Proposed Amendment to Insolvency and Bankruptcy Code - Cabinet Approved!!

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Lanco Thermal Power receive a claim of Rs 24,000 crore

Mr. Parveen Bansal, designated partner of AAA Insolvency Professionals LLP, has been appointed as resolution professional of Lanco Thermal Power Limited, a company having over Rs 24,000 crore of debts.
NCLT admits Andhra Bank’s IBC petition against Lanco Thermal

In a setback to Lanco Thermal Power Private Limited Company, the Hyderabad bench of National Company Law Tribunal (NCLT) on Thursday admitted the petition filed by Andhra Bank under the Insolvency and Bankruptcy Code (IBC) against Lanco thermal.
Home buyers want to take over debt-laden property developers. (Mar 04, 2019)

An association of apartment-buyers submitted a plan to revive Kindle Developers, which failed to deliver homes after accepting payments.
Who Among The 353 Resolution Professionals Can Manage 12 Large Insolvencies

There are 353 registered insolvency professionals in India. But is even one of them up to the task of say, running a large company such as Essar Steel - a 10 million tonne per annum integrated steel manufacturer with Rs 45,000 crore of debt, for 6-9 months?
Never thought factory would be closed suddenly: Rotomac staff

“Around 1,000 employees used to work in the factory. But in the last two years, the company removed half of them. The directors used to say there was a financial crisis and they would recover soon, said an employee
A Brief Analysis on Insolvency Professional

The IP occupies a pivotal position and acts as an intermediary between the debtor/creditors on the one hand and the Adjudicating Authority on the other hand and functions under the watchful eyes of the Agency and the Board
Who Among The 353 Resolution Professionals Can Manage 12 Large Insolvencies?

The answer to that question will be key a determinant to whether the plan to resolve India's top 12 non-performing assets will succeed
Some promoters escape tight insolvency norms

Mumbai: Promoters of at least four small companies managed to pass their resolution plans before New Delhi tweaked the bankruptcy code, limiting the ability of erstwhile defaulting owners from buying back their assets at the conclusion of time-bound recovery proceedings.
In a first, firm liquidated as a going concern

The NCLT for the first time had directed that a liquidator is appointed in place of an existing RP in the case of a firm which has no feasible resolution plan.
IBBI tightens rules for insolvency pros

According to the amendment, the sole objective of IPE is to provide support services to IPs.
Insurers now offer cover for insolvency professional

Policies cover kidnap, ransom apart from offering professional indemnity to insolvency professionals. They are appointed as acting CEOs of companies by lenders. Read
Manor Floatel Hotel took to NCLT for loan default

IDBI Bank dragged the company to the National Company Law Tribunal as it failed to repay more than Rs 32 crore loans taken to set up a floating hotel on the Hooghly

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Proposed Amendment to Insolvency and Bankruptcy Code – Cabinet Approved!!

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