Page 9 - Insolvency And Bankruptcy Code

Orchid Pharma rises from ashes, expects to make profits in 12 months

Dhanuka Pharmaceuticals that took over the company almost a year ago, nursed it back to health from bankruptcy

Normalcy restored for resolution of stress under IBC: IBBI's M S Sahoo

IBBI Chairperson M S Sahoo on Thursday said "normalcy" has been restored with respect to resolution of stress under the insolvency law, with the expiry of suspension of fresh proceedings. After a year of relevant provisions being suspended amid the coronavirus pandemic, fresh proceedings under the Insolvency and Bankruptcy Code (IBC) can now be initiated. Certain provisions under the Code, which provides for time-bound and market-linked resolution of stressed assets, were suspended with effect from March 25 last year in the wake of the pandemic significantly impacting business activities. The suspension, which was in place for one year, ended on March 24. IBBI (Insolvency and Bankruptcy Board of India) Chairperson M S Sahoo on Thursday said three things are clear now. "On Tuesday, the Supreme Court cleared the haze around moratorium on loans. Second, the suspension on initiation of corporate insolvency proceedings in respect of COVID-19 defaults expired on Wednesday. Third, the ...

Welcome back, IBC

Govt should now focus on strengthening the NCLT

IBC activity likely to see gradual rise after resumption, say experts

The CIRP, which was suspended in light of the Covid-related stress, covers a one-year period ending March 24, 2021

ArcelorMittal makes the cut, emerges as sole bidder for Uttam Galva Steels

Six other firms, including four steelmakers, had submitted an expression of interest (EOI) for the debt-laden firm

Banks to send more cases to bankruptcy courts even as old ones lie stagnant

Several roads, real estate and power companies are headed to the bankruptcy courts once the one-year ban imposed by the RBI lifts in the coming week

Govt to announce forensic auditing norms, bring clarity in fraud detection

Standards used now are not clear, resulting in hundreds of cases across India courts filed by borrowers, companies and individuals

NCLT approves Haldia Petrochemicals scheme to revive Nagarjuna Oil Corp

Haldia Petro is planning to invest around Rs 50,000 cr to convert this refinery into a petrochemical complex

Best of BS Opinion: Valuing AT1 bonds, SC right to protect IBC, and more

Here's a selection of Business Standard opinion pieces for the day

SC right to protect IBC

Back door for promoters to retain control closed

Supreme Court shuts back-door arrangement for defaulting promoters

The SC order barred promoters of Gujarat NRE Coke, a defaulting company, from proposing a revival plan in the event of liquidation under IBC

Resolution of bad loans may face logjam if IBC not streamlined: Experts

Few will go on record explicitly, but there is the fear that there will be a logjam ahead on the IBC front.

Special insolvency relief framework for Covid-hit MSMEs in the works

Such firms may be allowed to opt for pre-packaged deal

Jet Airways cannot claim historical right on airport slots: Govt to NCLT

The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy

Financial stress may delay Liberty Steel's project expansion plans in India

Media reports said near-collapse of Gupta Family Group Alliance's biggest lender has completely choked off the key source of funding

Suspension of IBC proceedings may not be extended beyond March 24

Centre likely to review situation after a few months; another extension is economically and legally untenable, say officials

M S Sahoo explains achievements, evolution, and challenges of the IBC

IBC is an option; stakeholders may not use it even if freeze not extended, says M S Sahoo

Bhushan Power lenders accept JSW Steel plan, look to close deal by March 31

25 financial creditors would be realising 41% from the Rs 19,350 cr deal on claims of Rs 47,158 cr

DHFL hits 5% upper circuit as RBI okays Piramal Group's resolution proposal

On Thursday, DHFL said it has received the intimation from the RBI and has filed application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance

Big is beautiful in India?

Excessive focus on the biggest Indian companies could be counterproductive for employment generation