The share of corporate insolvency resolution processes (CIRP) initiated by corporate debtors themselves have declined over the years since the inception of the Insolvency and Bankruptcy Code (IBC). Data from the Insolvency and Bankruptcy Board of India (IBBI) showed that as of March 2017, out of the total CIRPs, seven were triggered by operational creditors,…
Law360, London (September 9, 2021, 12:03 PM BST) — The government said on Thursday that it will end in October a COVID-19 relief measure that protects companies from enforcement action by creditors but will bring into play targeted measures to support small businesses seeking to get back on their feet after the pandemic. The Insolvency…
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected…
In the three months after the suspension on triggering insolvency was lifted on March 24, a total of 126 new corporate insolvency cases were admitted, according to the latest data released by the Insolvency and Bankruptcy Board of India (IBBI). Till June, about 47 per cent of the corporate insolvency resolution processes (CIRPs), which were…
By Express News Service NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI). As many as 4,541 CIRPs (Corporate Insolvency…
By Express News Service NEW DELHI: Financial creditors have realised Rs 42,630 crore or 25.46% of their total claims under the insolvency resolution process in the April-June period of the current financial year (FY22), showed the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI). As many as 4,541 CIRPs (Corporate Insolvency…
Next Digital, which was founded by now-imprisoned tycoon Jimmy Lai, said in a stock exchange filing Sunday that its remaining four directors would step down, to best “protect shareholders, creditors, employees and former employees.” The directors are Chairman Ip Yut Kin, Louis Gordon Crovitz, Mark Lambert Clifford and Lam Chung Yan. It also said it…
Photo by WJFW Newswatch 12 Story By Morgan JohnsonLocal News Published 09/07/2021 2:56PM, Last Updated 09/07/2021 5:56PMPark Falls – The Park Falls paper mill has been sold, as of August 31, to Wisconsin Paper Personal Property LLC, and Wisconsin Paper Real Property LLC, which is a subsidiary of Maynard Industries. The mill, which is over…
Following the tribunals August 6 insolvency commencement order, Aditya Khaitan, promoter of the tea company, had appealed to the National Company Law Appellate Tribunal (NCLAT) for a stay on the CIRP initiation. NCLAT, however, hadnt granted a stay but admitted the plea. In a major relief to the financially-stressed Williamson Magor group, the National Company…
The Insolvency and Bankruptcy Code (IBC), which has now turned five, has helped rescue as many as 396 companies till June 30 this year this is from the 4,541 corporate insolvency cases that had commenced between December 1, 2016, and June 30, 2021, official data showed. A positive surprise Rescue essentially means the resolution plans…