Asset Reconstruction Companies as Resolution Applicants
March 24, 2021 EDITORIAL TEAM INSOL India
The inconsistency between the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 and those of the IBC regarding asset reconstruction companies (“ARCs”) had come up recently when the resolution plan submitted by..
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IBC emerges as major mode of NPA recovery
March 15, 2021 EDITORIAL TEAM INSOL India
Non-performing assets (“NPAs”) recovered by scheduled commercial banks by way of CIRP under the IBC increased to about 61 per cent of the total amount recovered. IBC, under which recovery is incidental to the rescue of companies, remained the dominant..
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264 Big Wilful Defaulters Owe Rs 1.08 Lakh Crore to Banks, Reveals RBI
March 15, 2021 EDITORIAL TEAM INSOL India
In a reply to an application filed under the Right to Information (RTI) Act, 2005 the Reserve Bank of India (RBI) stated that there were 1913 wilful defaulters together owing Rs 1.46 lakh crore to banks as on June 2020...
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Applicability of Section 18 Limitation Act to proceedings under Insolvency & Bankruptcy Code
March 15, 2021 EDITORIAL TEAM - INSOL India
The issue of application of Section 18 of the Limitation Act, 1963 has always remained a contentious issue when presented before courts since the resolution of the dispute is usually fact dependent. Section 18 states that the initial date for the..
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Summary Report of the Sub-Committee of the Insolvency Law Committee on Prepackaged Insolvency Resolution Process
March 15, 2021 EDITORIAL TEAM INSOL India
A Pre-Packaged Insolvency or Bankruptcy Scheme has been drafted by the Sub-Committee on Prepackaged Insolvency Resolution Process headed by Venkata Subbarao Kalva. Section 10A of the Code has prohibited the initiation of CIRP in respect of defaults arising due to..
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Circular No.: IBBI/CIRP/38/2021
January 6, 2021 EDITORIAL TEAM - INSOL India
A circular dated 6th January 2021 (“Circular”) was issued by Insolvency and Bankruptcy Board of India (IBBI) to all the registered and recognized insolvency professionals (“IP”), entities and agencies. The circular was regarding the maintenance of several records in relation..