http://103.153.58.85/ind/index.php?action=history&feed=atom&title=Insolvency%2C_bankruptcy%3A_IndiaInsolvency, bankruptcy: India - Revision history2026-04-26T17:45:55ZRevision history for this page on the wikiMediaWiki 1.19.2http://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=136255&oldid=prevJyoti: /* Debtor’s assets */2025-05-22T10:50:51Z<p><span dir="auto"><span class="autocomment">Debtor’s assets</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Ravichandran said, “This amendment brings to the fore the need to preserve, if possible, the status of the undertaking as a going concern, which will bring more value rather than selling assets of a closed undertaking. This method of sale will protect contracts and arrangements that are under way and employees and stakeholders will benefit from the continued operations of the undertaking.”</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Ravichandran said, “This amendment brings to the fore the need to preserve, if possible, the status of the undertaking as a going concern, which will bring more value rather than selling assets of a closed undertaking. This method of sale will protect contracts and arrangements that are under way and employees and stakeholders will benefit from the continued operations of the undertaking.”</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">[[Category:Economy</del>-<del class="diffchange diffchange-inline">Industry-Resources|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY</del>: <del class="diffchange diffchange-inline">INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">==JSW Steel</ins>-<ins class="diffchange diffchange-inline">Bhushan Power and Steel Ltd</ins>: <ins class="diffchange diffchange-inline">SC’s judgement== </ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">INSOLVENCY, BANKRUPTCY: INDIA]]</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">===Briefly===</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[<del class="diffchange diffchange-inline">[Category</del>:<del class="diffchange diffchange-inline">India|B INSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>[<ins class="diffchange diffchange-inline">https</ins>:<ins class="diffchange diffchange-inline">//www.newindianexpress.com/business/2025/May/05/sc-verdict-on-bhushan-power-and-steel-resolution-may-burn-a-rs-22k-cr-hole-in-jsw-pocket Dipak Mondal</ins>, <ins class="diffchange diffchange-inline">May 5</ins>, <ins class="diffchange diffchange-inline">2025</ins>: <ins class="diffchange diffchange-inline">''The Indian Express''</ins>]</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">INSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY</del>: <del class="diffchange diffchange-inline">INDIA]</del>]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div></div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:Economy-Industry-Resources|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">NEW DELHI: The Supreme Court’s decision to revoke the resolution plan of Bhushan Power and Steel Ltd (BPSL) could burn a ₹22,000 crore hole in the consolidated turnover of JSW Steel.</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">INSOLVENCY</del>, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del>]]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:India|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">BPSL, which was acquired by the Sajjan Jindal-promoted JSW Steel in 2021, earned revenue of ₹21,800 crore in FY24 and posted a total profit of ₹671 crore — 3.4 times the profit earned in the previous year. It reported its highest-ever annual steel sales of 2.96 million tonnes, up 17.5% year-on-year in 2023–24. In the first nine months of FY25, BPSL has generated ₹15,800 crore in revenue.</ins></div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:Law,Constitution,Judiciary|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The setback for JSW Steel goes beyond the loss of 3.5 million tonnes per annum of production capacity and approximately ₹22,000 crore in turnover; it also includes the significant expenses incurred to ramp up that capacity.</ins></div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:Pages with broken file links|INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The company has invested around ₹3,000 crore in expanding BPSL’s capacity. It is currently undergoing the second phase of expansion, which aims to increase capacity from 3.5 million tonnes to 5 million tonnes. JSW Steel had also availed a loan of ₹10,800 crore from State Bank of India (₹7,300 crore) and Bank of Baroda (₹3,500 crore) to acquire BPSL. BPSL itself also has total secured loans of around ₹4,000 crore.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">On May 2, the Supreme Court rejected JSW Steel’s ₹19,800 crore resolution plan for Bhushan Power and Steel, citing several anomalies in the conduct of the Corporate Insolvency Resolution Process (CIRP). BPSL will now undergo liquidation. Financial creditors had submitted claims of ₹47,000 crore against the company. With the resolution plan declared invalid, lenders will have to wait until the liquidation process is completed to recover any dues. During the CIRP, valuers had pegged the liquidation value at ₹9,700 crore.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Legal experts say the Supreme Court’s judgment is a major setback for the Insolvency and Bankruptcy Code (IBC), as it undermines a fundamental principle of the law — the commercial wisdom of the Committee of Creditors (CoC).</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">“The Supreme Court decision casts serious doubt on the bona fides of the CoC and the Resolution Professional (RP). The ‘commercial wisdom’ of the CoC was considered paramount and generally not subject to judicial intervention unless decisions were demonstrably unreasonable or violated the law,” says Vijay K. Singh, Senior Partner at S&A Law Offices.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">According to him, the NCLT, NCLAT, and the Supreme Court will now likely be more circumspect about decisions taken by the CoC.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">===Aditya Sinha’s analysis===</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[https://epaper.indiatimes.com/article-share?article=06_05_2025_014_010_cap_TOI  Aditya Sinha, May 6, 2025: ''The Times of India'']</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">When India jumped the ranks in World Bank’s Ease of Doing Business index, the spotlight was on startups, permits and digital clearances.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">But the evolution was something else entirely, a recognition that the real test of doing business is not entry but exit.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Before 2016, shutting down a failed company in India was like being trapped in the quicksand of endless litigation. The Insolvency and Bankruptcy Code (IBC) promised a way out. It handed over power to creditors, set strict timelines, and most importantly, promised closure. For decades, Indian entrepreneurs had been like Abhimanyu, skilled at entering the chakravyuh of enterprise, but fatally unprepared for a way out. IBC was meant to rewrite that script. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> While IBC has transformed India’s exit framework, institutional delays remain a concern. As of June 30, 2024, there were 19,770 cases pending before NCLT. Of these 10,125 had been pending for over a year; at NCLAT 3,019 cases were pending, including 783 that were over two years old and 456over three years old. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Average time for resolution rose to 716 daysin FY 2023-24, far exceeding the statutory limit of 330 days. Despite these delays, IBC has significantly improved ease of exit compared to the pre-2016 regime. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">However, this progress is now under threat following Supreme Court’s judgment in April in which it annulled JSW Steel’s ₹19k cr acquisition of Bhushan Power & Steel on procedural grounds, specifically, the use of optionally convertible debentures (OCDs) instead of pure equity and delays beyond the 330-day resolution timeline. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Despite the transaction being approved by the Committee of Creditors (CoC), endorsed by NCLT and NCLAT, and partially implemented, SC held that deviations from the originally sanctioned plan rendered the entire resolution unlawful. Several problems would result from this judgment.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> ● When courts apply economic legislation with strict formalism and no regard for its functional objectives, they risk producing legally sound but economically perverse outcomes. This is precisely the danger Lon Fuller warned against in The Morality of Law , where he argued that legal systems must uphold procedural consistency and internal coherence with their broader purposes. SC’s ruling exemplifies such a breakdown.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> ● In economic laws like IBC, that logic is teleological (focused on outcomes such as value maximisation, time-bound resolution, and predictability of process). If the judiciary adopts a deontological lens instead (focusing solely on rule compliance regardless of outcome), it creates a mismatch between the law’s letter and its purpose. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The Bhushan ruling risks becoming a precedent that courts can, years later, second-guess complex commercial decisions and unwind entire processes. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">● IBC is grounded in understanding that efficient reallocation of failing assets requires a legal architecture that reduces uncertainty and accelerates closure. IBC rightfully delegates decision-making authority to CoC. It recognises Hayekian limits to centralised knowledge: Those with skin in the game are best positioned to evaluate resolution plans. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">This was reaffirmed in Essar Steel vs ArcelorMittal (2019), where SC upheld the primacy of commercial wisdom in the insolvency process. Yet in the Bhushan case, that principle has been effectively reversed.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The liquidation ordered now will likely destroy far more value than any technical defects the resolution plan may have contained.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> ● Economic implications are significant and systemic. Ex-post invalidation of completed transactions introduces what economists call ‘regime uncertainty’, a condition where investors cannot reliably predict how legal rules will be applied in future. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">According to Oliver Williamson’s theory of bounded rationality and opportunism, complex long-term contracts (like insolvency resolutions) require stable institutions to enforce them credibly. When the judiciary signals that it may reopen and unwind transactions even after full or partial performance, it amplifies contractual risk across sectors. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Investors in distressed assets will price in this risk, demand higher returns, or exit the market entirely. The chilling effect will not be limited to insolvency bidders, it will spill over into credit markets, equity valuations, and FDI flows, especially in infra and heavy industry where regulatory certainty is paramount. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">● SC’s order destabilises bank recoveries and public sector balance sheets. SBI and PNB had already recorded recoveries from the Bhushan Power resolution. Now, those recoveries hang in limbo. Should they reverse the entries? Will liquidators claw back the funds? The accounting implications are unclear. SC’s order has set a dangerous institutional precedent using Article 142 that gives it sweeping powers to do “complete justice”. But complete justice for whom? In this case, neither creditors, nor workers, nor the new management benefits. If such constitutional powers are invoked to override commercial consensus and legislative purpose, India’s rule-of-law framework begins to look discretionary rather than predictable.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> One is reminded of the Catch 22 paradox. If you’re sane enough to avoid flying suicidal missions, you’re too sane to be excused. India’s insolvency regime now reads from the same script. Creditors negotiate, courts approve, capital flows, only for the clock to rewind years later. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">This isn’t rule of law. It is rule of retroactive doubt. Institutions built to resolve uncertainty are instead generating it. When finality is fiction and closure reversible, the cost isn’t just legal, it’s economic paralysis.</ins></div></td></tr>
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</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=133315&oldid=prevJyoti: /* Value, realisable, of distressed assets in insolvency cases */2024-09-19T18:56:41Z<p><span dir="auto"><span class="autocomment">Value, realisable, of distressed assets in insolvency cases</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Mumbai : An analysis of the resolved insolvency cases shows that even though only 15% of the total cases represent claims over Rs 1,000 crore, they account for 90% of the value that can be realised. This has led companies dealing with distressed assets to call for separate tribunals to expedite the high-value cases so as to prevent a loss of asset value due to delays.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>Mumbai : An analysis of the resolved insolvency cases shows that even though only 15% of the total cases represent claims over Rs 1,000 crore, they account for 90% of the value that can be realised. This has led companies dealing with distressed assets to call for separate tribunals to expedite the high-value cases so as to prevent a loss of asset value due to delays.</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline"> According </del>to data in a recent newsletter from the Insolvency and Bankruptcy Board of India, out of a total of 1,005 cases worth Rs 3.4 lakh crore, the 153 cases with claims exceeding Rs 1,000 crore hold a realisable value of Rs 3.05 lakh crore. This shows the disproportionate impact of large <del class="diffchange diffchange-inline">claims </del>on the overall recovery from bad loans.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">According </ins>to data in a recent newsletter from the Insolvency and Bankruptcy Board of India, out of a total of 1,005 cases worth Rs 3.4 lakh crore, the 153 cases with claims exceeding Rs 1,000 crore hold a realisable value of Rs 3.05 lakh crore. This shows the disproportionate impact of large <ins class="diffchange diffchange-inline">cla- ims </ins>on the overall recovery from bad loans.</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline"> At </del>present, there are 13,000 cases with approximately Rs 9 lakh crore pending in NCLTs. “Large cases with claims above Rs 1,000 crore may be given priority and dedicated benches should deal with this for closer attention and better outcomes. Creation of dedicated benches for large cases above Rs 1,000 crore has potential to improve turnaround time and value maximisation,” Hari Hara Mishra, CEO of Association of ARCs in India, said.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">At </ins>present, there are 13,000 cases with approximately Rs 9 lakh crore pending in NCLTs. “Large cases with claims above Rs 1,000 crore may be given priority and dedicated benches should deal with this for closer attention and better outcomes. Creation of dedicated benches for large cases above Rs 1,000 crore has potential to improve turnaround time and value maximisation,” Hari Hara Mishra, CEO of Association of ARCs in India, said.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline"> IBBI’s </del>data also shows that the number of days taken for resolution have progressively increased from 611 as of March 2023 to 680 as of March 2024 and further to 761 days as of June 2024. Similarly, in cases where the borrower has gone to liquidation, the number of days for the order have increased from 455 in March 2023 to 493 days a year later and 680 as of June 2024.</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">IBBI’s </ins>data also shows that the number of days taken for resolution have progressively increased from 611 as of March 2023 to 680 as of March 2024 and further to 761 days as of June 2024. Similarly, in cases where the borrower has gone to liquidation, the number of days for the order have increased from 455 in March 2023 to 493 days a year later and 680 as of June 2024.</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline"> The </del>suggestion for special tribunals for claims over Rs 1,000 crore comes against the background of finance minister Nirmala Sitharaman proposing new benches of the NCLT. Concerned over the increasing delay in resolution of cases under the IBC, Sitharaman in her budget speech last month said that, “Appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Additional tribunals will be established. Out of those, some will be notified to decide cases exclusively under the Companies Act.”</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The </ins>suggestion for special tribunals for claims over Rs 1,000 crore comes against the background of finance minister Nirmala Sitharaman proposing new benches of the NCLT. Concerned over the increasing delay in resolution of cases under the IBC, Sitharaman in her budget speech last month said that, “Appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Additional tribunals will be established. Out of those, some will be notified to decide cases exclusively under the Companies Act.”</div></td></tr>
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</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=133314&oldid=prevJyoti: /* Resolution */2024-09-19T18:44:21Z<p><span dir="auto"><span class="autocomment">Resolution</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' The resolution and liquidation of insolvency cases in India, 2017 – 23 ''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' The resolution and liquidation of insolvency cases in India, 2017 – 23 ''</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:Economy-Industry-Resources|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">=Value, realisable, of distressed assets in insolvency cases=</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>INSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del>]]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">==2023-24==</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:India|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[https://epaper.indiatimes.com/article-share?article=24_08_2024_021_005_cap_TOI Mayur Shetty, August 24, 2024: ''The Times of India'']</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>INSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del>]]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>INSOLVENCY, BANKRUPTCY: <del class="diffchange diffchange-inline">INDIA</del>]]</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[Category:Pages with broken file links|INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">Mumbai : An analysis of the resolved insolvency cases shows that even though only 15% of the total cases represent claims over Rs 1,000 crore, they account for 90% of the value that can be realised. This has led companies dealing with distressed assets to call for separate tribunals to expedite the high-value cases so as to prevent a loss of asset value due to delays.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> According to data in a recent newsletter from the Insolvency and Bankruptcy Board of India, out of a total of 1,005 cases worth Rs 3.4 lakh crore, the 153 cases with claims exceeding Rs 1,000 crore hold a realisable value of Rs 3.05 lakh crore. This shows the disproportionate impact of large claims on the overall recovery from bad loans.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> At present, there are 13,000 cases with approximately Rs 9 lakh crore pending in NCLTs. “Large cases with claims above Rs 1,000 crore may be given priority and dedicated benches should deal with this for closer attention and better outcomes. Creation of dedicated benches for large cases above Rs 1,000 crore has potential to improve turnaround time and value maximisation,” Hari Hara Mishra, CEO of Association of ARCs in India, said.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> IBBI’s data also shows that the number of days taken for resolution have progressively increased from 611 as of March 2023 to 680 as of March 2024 and further to 761 days as of June 2024. Similarly, in cases where the borrower has gone to liquidation, the number of days for the order have increased from 455 in March 2023 to 493 days a year later and 680 as of June 2024.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> The suggestion for special tribunals for claims over Rs 1,000 crore comes against the background of finance minister Nirmala Sitharaman proposing new benches of the NCLT. Concerned over the increasing delay in resolution of cases under the IBC, Sitharaman in her budget speech last month said that, “Appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution. Additional tribunals will be established. Out of those, some will be notified to decide cases exclusively under the Companies Act.”</ins></div></td></tr>
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</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=130297&oldid=prevJyoti: /* Corporate guarantor can face insolvency action/ SC */2024-03-07T20:30:47Z<p><span dir="auto"><span class="autocomment">Corporate guarantor can face insolvency action/ SC</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The SC said undoubtedly, a right or cause of action would be available to the lender (financial creditor) to proceed against the principal borrower, as well as the guarantor, in equal measure in case they commit default in repayment of the amount of debt acting jointly and severally.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The SC said undoubtedly, a right or cause of action would be available to the lender (financial creditor) to proceed against the principal borrower, as well as the guarantor, in equal measure in case they commit default in repayment of the amount of debt acting jointly and severally.</div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">===Personal guarantee cases, 2018- 23===</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">[https://epaper.indiatimes.com/article-share?article=20_02_2024_019_005_cap_TOI  Sidhartha, February 20, 2024: ''The Times of India'']</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">New Delhi: Insolvency & Bankruptcy Board of India (IBBI) on Monday said a recent Supreme Court ruling will help improve the recovery of creditors from personal guarantors (PGs) and cautioned them against prolonging cases, as it will only “amplify their liabilities”.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"> The comment by IBBI chairman Ravi Mittal in the latest newsletter comes months after a Supreme Court ruling. “The judgment has cleared roadblocks for the insolvencies involving PGs, providing relief for lenders whose petitions for insolvency proceedings against PGs were getting stuck in various legal forums due to challenge of various provisions. This facilitates a more holistic resolution of the corporate debtor (company) and its PGs aligning with the IBC’s mandate for value maximisation,” he said.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"> List of PGs facing proceedings includes several wellknown names — from Anil Ambani to Venugopal Dhoot, Ruias of Essar Group and Bhushans of Bhushan Steel. At the height of the loan boom, when valuations had soared, personal guarantees were the norm.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"> At the end of Dec, there were nearly 2,500 such insolvency applications, involving debt of over Rs 1.7 lakh crore Of these, 87 applications have been withdrawn or rejected before the appointment of a resolution professional (RP), while RPs have been appointed in 1,096 cases. After appointment of a RP, 296 cases have been admitted in NCLT. So far, only 21 cases have resulted in approval of a repayment plan, with the amount realised adding up to just Rs 91 crore — or 5.2% of the claims.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"> IBBI data showed creditors have been able to recover around 32% of claims admitted by NCLT. Cases have dragged for 724 days, 2.7 ti- mes of deadline of 270 days.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"> Mittal pointed to “excessing litigation” delaying cases, which results in value erosion of the company and in turn increases the burden on the guarantors. Citing IBC, he argued that process for PGs prioritises debt restructuring over outright bankruptcy, which is the last resort in case the repayment plan falters. “By cooperating in the process and submitting a repayment plan for approval by creditors, debtors can effectively discharge their debt liabilities instead of initiation of their bankruptcy process,” Mittal wrote in a message to PGs</ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>===Personal guarantors can face insolvency proceedings 2023===</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>===Personal guarantors can face insolvency proceedings 2023===</div></td></tr>
</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=129156&oldid=prevJyoti: /* Personal assets of guarantors cannot be liquidated in companies facing insolvency */2023-12-06T18:41:50Z<p><span dir="auto"><span class="autocomment">Personal assets of guarantors cannot be liquidated in companies facing insolvency</span></span></p>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>=== Personal assets of guarantors cannot be liquidated in companies facing insolvency===</div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">===Personal guarantors can face insolvency proceedings 2023===</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[https://timesofindia.indiatimes.com/city/delhi/sc-personal-guarantors-can-face-insolvency-proceedings/articleshow/105108620.cms  Nov 10, 2023: ''The Times of India'']</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">New Delhi: The Supreme Court on Thursday upheld the constitutional validity of various provisions of Insolvency and Bankruptcy Code (IBC), including Section 95, which allows creditors to initiate insolvency proceedings against personal guarantors.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Mishra rejected a plea against the provisions of the IBC and dismissed more than 200 petitions filed against the provision alleging violation of principles of natural justice in the process followed under the code.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The Supreme Court of India has upheld the constitutional validity of various provisions of the Insolvency and Bankruptcy Code (IBC), including the section that allows creditors to initiate insolvency proceedings against personal guarantors. The decision will enable creditors to take action against ousted promoters of companies that have undergone insolvency resolution. So far, only a small percentage of cases against personal guarantors have been admitted and resulted in creditors receiving payments. The court also ruled that resolution professionals cannot have adjudicatory powers and can only make recommendations.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The Supreme Court Collegium has recommended the names of three new judges for appointment to the apex court. The recommended judges are Chief Justice Satish Chandra Sharma of the Delhi High Court, Chief Justice Augustine George Masih of the Rajasthan High Court, and Chief Justice Sandeep Mehta of the Gauhati High Court. The Collegium stated that the Supreme Court has a large backlog of cases, and the workload of judges has increased significantly. The court currently has 31 judges and a sanctioned strength of 34 judges.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">The Supreme Court collegium, headed by Chief Justice of India D Y Chandrachud, has recommended the appointment of Justices Satish Chandra Sharma, Augustine George Masih, and Sandeep Mehta as judges of the apex court. The decision was made to address the backlog of cases and ensure a full working judge-strength. The Supreme Court currently has 31 judges out of a sanctioned strength of 34. Justice Sharma, Justice Masih, and Justice Mehta are currently serving as chief justices of the high courts of Delhi, Rajasthan, and Gauhati respectively.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>===Personal assets of guarantors cannot be liquidated in companies facing insolvency===</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIM%2F2018%2F03%2F08&entity=Ar02304&sk=B3E28478&mode=text  Allirajan M, Guarantors’ own assets get shield, March 8, 2018: ''The Times of India'']</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIM%2F2018%2F03%2F08&entity=Ar02304&sk=B3E28478&mode=text  Allirajan M, Guarantors’ own assets get shield, March 8, 2018: ''The Times of India'']</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The notice was challenged by the corporate debtor (Veesons Energy) in the Madras high court, which was dismissed with costs in November 2016. Following this, SBI issued a possession notice and took symbolic possession of the secured assets. The personal guarantor filed an application in NCLT-Chennai for stay of proceedings under the SARFAESI Act, 2002, including the auction notice dated July 12, 2017. The tribunal restrained SBI from proceeding against the personal guarantor till the moratorium period is over.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The notice was challenged by the corporate debtor (Veesons Energy) in the Madras high court, which was dismissed with costs in November 2016. Following this, SBI issued a possession notice and took symbolic possession of the secured assets. The personal guarantor filed an application in NCLT-Chennai for stay of proceedings under the SARFAESI Act, 2002, including the auction notice dated July 12, 2017. The tribunal restrained SBI from proceeding against the personal guarantor till the moratorium period is over.</div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>===SC: Guarantors liable under IBC proceedings===</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>===SC: Guarantors liable under IBC proceedings===</div></td></tr>
</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=127724&oldid=prevJyoti: /* Realisation */2023-09-12T19:03:18Z<p><span dir="auto"><span class="autocomment">Realisation</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div> Separate data put together by the regulator showed that 38% of the 847 cases were withdrawn as the company, which faced insolvency action opted for full settlement with the applicant. Over a quarter of these cases were withdrawn citing “other settlements” with the creditors.</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div> Separate data put together by the regulator showed that 38% of the 847 cases were withdrawn as the company, which faced insolvency action opted for full settlement with the applicant. Over a quarter of these cases were withdrawn citing “other settlements” with the creditors.</div></td></tr>
<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">==2017 – 23==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[[File: The resolution and liquidation of insolvency cases in India, 2017 – 23.jpg|The resolution and liquidation of insolvency cases in India, 2017 – 23 <br/> From: [https://epaper.timesgroup.com/article-share?article=24_08_2023_017_006_toim_TOI  Sidhartha, August 24, 2023: ''The Times of India'']|frame|500px]]</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">'''See graphic''':</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">'' The resolution and liquidation of insolvency cases in India, 2017 – 23 ''</ins></div></td></tr>
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</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=125602&oldid=prevJyoti: /* Cases filed */2023-06-05T08:29:56Z<p><span dir="auto"><span class="autocomment">Cases filed</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' Corporate insolvency process- Data on cases admitted and approved, at the end of December 2020 ''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' Corporate insolvency process- Data on cases admitted and approved, at the end of December 2020 ''</div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">=Realisation=</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">==2016- 23==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[https://epaper.timesgroup.com/article-share?article=13_05_2023_027_019_cap_TOI  May 13, 2023: ''The Times of India'']</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">[[File: Inflation of insolvency actions, 2016- 23, year-wise.jpg|Inflation of insolvency actions, 2016- 23, year-wise <br/> From: [https://epaper.timesgroup.com/article-share?article=13_05_2023_027_019_cap_TOI  May 13, 2023: ''The Times of India'']|frame|500px]]</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">New Delhi : Creditors, including banks, have seen realisation in bankruptcy resolution cases rise to 36% of the admitted claims during 2022-23, compared to 23% in the previous year, despite a sharp rise in the number of cases filed for insolvency resolution. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> Latest data released by the Insolvency and Bankruptcy Board of India showed that 1,255 corporate insolvency actions were initiated last year, a 41% increase over the 887 cases filed in NCLT in the previous year. </ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> With 650 cases filed by financial creditors, it was the first time that action initiated by this segment crossed the 50% mark since insolvency action began in 2016-17. Ever since the law was implemented over half the cases in every fiscal were filed by operational creditors, including vendorsand statutory agencies. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> While 80% of the cases filed by financial creditors had defaults of over Rs 10 crore, almost the same proportion of operational creditors, mainly vendors, trigger action in case of defaults of under Rs 1 crore. Amajority of the cases filed by operational creditors — 53% or 3,265 of the 6,567 actions initiated — were closed due to appeal, review or withdrawal, indicating that they were “settled”. </ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline"> Separate data put together by the regulator showed that 38% of the 847 cases were withdrawn as the company, which faced insolvency action opted for full settlement with the applicant. Over a quarter of these cases were withdrawn citing “other settlements” with the creditors.</ins></div></td></tr>
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</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=125087&oldid=prevJyoti: /* 2017-19 */2023-05-08T08:38:24Z<p><span dir="auto"><span class="autocomment">2017-19</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' 2017-19: Cases filed under the Insolvency and Bankruptcy Code 2016 ''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' 2017-19: Cases filed under the Insolvency and Bankruptcy Code 2016 ''</div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">==2019-23==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">[[File: Corporate insolvency resolution processes submitted each qtr over 4 years, Q3FY19-Q3FY23.jpg|Corporate insolvency resolution processes submitted each qtr over 4 years, Q3FY19-Q3FY23 <br/> From: [https://epaper.timesgroup.com/article-share?article=05_04_2023_018_013_cap_TOI  April 5, 2023: ''The Times of India'']|frame|500px]]</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">'''See graphic''':</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">'' Corporate insolvency resolution processes submitted each qtr over 4 years, Q3FY19-Q3FY23 ''</ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==2020==</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>==2020==</div></td></tr>
</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=114877&oldid=prevJyoti: /* Cases that revealed lacunae in the IBC, 2016 */2021-08-16T19:57:45Z<p><span dir="auto"><span class="autocomment">Cases that revealed lacunae in the IBC, 2016 </span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The appeal before NCLAT by the Dutch administrator highlights how immediate attention is required to decide on the priority of claims of foreign creditors and foreign insolvency proceedings. This harmonisation will have to be done in a manner that it protects alienation of assets belonging to the domestic entity, located in a foreign jurisdiction, to the detriment of domestic creditors, whilst also balancing the claims of foreign creditors and administrators. Jet Airways may be a test case, but many others could follow. After all, it’s only fair that if one is eating in a group with others, the bill is split by going Dutch!</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>The appeal before NCLAT by the Dutch administrator highlights how immediate attention is required to decide on the priority of claims of foreign creditors and foreign insolvency proceedings. This harmonisation will have to be done in a manner that it protects alienation of assets belonging to the domestic entity, located in a foreign jurisdiction, to the detriment of domestic creditors, whilst also balancing the claims of foreign creditors and administrators. Jet Airways may be a test case, but many others could follow. After all, it’s only fair that if one is eating in a group with others, the bill is split by going Dutch!</div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">== Lenders’ decisions questioned==</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">[https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIM/2021/08/14&entity=Ar01301&sk=2D163851&mode=text  Mayur Shetty, August 14, 2021: ''The Times of India'']</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">[[File: IBC- cases, as in August 2021.jpg|IBC: cases, as in August 2021 <br/> From: [https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/shared/ShowArticle.aspx?doc=TOIM/2021/08/14&entity=Ar01301&sk=2D163851&mode=text  Mayur Shetty, August 14, 2021: ''The Times of India'']|frame|500px]]</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">A series of judgments in the Supreme Court has established the unbridled power of the committee of creditors (CoC) in insolvency cases. However, the CoC wisdom has come under question in the Videocon and Siva Industries case, which has strengthened calls for a code of conduct proposed by the Parliamentary standing committee on finance last week.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">In the early years of the Insolvency and Bankruptcy Code (IBC), the SC upheld the unquestionable nature of the commercial wisdom of the CoC in the Essar judgment. The apex court had also affirmed that tribunals do not have any right to question CoC’s wisdom, including on dissenting creditors in another case. Besides, there are several other orders giving financial creditors the upper hand.</ins></div></td></tr>
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<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">Lenders have also been accepting bids after deadlines, citing value maximisation, they have also accepted bids close to liquidation value, leading the Parliamentary panel to question their actions.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">The National Company Law Tribunal (NCLT) has also questioned the behaviour of the CoC in two cases. In the Videocon case, the NCLT raised doubts on the confidentiality clause being in real-time use after it turned out that the bid put in by Vedanta’s Twin Star was close to the confidential liquidation value assigned by lenders.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">“Commercial wisdom of Coc is like the basic structure of the IBC process. Any deviation there may have wider dysfunctional implications. However, to address growing concerns about indiscretion in decision making of CoC, there is now a felt need to have a professional code of conduct for CoC as suggested by standing committee on finance, and penal provisions for acts of misconduct, if any,” said Hari Hara Mishra, director, UV ARC.</ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;"></ins></div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins style="color: red; font-weight: bold; text-decoration: none;">More recently this week, the NCLT Chennai bench shot down a proposal put forward by the CoC to withdraw insolvency proceedings against Sivasankaran’s Siva Industries in order to do a one-time settlement. “The NCLT observed that without receiving even a single penny from the promoter of the corporate debtor, the CoC has voted in favour of withdrawal of insolvency proceedings and this is what gave an impression that it is not a settlement but a business restructuring plan,” said Nirav Shah, partner, DSK Legal.</ins></div></td></tr>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>=Cases filed=</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>=Cases filed=</div></td></tr>
</table>Jyotihttp://103.153.58.85/ind/index.php?title=Insolvency,_bankruptcy:_India&diff=113475&oldid=prevJyoti: /* Cases filed */2021-07-16T13:00:41Z<p><span dir="auto"><span class="autocomment">Cases filed</span></span></p>
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<tr><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' 2017-19: Cases filed under the Insolvency and Bankruptcy Code 2016 ''</div></td><td class='diff-marker'> </td><td style="background: #eee; color:black; font-size: smaller;"><div>'' 2017-19: Cases filed under the Insolvency and Bankruptcy Code 2016 ''</div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[[<del class="diffchange diffchange-inline">Category</del>:<del class="diffchange diffchange-inline">Economy</del>-<del class="diffchange diffchange-inline">Industry-Resources</del>|<del class="diffchange diffchange-inline">B INSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY</del>: <del class="diffchange diffchange-inline">INDIAINSOLVENCY, BANKRUPTCY: INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">==2020==</ins></div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">INSOLVENCY, BANKRUPTCY: INDIA]]</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div>[[<ins class="diffchange diffchange-inline">File</ins>: <ins class="diffchange diffchange-inline">Corporate insolvency process</ins>- <ins class="diffchange diffchange-inline">Data on cases admitted and approved, at the end of December 2020.jpg</ins>|<ins class="diffchange diffchange-inline">Corporate insolvency process- Data on cases admitted and approved</ins>, <ins class="diffchange diffchange-inline">at the end of December 2020 <br/> From</ins>: [<ins class="diffchange diffchange-inline">https</ins>:<ins class="diffchange diffchange-inline">//timesofindia.indiatimes.com/india/has-bankruptcy-law-failed-home-buyers/articleshow/83776720.cms  Sidhartha</ins>, <ins class="diffchange diffchange-inline">June 24</ins>, <ins class="diffchange diffchange-inline">2021</ins>: <ins class="diffchange diffchange-inline">''The Times of India'']|frame|500px</ins>]]</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div>[<del class="diffchange diffchange-inline">[Category</del>:<del class="diffchange diffchange-inline">India|B INSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY: INDIAINSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY</del>: <del class="diffchange diffchange-inline">INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
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<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">[[Category</del>:<del class="diffchange diffchange-inline">Law,Constitution,Judiciary|B INSOLVENCY, BANKRUPTCY: INDIAINSOLVENCY, BANKRUPTCY: INDIA</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">'''See graphic'''</ins>:</div></td></tr>
<tr><td class='diff-marker'>−</td><td style="background: #ffa; color:black; font-size: smaller;"><div><del class="diffchange diffchange-inline">INSOLVENCY</del>, <del class="diffchange diffchange-inline">BANKRUPTCY: INDIA]]</del></div></td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div> </div></td></tr>
<tr><td colspan="2"> </td><td class='diff-marker'>+</td><td style="background: #cfc; color:black; font-size: smaller;"><div><ins class="diffchange diffchange-inline">'' Corporate insolvency process- Data on cases admitted and approved</ins>, <ins class="diffchange diffchange-inline">at the end of December 2020 ''</ins></div></td></tr>
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</table>Jyoti