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CIRP REGULATIONS
The accounting trick used by companies to make a weak balance sheet look strongIn one recent case, a large investment sat comfortably under equity until the auditor read the shareholders' agreement, found a buyback cla...- ATS Nobility Estates exits insolvencyThe National Company Law Tribunal has permitted the withdrawal of insolvency proceedings against ATS Group's Nobility Estates. This decisio...
- Vedanta's plea indirectly challenges commercial wisdom of CoC: Adani to NCLATAdani Enterprises told NCLAT the Jaiprakash Associates resolution process followed due procedure, with evaluation metrics disclosed upfront...
- Faster insolvency process proposed with creditor-led resolution frameworkA new Creditor-initiated Insolvency Resolution Process (CIIRP) aims to expedite debt resolution, allowing financial creditors with 51% debt...
- NCLAT reaffirms project-specific insolvency proceedings against realty firmsThe National Company Law Appellate Tribunal has ruled that homebuyers' insolvency cases against real estate firms must focus only on the pr...
- IBBI suggests monitoring panel to oversee resolution planIndia's Insolvency and Bankruptcy Board (IBBI) is proposing mandatory monitoring committees to oversee the execution of resolution plans un...
- NCLT dismisses resolution for Rajesh Lifespaces' hotels business, orders rerunThe NCLT has dismissed the resolution plan for Rajesh Business & Leisure Hotels due to non-compliance and procedural irregularities. Stakeh...
- IBBI proposes amendments to insolvency rules; seeks public commentsIBBI proposes amendments to enhance efficiency and reduce costs in the Insolvency Resolution Process for Corporates, seeking stakeholder in...
- Regulator plans to ease compliance burden on insolvency professionalsThe bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution witho...
- NCLAT rejects Jindal Power plea to allow its bid for Tuticorin Coal TerminalThe NCLT allowed it to participate and submit the Resolution Plan to maximise its value. However, it said this opportunity shall be subject...
- Divergence of opinions by different HCs: SC admits IBBI petitionThe Supreme Court has allowed the Insolvency and Bankruptcy Board of India (IBBI) petition and transferred several pending cases to the Bom...
- Bankruptcy Board, IBBI, amends regulations to reduce delays in insolvency processThe scope of mandatory consultation by the liquidator with SCC has been enhanced. Now, SCC may even propose replacement of liquidator to th...
- Total 1,999 insolvency cases were going on as of June 2022: GovtIn a written reply to the Lok Sabha on Monday, Minister of State for Corporate Affairs Rao Inderjit Singh said the time taken for Corporate...
- IBBI amends regulations; seeks to enhance discipline, transparency in insolvency processThe Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process...
- IBBI 'inadvertently' puts out Aadhaar, PAN info of creditors on website; removes them laterA senior official said the details came into the public domain "inadvertently" as the regulator is working on a beta project to host the in...
- Committee of Creditors can vote on multiple resolution plans simultaneously: IBBIIn a major amendment to the corporate insolvency resolution process (CIRP) regulations, the committee of creditors (CoC) can now vote on al...
- Government’s Covid-19 insolvency relief may be a double-edged swordThe directives of the Central Government to tide over these trying times are laudable. However, many of these changes are myopic and will c...
- Home buyers can file claim even after resolution plan is passed: NCLTRegulation No. 12 (2) of IBBI (CIRP) Regulations, 2016, provides a time limit of 90 days from the CIRP Commencement date to submit the clai...
- Sebi plans amending norms for cos undergoing insolvency proceedingsThe proposal comes at a time when there are increasing number of cases coming up under the IBC.
- Should revised bids be allowed in the insolvency resolution process?The Binani Cement and the Bhushan Power & Steel cases highlight the importance of having a clear and credible process of bidding for stress...
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