietary firms. The NITI Aayog will have a meeting, in this
Let the market decide–Business Standard–28.06.2017
Last week, the Securities and Exchange Board of India (Sebi) took some important decisions to facilitate the turnaround of distressed companies with the underlying intention
Huge haircut needed on largest NPAs, says CRISIL
Rating agency CRISIL said the banks in question would need to find an extra Rs 40,000 crore as bad loan provisioning for the 12 big-size
Ordinance empowering RBI in tackling bad loans only a one-off measure: Former RBI Governor YV Reddy–Economic Times–27.06.2017
The ordinance empowering Reserve Bank to direct banks to take defaulters to bankruptcy courts is blurring the roles of the regulator and the government, although
Housing woes: Builder’s default is buyers’ pain–Business Standard–26.06.2017
When a bridge is weak, and a heavy truck tries to ride on it, the bridge collapses. We must be mindful of load-bearing capacity in
Resolve 55 accounts in 6 months or face IBC: RBI to banks–Business Standard–23.06.2017
RBI has asked banks to resolve 55 high value cases of bad loans within 6 months or face the prospect of being directed to go
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