Table of Contents
IBBI UPDATES INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
The MCA is working on a code of conduct for creditors under the IBC: Verma
According to MCA statistics, more over 17,800 cases totaling Rs 5 trillion were settled before admission under the IBC. Until July of this year, 4,570 cases were admitted for corporate insolvency resolution, with less than 10% resolved for a total realizable value of Rs 2.5 trillion. Until July, almost 1,371 cases were liquidated, and 466 cases were withdrawn.
According to MCA Secretary Rajesh Verma on Friday, the Ministry of Corporate Affairs (MCA) is working on developing a code of conduct for creditors under the Insolvency and Bankruptcy Code (IBC). This comes less than a month after a parliamentary committee raised concerns about the “disproportionately huge and unsustainable ‘haircuts' imposed by financial creditors over the years.” Creditors have suffered greater than 90% haircuts in some bankruptcy resolution proceedings.
According to MCA statistics, more over 17,800 cases totaling Rs 5 trillion were settled before admission under the IBC. Until July of this year, 4,570 cases were admitted for corporate insolvency resolution, with less than 10% resolved for a total realizable value of Rs 2.5 trillion. Until July, almost 1,371 cases were liquidated, and 466 cases were withdrawn.
According to MCA Secretary Rajesh Verma on Friday, the Ministry of Corporate Affairs (MCA) is working on developing a code of conduct for creditors under the Insolvency and Bankruptcy Code (IBC).
Tracker for Important Notifications and Circulars (August, 2021)
|
Sl.
|
Notification(s) |
Link(s) |
|
1. |
On the 2nd and 3rd of September, 2021, a conference was held on insolvency and bankruptcy code titled "5 Years of Bankruptcy Code and Beyond." |
|
|
2. |
2021 IBBI (Insolvency Professionals) Regulations (Second Amendment) |
|
|
3 |
IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021 |
|
|
4 |
In the case of Mr. Manish Kumar Gupta, Insolvency Professional |
|
|
5 |
As introduced in parliament (Lok Sabha) Bill - The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 |
|
|
6 |
2021 Amendment to the Guidelines for Technical Standards for the Performance of Core Services and Other Services |
|
|
7 |
Monetary Penalties to be imposed by an Insolvency Professional Agency- Circular |
|
|
8 |
Standing Committee Report on Finance on Implementation of Insolvency and Bankruptcy Code - Pitfalls and Solutions |
|
|
9 |
Webinar on Interface of the SEBI's (Listing Obligations and Disclosure Requirements) LODR Regulations and IBC, 2016 on 5th August, 2021 |
|
|
10 |
Insolvency and Bankruptcy Code(Amendment) Act, 2021 |
|
|
11 |
Insolvency and Bankruptcy Board of India signed a Memorandum of Understanding with National Stock Exchange of India for research collaboration |
|
|
12 |
In the case of Ms. Kumudini Paranjape, Insolvency Professional |
|
|
13 |
Newsletter Month wise for June 2021 - Ministry of Corporate Affairs |
|
Total Details of CIRPs resulted into liquidation as on 30.09.2021.
IBBI released data of CIRPs resulted into liquidation as on 30.09.2021, Total admitted claims of INR 7414 Billions in 1423 Corporate Debtors. Resolution plans received only in 296 cases. Link
Popular Article :
- Complete Coverage about the IBC Form
- All the Forms and returns under IBC Law
- Notification under section 10A of the IBC Code, 2016
- The IBC (Application to Adjudicating Authority) (Amendment) Rules, 2020
