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Insolvency and Bankruptcy Code News
Insolvency and Bankruptcy Code
Ministry mulling threshold for homebuyers to trigger insolvency against realtors
Mon, Oct 14, 2019
In a move to limit the abuse of the Insolvency and Bankruptcy Code (IBC), the Corporate Affairs Ministry is mulling the setting of a threshold for homebuyers for starting insolvency proceedings against real estate developers, Corporate Affair Secretary Injeti Srinivas said on Monday.
Modi govt empowers Homebuyers! Top 10 points about the Insolvency and Bankruptcy Code (Amendment) Bill, 2019
Fri, Aug 02, 2019
PM Narendra Modi led NDA government notched up yet another success in Parliament. The Insolvency and Bankruptcy Code (Amendment) Bill, 2019 was passed by Parliament on Thursday.
Can't payback loan? Expect waiver up to Rs 60,000 after elections, like farmers!
Mon, May 06, 2019
If all goes well, individuals, who can't repay loan up to Rs 60,000, may soon qualify for a debt waiver, like farmers!
Major issues in IBC to be resolved in 2-3 yrs: IBBI chief
Tue, Apr 23, 2019
With an objective to ease out the various issues, the Central government and IBBI has been undertaking a series of consultations and discussions and also invited comments and suggestions from all stakeholders.
Changed insolvency norms by April next to speed up process
Sun, Apr 21, 2019
The Insolvency and Bankruptcy Code (IBC) is in the process of being changed to be effective from the next fiscal to accommodate the fast-changing creditor-debtor scenario.
Insolvency and Bankruptcy Code: Lenders invoke IBC norms to keep stressed assets in NCLT
Fri, Apr 19, 2019
Banker's are confident that stressed assets referred to NCLT will continue to face bankruptcy proceedings as IBC clearly states such referral even if there is one day delay or default by any entity.
Financial, operational creditors recover nearly half of total claims in 88 insolvency cases
Mon, Apr 15, 2019
Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data.
SC upholds constitutional validity of Insolvency and Bankruptcy Code
Fri, Jan 25, 2019
The court, however, said that related parties in the act should mean a person connected with the business.
Delays beyond 270 days at NCLT cost banks Rs 4,000 cr in Foregone interest: Report
Tue, Nov 13, 2018
The inordinate delays beyond the 270-day deadline under the Insolvency and Bankruptcy Code (IBC) have cost the lenders to the first 'dirty list' of 12 large defaulters a whopping Rs 4,000 crore in interest income foregone, according to an Icra report.
Trade war will help India emerge as bigger trading, manufacturing base: Arun Jaitley
Sat, Sep 29, 2018
Finance Minister Arun Jaitley Friday said the ongoing global trade war may have created "initial instability", but will gradually open up opportunities for India to emerge as a bigger trading and manufacturing base.
Insolvency and Bankruptcy Code updates: Soon, IBC in border areas, new law for registered valuers?
Sat, Aug 18, 2018
Insolvency and Bankruptcy Code updates: Corporate affairs secretary Injeti Srinivas today said the evolving insolvency and bankruptcy law can be extended to cross-border assets.
Resolutions were needed at any cost: Union Bank of India MD and CEO Rajkiran Rai
Mon, Jul 23, 2018
Union Bank of India MD and CEO told DNA Money that resolutions were needed at any cost and that all fresh lending only happens after the promoter puts in his equity. Gold-plating or disguising bank funds as promoter equity is now history.
Homebuyers vs builders: Will good news for common man come this week? Find out
Mon, Apr 23, 2018
Homebuyers are likely to be granted the financial creditor’s status, placing them right after banks in the hierarchy under waterfall mechanism for liquidation. This is likely to bring relief to the thousands of homebuyers who are fighting a legal battle against builders over non-completion of projects.
Resolution of twin balance sheet problem to take 6-9 months, says Assocham
Sun, Apr 15, 2018
Assocham also said the process of resolution of the companies under Insolvency and Bankruptcy Code (IBC) reference would gather pace in the coming months. Twin balance sheet problem refers to the stress on balance sheets of banks due to non-performing assets (NPAs) or bad loans on the one hand, and heavily indebted corporates on the other
Monnet Ispat lenders may take 64 pct haircut
Wed, Apr 11, 2018
All formalities relating to the resolution has to be completed by the deadline of April 13. According to a source in the know, the deal is likely to be around Rs 3,750 crore, of which close to Rs 2,750 crore could be in cash and remaining could be in equity.
Warning! Credit card companies can drag you to court for unpaid bills, loans as small as Rs 10,000
Fri, Apr 06, 2018
The central government is considering bringing individuals as well as partnership firms under the Insolvency and Bankruptcy Code (IBC). So far, only corporate debtors can face the bankruptcy proceedings initiated by the banks. “We are recommending that it (amount in case of individual loans) should be made Rs 10,000,” said Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas.
Property market in India: Big problem for homebuyers; check out why they must worry
Mon, Apr 02, 2018
The 14-member committee formed to review the IBC, in its report submitted to the government last week, has recommended the financial creditor (FC) tag for home buyers. According to the government sources, home buyers may be given a separate grade in waterfall mechanism under section 53 of the code. Waterfall mechanism refers to the order of priority in which the proceeds from the sale of liquidation assets are distributed
Insolvency law committe to finalise report this month for proposed amendments to Insolvency and Bankruptcy Code
Thu, Mar 22, 2018
Insolvency Law: The basic structure of the IBC will not be disturbed and "targeted amendments" will be carried out. It would also address all "unintended consequences" with respect to implementation of this law, the official said. Without elaborating on the proposed changes, the official said there would be "something for home buyers also".
Indian infrastructure makes steady progress, creates investment climate
Thu, Mar 15, 2018
As we approach the end of quarter one of calendar year 2018, it is a good time to take stock of changes in Indian infrastructure this year. 2018 is a year that has started with the promise of significant asset price volatility globally.
Bad loan resolution: RBI does away with JLR, notifies revised framework under IBC
Tue, Feb 13, 2018
The Reserve Bank of India today came out with a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).