IBBI chairman Mital, ET LegalWorld
Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital said on Saturday that a creditor-led resolution framework is in the offing, which aims to lower the workload of the adjudicating authority by enabling lenders to take on greater responsibilities and expedite the rescue of stressed firms. “We are trying to bring in what we […]
Govt appoints Vaibhav Chaturvedi as RBI representative on IBBI board, ET LegalWorld
The government has appointed Vaibhav Chaturvedi as the ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI), according to an official notification. Currently, Chaturvedi is the Chief General Manager of the Reserve Bank of India (RBI). IBBI, established in 2016, under the Insolvency and Bankruptcy Code, 2016, is responsible for the implementation of […]
IBBI proposes mandatory monitoring committees for resolution plans, ET LegalWorld
The Insolvency and Bankruptcy Board of India (IBBI) has proposed monitoring committees for implementing resolution plans under the Insolvency and Bankruptcy Code (IBC) rules. These changes seek to address challenges in implementing resolution plans and bolster confidence in the insolvency resolution process. The move came after a Supreme Court judgement emphasising statutory recognition for such […]
IBBI proposes amendments to liquidation regulations, Legal News, ET LegalWorld
The Insolvency Bankruptcy Board of India has issued a discussion paper on amendments to the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. Review of Auction Framework The existing provisions result in: Prospective bidders effectively get only 14 days to participate […]
SC rules on personal bank guarantee adjustment under IBBI regulations, ET LegalWorld
The Supreme Court has held that the adjustment of the Personal Bank Guarantee was impermissible under the terms of the Resolution Plan read with Regulation 36B(4A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The consortium contended that the National Company Law Appellate Tribunal’s order rightly recognized that Regulation 36B(4A) of the […]
IBBI proposes mediation option for operational creditors before filing insolvency under section 9 of IBC, ET LegalWorld
The Insolvency Bankruptcy Board of India has proposed that operational creditors can exercise the option of mediation before filing insolvency applications under Section 9 of the IBC. Under this scheme, the operational creditor can undergo mediation with the aid of a mediator, as provided under the Mediation Act, 2023. In case of failure of mediation […]
IBBI partners with IBA to launch platform for asset liquidation auctions, effective November 1, ET LegalWorld
The Insolvency and Bankruptcy Board of India (IBBI) has issued a circular announcing a collaboration with the Indian Banks’ Association (IBA) to facilitate the auction of assets through the eBKray platform. The eBKray is a centralized platform offering detailed information on corporate debtor assets, including photographs, videos, and geographical coordinates. The platform aims to increase […]
New IBBI regulations to strengthen creditor rights, say Legal Experts, ET LegalWorld
On September 25, Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2024 (Amendment Regulations) which amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations). The IBBI exercising powers conferred under […]
IBBI tweaks norms to speed up insolvency resolution in housing, ET LegalWorld
The insolvency watchdog has tweaked regulations to allow the hiring of an interim representative for a group of creditors like homebuyers until the bankruptcy court approves the final appointment to expedite the rescue of stressed real estate companies. “This interim representative will have the same rights and duties as an authorised representative in meetings of […]