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The Insolvency and Bankruptcy Code (IBC), 2016, has achieved a remarkable milestone with 40 corporate insolvency resolution processes (CIRPs) yielding 100% recovery of admitted
The Institute of Chartered Accountants of India (ICAI) has proposed a series of strategic reforms to strengthen the Insolvency and Bankruptcy Code (IBC), 2016, emphasising the need for stricter adherence to timelines and improved value realization in the Corporate Insolvency Resolution Process (CIRP).
In its latest study, ICAI highlighted that while the IBC has significantly transformed India’s insolvency regime, delays in resolution and asset value erosion remain persistent challenges. As of September 2024, only 13.3% of CIRPs concluded with approved resolution plans, while 32.9% ended in liquidation, often after breaching the mandated 330-day deadline.
New Delhi: The National Company Law Tribunal (NCLT) on Tuesday deferred the Bhushan Power & Steel Ltd (BPSL) insolvency case to 30 May, when it is expected to issue directions on a plea filed by former promoter Sanjay Singal.
The adjournment followed a request from Solicitor General Tushar Mehta, representing the Union government and other stakeholders, to refrain from issuing any notices yet. He urged the bench to allow Singal to identify and implead all necessary parties before the matter is formally heard.
A construction company has collapsed with creditors owed millions of dollars for projects across Victoria, NSW and Queensland.
Kenik was wound up in Queensland’s Supreme Court earlier this year after another business launched legal action against the Melbourne-based company.
Kenik, which had been in the property and construction industry for more than 25 years, now owes more than 200 creditors a combined total of $6.6million, a new report lodged to the Australian Securities and Investments Commission (ASIC) has revealed.
The document revealed the company’s creditors are from five major projects.
Kenik had been involved in a series of legal battles in its fight to remain in business.
Ant Anstead’s Radford Motors files to amend bankruptcy status
Ant Anstead’s supercar company, Radford Motors, has filed for Chapter 7 bankruptcy.
The shift comes after a court hearing on May 8, converting his company’s previous Chapter 11 bankruptcy to Chapter 7, People Magazine reported.
Chapter 7 bankruptcy marks an escalation in the company’s financial troubles and could lead to its liquidation, potentially including the sale of assets to pay creditors, per United States Courts.
However, it is unclear whether Radford is officially closing its operations following the new filing.
The publication also noted that a complaint filed against Radford on April 4 alleges that the company continued to occupy its…
If harsh haircuts on bankrupt assets weren’t bad enough, India’s lenders must now be going bald with worry. A recent court order has raised the unpleasant prospect of having to return the money new owners paid them to settle the unpaid loans of insolvent firms — years later.The nation’s nine-year-old insolvency code has struggled with delays and poor recoveries. A third of the bankruptcies admitted by the tribunals have gone for liquidation, while three-quarters of the cases still open in December had exceeded the prescribed 270-day mark for resolution. Creditors have recouped only 31% of the $133 billion of bad debt they pursued under the law. In many instances, even after finding buyers for troubled assets, banks have had to…
The Insolvency and Bankruptcy Code (IBC), 2016, has achieved a remarkable milestone with 40 corporate insolvency resolution processes (CIRPs) yielding 100% recovery of admitted claims, according to a study by the Insolvency & Valuation Standards Board (IVSB) of the Institute of Chartered Accountants of India (ICAI). These cases, resolved between 2017 and 2024, stand out in a framework where the average recovery rate for creditors is 31% of admitted claims.
Key Highlights
Full Recovery Against Odds:
The 40 companies collectively admitted claims of ₹2,436.77 crore and realized the same amount through resolution plans.
This contrasts sharply with the overall recovery rate of 31% for all CIRPs and…
Less than two years after its last insolvency proceedings, Gerry Weber International GmbH (GWI), the holding company of the Halle, Westphalia-based fashion supplier, has filed for insolvency under self-administration.
The Bielefeld District Court has already approved the application and ordered preliminary proceedings, Gerry Weber announced on Tuesday. In addition, lawyer Lucas Flöther was appointed administrator.
“Despite the profound cuts that Gerry Weber has already made in recent years, and despite the good response from the market to the fashion offering, the company has not yet built up enough resilience to financially compensate for such an accumulation of unexpected crisis factors,” said Christian Gerloff, who was…
