The Union Cabinet on Wednesday approved an ordinance amending the Insolvency and Bankruptcy Code (IBC). This follows suggestions made by a 14-member Insolvency Law Committee,
Category: Legal
Binani RP postpones creditors’ meet – The Financial Express–24.05.2018
The resolution professional (RP) of insolvent Binani Cement has postponed the creditors’ meet, which was scheduled for Thursday, citing that the resolution plan submitted by
Working, but too slowly: Bankruptcy process must keep to its own timetable | Business Standard -Editorials-24.05.18-R
The successful sale of Bhushan Steel to Tata Steel on Friday was the first big case to be resolved under the new bankruptcy framework. Among the National Democratic Alliance
Home buyers to get rights as ‘creditors’ of insolvent firms – Business Line–24.05.2018
The Union Cabinet on Wednesday gave its approval for an ordinance to amend the insolvency law so as to, among other things, treat home buyers
Bankruptcy relief for MSME promoters – Times of India–24.05.2018
Highlights Insolvency and Bankruptcy Code (IBC), has suggested that promoters of companies with turnover of up to Rs 250 crore will be allowed to bid
NCLT –‘Fraud’ land deal: 3 banks to challenge NCLT order – Times of India–24.05.2018
At least three private sector lenders — ICICI Bank, Standard Chartered and Axis Bank — are challenging the National Company Law Tribunal’s (NCLT) order that asked them
IBC–Law and learning | The Indian Express–24.05.2018
While there have been concerns regarding the timeline of 270 days, what cannot be lost sight of is the fact that the IBC is a
RBI | Bad Loan: SBI chief says RBI bad loan directive will discipline governments and borrowers–Economic Times–23.05.2018
State Bank of India chief has hailed the recent Reserve Bank of India (RBI) directive on bad loans stating that it will prompt state and
Insolvency: NCLAT puts on hold resolution process for Essar Steel | Business Standard News–23.05.2018
The National Company Law Appellate Tribunal (NCLAT) has put on hold the resolution process for Essar Steel. The appellate tribunal has asked the resolution professional, Committee of Creditors (CoC) and
NCLAT rejects Dalmia Bharat’s plea for status quo on bids for Binani Cement | Business Standard News–23.05.2018
The National Company Law Appellate Tribunal (NCLAT) on Tuesday declined to order a status quo on the bids to maximise the offer for debt-ridden Binani Cement by the two
Bhushan breakthrough – Business Line–23.05.2018
Given that other NCLT cases may face a tougher road, the rules must be tweaked to ensure that the widest possible range of bidders participate
Insolvency and Bankruptcy code: Over 2,100 companies settle Rs 83,000 crore bank dues–Times of India–23.05.2018
Highlights Over 2,100 companies have cleared their outstanding amounts, a majority of which came after the government amended the IBC The IBC rules barred promoters
Essar Steel insolvency case: NCLAT asks creditors, RP and NCLT not to pass any order | The Indian Express–23.05.2018
Top global players have submitted bids to acquire debt-laden Essar Steel. A decision on the bankrupt Essar Steel was pushed back further on Tuesday, as
Binani bids: NCLAT rejects Dalmia plea | The Indian Express–23.05.2018
The next meeting of the CoC is expected to be either on Wednesday or Thursday. While the National Company Law Appellate Tribunal (NCLAT) on Tuesday
Income tax: Shell firms: I-T department to file pleas in NCLT to extract tax due – The Economic Times–23.05.2018
The Income Tax (I-T) Department is an “aggrieved creditor” to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores
NCLAT issues notice to Tata Steel on eligibility of bid for Bhushan Steel – Business Line–22.05.2018
Less than week after sealing the deal to acquire Bhushan Steel, Tata Steel has received a notice from the National Company Law Appellate Tribunal on
Default resolved: Acquisition of Bhushan Steel under IBC is a milestone in bankruptcy proceedings–Times of India–22.05.2018
Tata Steel last week announced that it had completed the acquisition of Bhushan Steel, a company which had the dubious record of being one of
Miles to go for the new bankruptcy code – The Hindu–22.05.2018
Good news has finally started to roll out of the refurbished bankruptcy courts. Tata Steel acquired 73% stake in the bankrupt firm Bhushan Steel for
Bankruptcy: Salvage what you can from your holdings in insolvent companies | Business Standard News–21.05.2018
Many retail shareholders of companies that are undergoing bankruptcy proceedings are watching developments closely. They are hoping that the bidder who gets the National Company Law Tribunal’s
IBC 2016–The mantra remains maximising value–Economic Times–21.05.2018
Tata Steel has reportedly prevailed in the bidding for Bhushan Steel that was being resolved under the Insolvency and Bankruptcy Code, acquiring a 73% stake.
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