In a bid to streamline the Corporate Insolvency Resolution Process (CIRP) and prevent delays in the execution of the resolution plans, the Insolvency and Bankruptcy Board of India (IBBI) has floated a discussion paper and proposed amendments to the existing regulations. The proposed amendments suggest to structure the resolution plan in two parts Part A…
4 mins. to read Interest Rates Heading Higher? Well, we now know that the Governor of the Bank of England and his committee voted in favour of holding the Base Rate at 5.25%. But is that the right decision? Various notables in the City consider that it would have been better to have raised the…
How Does Debt Consolidation Work? There are several different ways to consolidate debt, and each works slightly differently. These include using a: Personal loan Home equity loan Balance transfer card In each case, youll open the new account and use the money from your new loan to pay off your existing debts like credit cards.…
Banks across the globe have been undertaking restructuring efforts to focus more on core operations. While these efforts will be fruitful in the long run, they have resulted in higher costs, hurting banks bottom-line growth. Moreover, the uneven economic recovery in developed and emerging nations is expected to hurt revenue growth for the companies within…
Insolvency regulator IBBI has come up with slew of proposals to ensure timely resolution and higher realisations in corporate insolvency resolution process (CIRP). The measures outlined in a new IBBI discussion paper include seeking CoC approval for operational expenses, holding regular CoC meetings (mandatory monthly meeting), holding deliberations on valuation methodology and disclosure of fair…
On November 1, the District Court of The Hague declared the company Celtic Koeling bankrupt. M.W. Schller was appointed as curator. The Nieuw-Vennep-based refrigeration company was founded in 1997, working in the design and installation of custom refrigeration and freezer systems, air conditioning systems and turnkey solutions for the refrigeration of vegetables, fruit, flowers and…
Mandatory monthly review of the progress of the resolution process, by the Committee of Creditors (CoC), disclosure of fair value to all stakeholders are among the amendments proposed by the Insolvency and Bankruptcy Board of India (IBBI) to make the Insolvency and Bankruptcy Code (IBC) process more transparent. Creditors dissenting on a resolution plan under…
A recent judgment of Justice Derrington in R.W. Pascoe Pty Ltd v Crimson Fresh Produce Pty Ltd (subject to deed of company arrangement) [2023] FCA 705 highlights the supervisory role to be played by the courts to ensure that a deed of company arrangement (DOCA) is for a proper purpose. In this case, the court…
Delhi: Another paper mill employee of Cachar Paper Mill, a closed unit of the defunct Hindustan Paper Corporation (HPC), passed away on Monday following a cardiac arrest. The deceased identified as Tushar Kanti Mishra, a resident of the Chengkuri area in Silchar, was 59. Manabendra Chakraborty, president of the Joint Action Committee of Recognized Unions…
To streamline the corporate resolution process and prevent delay in implementation of the resolution plan, the Insolvency and Bankruptcy Board of India (IBBI) on Wednesday proposed amendments to some regulations. The insolvency and bankruptcy board has proposed to structure the corporate resolution plan into two parts — inflow of funds and distribution to various stakeholders…