Latest news with #CommitteeofCreditors
Time of India
20-05-2025
- Business
- Time of India
Govt working on amendments to insolvency law
The government is working on amending the insolvency law, including the provision related to bidders requiring CCI approval for resolution plans involving combinations before they approach the Committee of Creditors , according to a senior official. The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets and under the framework, Committee of Creditors (CoC) is a key element. As part of further improving the insolvency ecosystem as well as reduce the resolution timelines, the corporate affairs ministry has been working on amending the IBC. The senior official on Tuesday said the ministry is working on amendments to the IBC and they are likely to be moved in the next Parliament session. Among other provisions, amendments are likely in Section 31 (4) of the IBC that requires bidders to seek approval from the Competition Commission of India (CCI) before submitting their resolution plans to the CoC. Live Events The proposed amendment to Section 31 (4) is aimed to ease the burden on the CCI and will be part of the overall amendments, the official said. As per this section, for resolution plans that have a provision for combination, as referred to in section 5 of the Competition Act, 2002 (12 of 2003), the resolution applicant shall obtain the approval of the CCI under that Act prior to the approval of such resolution plan by the CoC. The ministry has made six amendments to the IBC and at least 122 amendments in regulations since the inception of the Code. A total of 1,119 cases have been resolved through the Corporate Insolvency Resolution Process (CIRP) leading to a recovery of about Rs 3.58 lakh crore to the creditors under the Code till December 31, 2024.
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Business Standard
07-05-2025
- Business
- Business Standard
CoC to meet on JSW-Bhushan case in 3 days: PNB MD & CEO Ashok Chandra
The Committee of Creditors (CoC), led by Punjab National Bank in the case of Bhushan Power and Steel Ltd (BPSL), will be meeting with other lenders New Delhi Listen to This Article Punjab National Bank (PNB) expects clarity on the JSW-Bhushan development loan account in the next three days, said Managing Director and Chief Executive Officer ASHOK CHANDRA in a video interview with Harsh Kumar. The state-owned lender on Wednesday reported a 51.7 per cent year-on-year (Y-o-Y) increase in its net profit to ₹4,567 crore for the fourth quarter of 2024-25. The net profit was ₹3,010 crore in the year-ago period. Edited excerpts: When is the Committee of Creditors (CoC) meeting scheduled to decide the future course of action in the case? And what would be the provision requirement for PNB due
