Insolvcency And Bankruptcy Code

The government is preparing to amend the insolvency law as it looks to reduce the time taken for completion of resolution process of stressed assets and prevent significant erosion of value of the assets.

The appellate tribunal, on September 7, had asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans.

Revised bid of UltraTech Cement is valued at around Rs 7,900 crore for the debt-laden Binani Cement.

While IBC tries to give primacy to the creditors RERA tries to put consumers before creditors.

At the second round, Numetal, ArcelorMittal along with JSW Steel and Vedanta had submitted the bids.

Monnet Ispat, owes banks and other creditors $1.6 billion, according to government data.

The filing fee will be refunded to the stakeholder in case the complaint is found to be not "frivolous or malicious", said the corporate affairs ministry.

The cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code with changes that are designed to prevent wilful defaulters from bidding for stressed assets, Finance Minister Arun Jaitley said.

Finance Minister Arun Jaitley announced approval for the amendments following a cabinet meeting but did not provide the details.

The government is preparing to amend the insolvency law as it looks to reduce the time taken for completion of resolution process of stressed assets and prevent significant erosion of value of the assets.

The appellate tribunal, on September 7, had asked lenders, who are auctioning Essar Steel to recover over Rs 49,000 crore of unpaid loans.

Revised bid of UltraTech Cement is valued at around Rs 7,900 crore for the debt-laden Binani Cement.

While IBC tries to give primacy to the creditors RERA tries to put consumers before creditors.

At the second round, Numetal, ArcelorMittal along with JSW Steel and Vedanta had submitted the bids.

Monnet Ispat, owes banks and other creditors $1.6 billion, according to government data.

The filing fee will be refunded to the stakeholder in case the complaint is found to be not "frivolous or malicious", said the corporate affairs ministry.

The cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code with changes that are designed to prevent wilful defaulters from bidding for stressed assets, Finance Minister Arun Jaitley said.

Finance Minister Arun Jaitley announced approval for the amendments following a cabinet meeting but did not provide the details.