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Posted Date : 01-Aug-2018 , 08:38:33 am | Posted By CASANSAAR
The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st November, 2018....
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Posted Date : 28-Jul-2018 , 09:40:42 am | Posted By CASANSAAR
Kumar Mangalam Birla, the 51-year-old chairman of Aditya Birla Group, expects the Indian economy to grow between 7% and 8% over the next few years, because of a slew of reforms such as implementation of goods and services tax, demonetization and the Insolvency and Bankruptcy Code. “I think ...
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Posted Date : 24-Jul-2018 , 08:23:42 am | Posted By CASANSAAR
India will soon lay down the ground rules for professionals to assess the value of businesses, including those slipping into bankruptcy, according to Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo. The new valuation rules will apply to corporate transactions like mergers a...
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Posted Date : 23-Jul-2018 , 10:11:20 am | Posted By CASANSAAR
The Government is looking at the possibility of adopting a United Nations legal model for cross-border insolvency cases as it works on strengthening the insolvency resolution framework, according to a senior official. The Insolvency and Bankruptcy Code (IBC) has sections pertaining to cross-borde...
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Posted Date : 21-Jul-2018 , 07:38:56 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel (BPSL), directing it to finalise a bid for the company. Vacating its earlier stay, the appellate tribunal has directed the committee of creditors (CoC) of...
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Posted Date : 20-Jul-2018 , 08:07:03 am | Posted By CASANSAAR
The government is set to withdraw the Financial Resolution and Deposit Insurance (FRDI) Bill, 2017 following persistent opposition and widespread concern over the controversial ‘bail-in’ clause. The union cabinet gave its nod to the withdrawal of the bill on Wednesday, people aw...
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Posted Date : 18-Jul-2018 , 11:11:14 pm | Posted By CASANSAAR
The Supreme Court on Tuesday passed an order that prevents the National Company Law Tribunal (NCLT) against taking any final decision on bids for the debt-stricken Bhushan Power & Steel (BPSL). BPSL promoter Sanjay Singal had filed a petition against “a lacuna in valuation of the ...
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Posted Date : 12-Jul-2018 , 08:30:38 am | Posted By CASANSAAR
The Ministry of Skill Development and Entrepreneurship (MSDE) has announced the launch of a training programme for the new job role of ‘Insolvency Associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI). The programme will provide the youth an opportunit...
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Posted Date : 12-Jul-2018 , 08:05:41 am | Posted By CASANSAAR
Lenders may be allowed to change National Company Law Tribunal benches if they face prolonged delays in insolvency resolution cases, according to a proposal being worked out by the ministry of corporate affairs. About 90% of the cases referred to the tribunal under Insolvency and Bankruptcy Code are...
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Posted Date : 11-Jul-2018 , 08:00:57 am | Posted By CASANSAAR
India’s new bankruptcy law has instilled fear among delinquent borrowers and prompted several reluctant founders to repay outstanding debt due to the risk of losing their company, according to its insolvency regulator. “There is a perceptible difference in the behaviour of borrowers a...
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Posted Date : 09-Jul-2018 , 08:03:36 am | Posted By CASANSAAR
United Bank of IndiaNSE 0.45 % is expecting to recover around Rs 3,000 crore out of a total of Rs 5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender's MD and CEO Pawan Bajaj said . Altogether 40 cases were referred to the ...
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Posted Date : 07-Jul-2018 , 07:43:28 am | Posted By CASANSAAR
An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if “its sole objective is to provide support services to the insolvency professionals, who are its partn...
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Posted Date : 05-Jul-2018 , 09:35:35 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India has notified revised norms for the insolvency resolution process paving the way for homebuyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency appli...
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Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today. 2. The following are salient amendments to the regulations: a. The ...
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Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR
1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...
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Posted Date : 26-Jun-2018 , 06:17:36 pm | Posted By CASANSAAR
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Monday directed the resolution professional (RP) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries (RIL) and JM Financial ARC. Alok Industries’ committee of cre...
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Posted Date : 26-Jun-2018 , 06:14:34 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Monday refused to direct the Mumbai bench of the National Company Law Tribunal (NCLT) to defer its pronouncement on State Bank of India’s (SBI’s) appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva ...
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Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR
Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator. He can be incapacitated only in two ways: (a) phy...
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Posted Date : 21-Jun-2018 , 12:13:21 am | Posted By CASANSAAR
Stressed assets’ resolution under the Insolvency and Bankruptcy Code (IBC) is expected to result in moderation of non-performing assets of banks as they can recover more than 50 per cent of their dues from the first 12 large cases, Credit Suisse said in a report on Wednesday. With a total of 7...
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Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR
United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said. "Thirty accounts in which the...
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Posted Date : 12-Jun-2018 , 10:49:48 am | Posted By CASANSAAR
State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal. The bank said in its annual report that the it was focusing...
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Posted Date : 11-Jun-2018 , 08:32:58 am | Posted By CASANSAAR
The Chairperson of Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo on Saturday said that the focus on cases coming under Insolvency and Bankruptcy Code (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors. He said that the soul of the Code was to ...
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Posted Date : 06-Jun-2018 , 04:15:14 pm | Posted By CASANSAAR
The President today gave assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. The Ordinance provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors an...
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Posted Date : 05-Jun-2018 , 10:42:17 am | Posted By CASANSAAR
Second successful NPA resolution: Vedanta has finally forayed into the steel industry by offering a cheque of Rs 5,300 crore to buy out bankrupt Electrosteel Steels under the newly-adopted Insolvency and Bankruptcy Code. this is the second successful resolution under the IBC law from the very first ...
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Posted Date : 05-Jun-2018 , 10:38:29 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case. “All we want is that no final order should be passed till 2nd July, the next date of he...
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Posted Date : 04-Jun-2018 , 11:51:35 pm | Posted By CASANSAAR
Market regulator SEBI has relaxed requirements to comply with delisting norms for companies facing insolvency proceedings provided the resolution plan lays down the procedure for delisting that particular entity from the exchanges. The move is expected to provide succour to various listed compani...
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Posted Date : 31-May-2018 , 07:26:24 am | Posted By CASANSAAR
In a major relief to Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ₹25,000 crore to Reliance Jio. This was after the Swedish telecom...
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Posted Date : 30-May-2018 , 08:25:10 pm | Posted By CASANSAAR
The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month. The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acqu...
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Posted Date : 28-May-2018 , 08:44:19 pm | Posted By CASANSAAR
The NCLAT will hear tomorrow the plea of Reliance Communications which has challenged NCLT's decision to start insolvency proceedings against it on a petition by Swedish telecom equipment major Ericsson. The plea of Anil Ambani-run RCom was mentioned today before the bench of the Nation...
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Posted Date : 25-May-2018 , 11:21:17 am | Posted By CASANSAAR
Last June, when the RBI ordered banks to initiate insolvency action against a dozen companies, resolution was expected by the end of the last financial year. But a series of legal cases by powerful promoters who are set to lose control over their companies, and a battle among rivals to acquire contr...
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Insolvent Professional
