Page 5 - Insolvency Code News Today

February 27, 2021 Kumar Mangalam Birla, Chairman, Aditya Birla Group× The government has done the initial plumbing work for the Indian economy to come out of the Covid crisis and it is now time for India Inc to rise to the occasion, said Kumar Mangalam Birla, Chairman, Aditya Birla Group. Comparing the current reforms to that of Manmohan Singh’s in 1991, Birla said the earlier reforms were necessitated due to the payment crisis while the present one can take India to sustained growth in year...

At 21% recovery, IBC has performed worse than UPA-era debt recovery mechanisms panned for inefficiencies. The idea of a bad bank is also likely to fail if political interference and poor bank governance continue

These go to strengthen the Code, which an important measure, meant to prevent insolvency by reviving ailing businesses. The Code however, is not a recovery tool for creditors but a resolution mechanism to breathe life into stressed assets of the corporate debtor

The Impact of Brexit on Close-out Netting Opinions  Published 2 months ago Robert Peat, Consultant, D2 Legal Technology On 1 December 2020 ISDA published a high-level overview of certain considerations regarding contractual arrangements between EU/EEA-based counterparties and contractual arrangements governed by the law of an EU/EEA Member State in the light of the UK’s exit from the EU (“ Brexit”). The implications of Brexit will clearly have an obvious impact on many areas of the fina...

To print this article, all you need is to be registered or login on Mondaq.com. The insolvency resolution process in India has in the past elaborated the simultaneous operation of several statutory instruments. This includes the Sick Industrial Companies Act, 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002, the Recovery of Debt Due to Banks and Financial Institution Act, 1993 and the Companies Act, 2013. The invo...

To embed, copy and paste the code into your website or blog: A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a companys reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 Janua...

Tuesday, January 26, 2021 A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a companys reorganization is possible without insolvency and includes the majority decision of its creditors. In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based...

NCLT nod for Kamini Metalliks taking over VBC Industries January 25, 2021 As per the arrangement, Kamini Metalliks will pay ₹57 crore to the VBC lenders. The National Company Law Tribunal , Hyderabad has approved the resolution plan of Kamini Metalliks for debt-strapped VBC Industries. VBC Industries, which was earlier declared insolvent, will now have a new owner in Kamini Metalliks which offered ₹98 crore with its bid. Judicial member K Anantha Padmanabha Swamy and Member Technical Bin...

January 14, 2021 In 2020, the COVID-19 pandemic taught the world another lesson about the unpredictability of life. Each country responded to the challenges posed by the pandemic in its own way. The German Government in its familiar technocratic and sober approach quickly unlocked massive financial resources to mitigate any immediate economic damage. It supported a further relaxation of the purse strings at EU level and put legislative acts in place that helped manage the uncertainty in the mos...

To print this article, all you need is to be registered or login on Mondaq.com. On 17 December 2020, the German Parliament passed the Act on the Further Development of Restructuring and Insolvency Law ("SanInsFoG"), which is expected to lead to a fundamental change in the restructuring landscape in Germany. The SanInsFoG primarily serves to implement the EU Restructuring Directive of 20 June 2019 (Directive (EU) 2019/1023) and aims at introducing a comprehensive le...