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Petition had argued that gathering the requisite numbers of homebuyers under the same real estate project before NCLT was a challenge.(HT File)

IBC amendments imposing numerical threshold on homebuyers gets SC nod

By Abraham Thomas, New Delhi
PUBLISHED ON JAN 20, 2021 08:08 AM IST
  • The Centre defended the amendments to the Code before the court stating that the amendments were part of an economic measure that were modelled on the same lines as the Companies Act.
The Centre’s priority is to save viable businesses till there is sufficient investor appetite for stressed assets as lifting the ban could be a death warrant for both unviable and viable businesses in the absence of bidders.
The Centre’s priority is to save viable businesses till there is sufficient investor appetite for stressed assets as lifting the ban could be a death warrant for both unviable and viable businesses in the absence of bidders.

Govt works on measures to handle business stress

Livemint | By Gireesh Chandra Prasad
PUBLISHED ON JAN 04, 2021 04:38 AM IST
The Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, which was notified in September, barred fresh bankruptcy action for a year starting 25 March 2020. The defaults during this period will never be placed before a tribunal.
Finance Minister Nirmala Sitharaman chairs the pre-budget meeting with experts of water and sanitation sectors, at North Block in New Delhi, Friday.(PTI)
Finance Minister Nirmala Sitharaman chairs the pre-budget meeting with experts of water and sanitation sectors, at North Block in New Delhi, Friday.(PTI)

Centre extends IBC suspension till March

Livemint, New Delhi | By Gireesh Chandra Prasad and Shreya Nandi
PUBLISHED ON DEC 21, 2020 11:56 PM IST
The Insolvency and Bankruptcy Code (IBC) was initially suspended for six months from March 25, which was later extended by another three months ending December 24.
With RBI refusing to approve resolution plans from ARCs, banks may have to write off Rs 6,630 crore, which they otherwise would have received from UVARCL.(Mint File Photo)
With RBI refusing to approve resolution plans from ARCs, banks may have to write off Rs 6,630 crore, which they otherwise would have received from UVARCL.(Mint File Photo)

Insolvency resolution plans by ARCs won’t get RBI’s approval

Mint, Mumbai | By Gopika Gopakumar, Mumbai
PUBLISHED ON SEP 26, 2020 01:03 AM IST
ARCs can instead purchase the stressed debt from banks and participate as a creditor under IBC
A three-judge bench said any successful resolution applicant for the bankrupt telcos can deny paying the AGR dues after spectrum is transferred under the Insolvency and Bankruptcy Code (IBC).(Sanchit Khanna/HT PHOTO)
A three-judge bench said any successful resolution applicant for the bankrupt telcos can deny paying the AGR dues after spectrum is transferred under the Insolvency and Bankruptcy Code (IBC).(Sanchit Khanna/HT PHOTO)

IBC may strip govt’s AGR dues, says Supreme Court

Mint, New Delhi | By Ishita Guha and Prathma Sharma
UPDATED ON AUG 21, 2020 08:16 AM IST
The court’s observation implies it wants to ensure the government, classified as an operational creditor under the bankruptcy code, redoubles its efforts to recover dues, legal experts said.
Mutual funds typically are not aggressive on recoveries.(Getty Images/iStockphoto)
Mutual funds typically are not aggressive on recoveries.(Getty Images/iStockphoto)

For MFs, recovery of risky assets turn bleak

Hindustan Times, Mumbai | By Jayshree P. Upadhyay and Neil Borate
PUBLISHED ON JUN 08, 2020 05:02 AM IST
Side-pockets, or a segregated portfolio, ensures money invested in MF debt schemes, linked to stressed assets, gets locked until the fund recovers the cash from the company.
The so-called pre-packaged insolvency procedure will also help ease the burden on bankruptcy courts, once the changes to the Insolvency and Bankruptcy Code (IBC) are approved by Parliament.(PTI File Photo)
The so-called pre-packaged insolvency procedure will also help ease the burden on bankruptcy courts, once the changes to the Insolvency and Bankruptcy Code (IBC) are approved by Parliament.(PTI File Photo)

Government plans pre-packaged IBC deals to ease load

Mint, Mumbai | By Shayan Ghosh and Jayshree P Upadhyay
PUBLISHED ON MAY 07, 2020 12:51 AM IST
A huge backlog of cases at National Company Law Tribunal (NCLT) benches have stretched resources and led to delays in resolution of cases. The current covid-19 crisis has only added to the delays. A pre-pack resolution will help shorten the long-winded court process.
The code, which was amended last year, said the case could be filed only if 100 or 10 percent of the home buyers of the project concerned come together.(Amal KS/HT PHOTO)
The code, which was amended last year, said the case could be filed only if 100 or 10 percent of the home buyers of the project concerned come together.(Amal KS/HT PHOTO)

Supreme Court notices Centre on petition against IBC clause

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON JAN 13, 2020 12:52 PM IST
The petition was filed by home buyers who contested the amendment to the insolvency code that introduced the concept of a threshold on the minimum number of home buyers that have to file a case at the law tribunal for liquidation proceedings.
It was a poor budget, but the government did well in rolling back key proposals(ANI)
It was a poor budget, but the government did well in rolling back key proposals(ANI)

What worked for the economy in 2019 | Opinion

By Shekhar Gupta
UPDATED ON JAN 01, 2020 08:46 AM IST
Despite the bleak indicators, there were 10 positive developments, giving hope for the future
The Union Cabinet on Wednesday approved key amendments to the Insolvency and Bankruptcy Code (IBC) Bill. (Photo by Sunil Ghosh / Hindustan Times)
The Union Cabinet on Wednesday approved key amendments to the Insolvency and Bankruptcy Code (IBC) Bill. (Photo by Sunil Ghosh / Hindustan Times)

How tweaks in IBC and partial credit guarantee scheme affect real estate sector

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON DEC 12, 2019 11:49 AM IST
According to one of the amendments, financial creditors will now have to meet an additional threshold to take a company to bankruptcy court.
The Supreme Court of India , upheld the constitutional validity of the Section 5(8) (f) of the IBC Code which gives right to the homebuyers to approach the National Company Law Tribunal (NCLT) under the IBC.(HT PHOTO)
The Supreme Court of India , upheld the constitutional validity of the Section 5(8) (f) of the IBC Code which gives right to the homebuyers to approach the National Company Law Tribunal (NCLT) under the IBC.(HT PHOTO)

How homebuyers managed to secure a landmark victory

Hindusatn Times, New Delhi | By Namrata Kohli
UPDATED ON AUG 31, 2019 02:11 PM IST
The Supreme Court of India delivered its landmark judgment in the Insolvency & Bankruptcy Code (IBC) case reaffirming the rights of homebuyers which was challenged by a consortium of builders.
The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against Delhi NCR-based realty firm Three C Projects Ltd(Getty Images/iStockphoto)
The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against Delhi NCR-based realty firm Three C Projects Ltd(Getty Images/iStockphoto)

NCLT directs insolvency proceedings against realty firm Three C Projects

Press Trust of India | By Press Trust of India
UPDATED ON AUG 30, 2019 11:40 AM IST
A two-member principal bench, headed by President Justice M M Kumar, admitted a plea filed by five flat buyers who had booked homes in the company’s Lotus Zing project in Noida, Uttar Pradesh.
In 2014, the National Democratic Alliance (NDA) inherited an economy which was struggling with over-leveraged companies and banks saddled with a mountain of toxic assets.(HT image)
In 2014, the National Democratic Alliance (NDA) inherited an economy which was struggling with over-leveraged companies and banks saddled with a mountain of toxic assets.(HT image)

What changed for businesses, people during Arun Jaitley’s watch

Hindustan Times, New Delhi | By Gireesh Chandra Prasad
UPDATED ON AUG 25, 2019 10:14 AM IST
In a Facebook post on 1 July this year on the completion of two years of GST, Jaitley described obstacles to India’s biggest tax reform since independence.
The amendments are aimed at speeding up the bankruptcy resolution process that has been mired in litigation and correcting anomalies that have crept into its functioning since the law came into force in 2016.(HT Photo)
The amendments are aimed at speeding up the bankruptcy resolution process that has been mired in litigation and correcting anomalies that have crept into its functioning since the law came into force in 2016.(HT Photo)

Government okays tweaks to IBC for easier debt resolution

Hindustan Times, New Delhi | By Gireesh Chandra Prasad
UPDATED ON JUL 18, 2019 12:24 AM IST
The eight amendments to the Insolvency and Bankruptcy Code (IBC) will also aid decision-making in the case of bankrupt entities such as property developers, which have a large number of creditors, including homebuyers.
Jet Airways shares lost over half of its value following its lenders’ decision to initiate bankruptcy proceedings against the grounded airline.(Reuters File Photo)
Jet Airways shares lost over half of its value following its lenders’ decision to initiate bankruptcy proceedings against the grounded airline.(Reuters File Photo)

Jet Airways’ shares crash 52% as lenders decide to initiate bankruptcy proceedings

Mumbai | By Indo Asian News Service
UPDATED ON JUN 18, 2019 02:36 PM IST
Jet Airways stocks hit an intra-day low of Rs 32.25 per share, falling by a massive 52 per cent. At 1.41 p.m, Jet’s stocks were trading at Rs 38.05 per share, down Rs 30.25 or 44.29 per cent.
The logo of Reserve Bank of India (RBI) inside its headquarters in Mumbai.(REUTERS)
The logo of Reserve Bank of India (RBI) inside its headquarters in Mumbai.(REUTERS)

SC order quashing RBI circular to give relief to power companies but delay bankruptcy proceedings

New Delhi | By Press Trust of India
UPDATED ON APR 02, 2019 11:44 PM IST
The Supreme Court on Tuesday quashed RBI’s February 12 circular, which prescribed rules for recognising one-day defaults by large corporates and initiating insolvency action as a remedy.
Arun Jaitley gestures during a press conference.(Arvind Yadav/HT Photo)
Arun Jaitley gestures during a press conference.(Arvind Yadav/HT Photo)

Arun Jaitley hits back at Rahul Gandhi over Rafale deal, non-performing assets

UPDATED ON OCT 16, 2018 11:54 PM IST
Arun Jaitley brushed aside Rahul Gandhi’s charges that a private company got an advantage ranging from Rs 38,000 crore to Rs 130,000 crore in the Rafale deal.
Jaypee Infratech Ltd.’s Wish Town near New Delhi, has 25,000 stranded customers. The builder is facing bankruptcy.(Virendra Singh Gosain/HT PHOTO)
Jaypee Infratech Ltd.’s Wish Town near New Delhi, has 25,000 stranded customers. The builder is facing bankruptcy.(Virendra Singh Gosain/HT PHOTO)

Treating stranded homebuyers as financial creditors is a fair, brave decision | Opinion

Bloomberg | By Andy Mukherjee
UPDATED ON JUN 11, 2018 12:20 PM IST
Hapless homebuyers left without apartments by debt-stressed builders will have their status raised to that of financial creditors. That’s highly unusual by global standards. It’s a bold innovation, worthy of emulation by other rapidly urbanising economies.
The country’s banking sector is coping with about $210 billion of soured or problem loans, a legacy of a borrowing spree following the global financial crisis and an economic slowdown after that.(Dhiraj Singh/Bloomberg)
The country’s banking sector is coping with about $210 billion of soured or problem loans, a legacy of a borrowing spree following the global financial crisis and an economic slowdown after that.(Dhiraj Singh/Bloomberg)

India’s $210 billion bad loans are luring foreign funds hunting for returns

Bloomberg | By Anurag Joshi and Lianting Tu
UPDATED ON JUN 04, 2018 11:04 AM IST
The Insolvency and Bankruptcy Code (IBC) introduced in 2016 has given rise to opportunities for offshore funds to acquire borrowers’ distressed assets. High potential profits on those deals attract funds.
A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, India.(Reuters File Photo)
A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai, India.(Reuters File Photo)

RCom offers Rs 500 cr to Ericsson, NCLAT to stay insovency proceedings

Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON MAY 29, 2018 05:35 PM IST
The NCLAT has listed Wednesday for the hearing of the interim prayer of RCom to stay the NCLT order which has directed to start insolvency proceedings against it, based on Ericsson’s plea.
Signage for Yes Bank Ltd. is displayed at a branch in Mumbai, India, on Saturday, April 21, 2018. Yes Bank has received the Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore. Photographer: Dhiraj Singh/Bloomberg(Dhiraj Singh/Bloomberg)
Signage for Yes Bank Ltd. is displayed at a branch in Mumbai, India, on Saturday, April 21, 2018. Yes Bank has received the Reserve Bank of India's (RBI) approval to open two representative offices in London and Singapore. Photographer: Dhiraj Singh/Bloomberg(Dhiraj Singh/Bloomberg)

Yes Bank recovers 66% of original claim filed for Bhushan Steel

Press Trust of India | By Press Trust of India
UPDATED ON MAY 23, 2018 01:44 PM IST
Men ride their bicycles in front of the Bhushan Steel plant in the eastern Indian state of Odisha(REUTERS File Photo)
Men ride their bicycles in front of the Bhushan Steel plant in the eastern Indian state of Odisha(REUTERS File Photo)

Tata’s Bhushan Steel buyout to reduce PSB bad loans by Rs 35,000 crore

Press Trust of India, New Delhi | By Press Trust of India
UPDATED ON MAY 21, 2018 11:07 AM IST
Last week, Tata Steel, through its subsidiary, completed the acquisition of controlling stake of 72.65% in Bhushan Steel for around Rs 36,400 crore after emerging as the winning bidder in an insolvency auction.
Electrosteel Castings office building in Camac Street, Kolkata.(Indranil Bhoumik/Mint)
Electrosteel Castings office building in Camac Street, Kolkata.(Indranil Bhoumik/Mint)

Electrosteel case first resolution under IBC as NCLT approves Vedanta bid

Indo Asian News Service, Kolkata | By HT Correspondent
UPDATED ON APR 17, 2018 04:57 PM IST
The NCLT’s Kolkata bench has ordered that Vedanta’s resolution plan be implemented with immediate effect.
Against the backdrop of the rising number of cases coming up under the code, the committee has recommended certain measures to prevent possible misuse.(HT File Photo)
Against the backdrop of the rising number of cases coming up under the code, the committee has recommended certain measures to prevent possible misuse.(HT File Photo)

Treat homebuyers as financial creditors, says panel on bankruptcy code

Press Trust of India | By Press Trust of India
UPDATED ON APR 03, 2018 08:10 PM IST
Home buyers should be treated as financial creditors owing to the unique nature of financing in real estate projects and their treatment by the Supreme Court in ongoing cases, says panel examining the Insolvency and Bankruptcy Code
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)

Essar Steel sale: Vedanta, ArcelorMittal, Numetal-JSW submit fresh bids

Press Trust of India | By HT Correspondent
UPDATED ON APR 02, 2018 06:31 PM IST
In the second round of bidding, JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its offer.
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