The proposed amendments are expected to make the process less stringent for the insolvency professionals and resolve the complexities 3 min read Last Updated : Jun 11 2024 | 6:01 PM IST The Insolvency and Bankruptcy Board of India (IBBI) has proposed to simplify the forms submitted for the corporate insolvency resolution process (CIRP) by…
3 min read Last Updated : Jun 11 2024 | 5:30 PM IST Following the suggestion of the Financial Stability and Development Council (FSDC) to ease the compliance burden, the Insolvency and Bankruptcy Board of India (IBBI) has proposed simplifying the forms submitted for the corporate insolvency resolution process (CIRP) by resolution professionals in a…
In a move that could help streamline and quicken insolvency proceedings against firms, the government is looking to reduce the compliance burden on insolvency professionals. In this regard, the Insolvency and Bankruptcy Board of India (IBBI) has issued a discussion paper on reducing compliance by review of forms for corporate insolvency resolution process (CIRP) that…
Insolvency appellate tribunal NCLAT has issued a notice to ICICI Bank over the plea of Jaiprakash Associates Ltd and said the private sector lender may consider the one-time settlement proposal submitted by the debt-ridden company by June 24, the next date of hearing.During the proceedings of NCLAT, JAL through its counsel submitted that it is…
Low-cost airline Bonza entered voluntary administration in April, less than 18 months after launching its first passenger flights. (Source: AAP) Hundreds of Bonza staff have been officially sacked, after hopes of finding a buyer for the embattled airline were dashed. They are also yet to be paid for months of work as administrators say they…
Restaurant group Tasty has become the first AIM-listed company to successfully secure a restructuring plan. The firm, which had faced an uncertain future after difficult trading conditions, was supported in securing the plan by experts from advisory firm FRP. Tasty is a branded restaurant operator in the UK casual dining market, with trading brands including…
By Denise Mueller, Chief Business Officer, Affimed Denise Mueller The world of work is more uncertain than ever and the biotechnology sector is no exception, especially as we see ongoing fluctuations in the market and shifting preferences among investors and potential business development partners. Our industry is still slowly coming back from an industrywide plummeting…
Several of these factors contributed to the rising levels of formal insolvency appointments and distressed asset sales seen over the past year, which is likely to continue into 2024. In this article, we look back at, and think forward to, the trends and legal developments which businesses, insolvency professionals, accountants and investors need to be…
Normal text sizeLarger text sizeVery large text size More than 300 employees at failed budget airline Bonza have been told their roles have been officially terminated after they havent been paid for more than two months. Bonza entered voluntary administration and appointed accounting firm Hall Chadwick at the end of April after its aircraft lessor…