MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) has proposed major changes in the insolvency process to bring more discipline and transparency and to address issues that have come up in recent cases.The IBBI, which regulates both insolvency professionals and the process, has sought public views on amendments by September 17.A key development is…
Insolvency regulator IBBI has come up with a discussion paper on Code of Conduct for the Committee of Creditors (CoC), which is the custodian of public trust during resolution process. The proposed Code of Conduct, which establishes broad principles that can be applied to every situation, is expected to elevate accountability and responsibility of Committee…
It also suggested that a professional code of conduct for the CoC be put in place, which would define and circumscribe their decisions, as these have larger implications for the efficacy of the Code. The erosion of value of stressed firms before the initiation of the corporate insolvency resolution process (CIRP) is a matter of…
The Ministry of Corporate Affairs (MCA) is working to issue a code of conduct for creditors under the Insolvency and Bankruptcy Code (IBC), said MCA Secretary Rajesh Verma on Friday. This comes a month after a Parliamentary panel flagged the disproportionately large and unsustainable haircuts taken by the financial creditors over the years. In some…
The corporate affairs ministry is working with the finance ministry, Reserve Bank of India and the Indian Banks’ Association (IBA) on the issue of the conduct of the committee of creditors under the insolvency resolution process, a senior official said on Friday. The role of Committee of Creditors (CoC) is crucial in deciding a resolution…
West Australian buildingcompany Jaxon Construction is entering liquidation, with operations within the group ceasing. Key points: The liquidator says it’s assessing six entities in the group The union says builders are taking contracts with too low margins It follows the recent collapse of another major builder Pindan The move affectsfour sites in Western Australia. Alarm…
KOLKATA: The National Company Law Appellate Tribunal (NCLAT) has admitted the appeal of McLeod Russel chairman Aditya Khaitan that challenged the order of the National Company Law Tribunal (NCLT) for starting a corporate insolvency resolution process for the company. However, NCLAT has not stayed the NCLT order for now, but asked the respondent Techno Electric…
A South West construction firm which went into liquidation leaving buildings unfinished has also left debts of more than 10m, it has been revealed. Henry W Pollard and Sons Ltd, which had been in business for 161 years, ceased trading in June 2021, leaving buildings such as Plymouths 13m Teesra House apartment block in limbo.…
On August 6, the National Company Law Tribunal (NCLT) had admitted an application filed by Techno for initiating corporate insolvency resolution process (CIRP) against McLeod. TopicsNCLAT|Techno Electric & Engineering|McLeod Russel The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal filed by McLeod Russel promoter, Aditya Khaitan, against insolvency proceedings and will decide on…
Member Article The year-on-year level of corporate insolvency has risen for a third consecutive month, highlighting the continuing impact of the pandemic on North East businesses. The latest corporate insolvency figures for England and Wales reveal a 70.4% increase in Creditors Voluntary Liquidations in July compared to July 2020, suggesting an increasing number of directors…