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Insolvency & Bankruptcy Code News
Insolvency & Bankruptcy Code
Lockdown effect! Important update about liquidation processes under Insolvency and Bankruptcy Code
Tue, Apr 28, 2020
In a major development, the Insolvency and Bankruptcy Board of India (IBBI) has excluded the liquidation timeframe for bankrupt companies from the lockdown period.
Essar Steel sale: ArcelorMittal to pay Uttam Galva dues
Fri, May 04, 2018
The world’s largest steelmaker ArcelorMittal on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.
RBI’s new framework brings one ‘gateway’ for NPA resolution
Tue, Feb 13, 2018
Gross NPAs of banks continue to increase by 34.5% in Q3-FY18 on top of 59.3% last year, while NPA ratio touched 9.45% from 8.34% in December 2016.
IBC a helping tool for twin balance-sheet, investment crisis: Economic Survey
Mon, Jan 29, 2018
The issue of twin balance-sheet and low private investment due to banks' stressed assets and over-leveraged corporate books hampering the growth prospects.
Corporates anxiously await govt stand on MAT, AMT in upcoming Budget
Tue, Jan 09, 2018
Initially, the MAT was introduced for companies and was later made applicable to all other taxpayers in the form of AMT.
RBI to resolve bad loans of nearly 1,500 accounts with PSBs
Mon, Jan 08, 2018
As of September 2017, PSBs' gross non-performing assets (GNPA) stood at Rs 7.34 lakh crore.
SBI may begin insolvency proceedings against 12 defaulters
Tue, Jan 02, 2018
A total of 28 accounts were identified by the RBI as wilful defaulters of lenders, which are facing heavy stressed assets in their balance sheet.
Lok Sabha passes amendment in Bankruptcy code
Sat, Dec 30, 2017
IBC was introduced in 2016, with an aim to find a time-bound resolution on companies that have become insolvent and to protect the interest of creditors.
NPA issue: Can IBC help govt, RBI to deal with the problem?
Fri, Dec 22, 2017
RBI is also identifying wilful defaulters for IBC resolution under the National Company Law Tribunal (NCLT). So far, it has identified 40 wilful defaulters of banks in two lists.
Tinkering in rates by banks unlikely in short-term: HDFC Bank
Sun, Nov 26, 2017
Both deposit and lending rates probably have bottomed out and further tinkering in rates by banks unlikely in the immediate future, he said.
New IBC provisions to deepen losses for banks: Report
Sat, Nov 25, 2017
"Promoters of most large steel companies were quite intent to regain control and did appear to offer the most competitive bid during the resolution process but are barred from doing so now," domestic brokerage Kotak Securities said in a report.
Banks asked to prevent defaulters from buying stressed assets
Sun, Nov 19, 2017
As many as 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25% of total NPAs of banks are being under the Insolvency and Bankruptcy Code process.
Does the new SC order brings respite for Jaypee Infratech's homebuyers?
Mon, Sep 11, 2017
Interim resolution professional Anuj Jain has been asked to provide a solution within 45 days to protect the interest of homebuyers and creditors of Jaypee.
Second list of defaulters out; RBI hope lenders file for IBC on their own without regulatory directions
Fri, Sep 08, 2017
Acharya said, " The Reserve Bank has now advised banks to resolve some of the other accounts by December 2017; if banks fail to put in place a viable resolution plan within the timelines, these cases also will be referred for resolution under the IBC."
Jaypee Infratech Case: IDBI Bank files plea before SC seeking modification in NCLT's insolvency proceedings
Tue, Sep 05, 2017
On August 09, the Allahabad bench of the National Company Law Tribunal (NCLT) admitted plea of IDBI Bank to begin insolvency proceedings against Jaypee Infratech for defaulting on a loan of Rs 526.11 crore.
Jaypee Infratech homebuyers get relief; SC puts NCLT proceedings on hold
Mon, Sep 04, 2017
Last month nearly 32,000 homebuyers filed a petition before SC seeking stay on NCLT's insolvency proceedings against Jaypee Infratech - as fears rolled among them that the money they invested in the builder would go to waste due its defaulting company.
Axis Bank has exposure on 12 accounts in RBI's second list of defaulters
Fri, Sep 01, 2017
Axis Bank stated that RBI has directed the bank to finalize and implement viable resolution plan for the identified second list of defaulters as on June 2017.
NPA crisis: RBI prepares second list of defaulters for insolvency proceedings
Wed, Aug 30, 2017
RBI is initiating insolvency proceedings for defaulters who account about 60% banks stressed assets. After identifying 12 accounts, RBI has guided banks over second list of defaulters for insolvency.
Last day for Jaypee Infratech home buyers to file claims; Here's a checklist
Thu, Aug 24, 2017
NCLT bench has asked home buyers of Jaypee Infratech to file for refund claims by August 24, 2017. However, home buyers have knocked the doors of Supreme Court seeking stay on NCLT order.
Acharya blames RBI's forbearance schemes for NPA issue
Thu, Aug 24, 2017
"Unfortunately the RBI, for variety of reasons, has engaged in various forbearance schemes saying you can take another 18 months or two years...In one way or the other, we've actually contributed to the NPA problem to become so protracted over a period.