Latest news with #Insolvency
Time of India
28-05-2025
- Business
- Time of India
Insolvency framework amended to simplify compliance
NEW DELHI: The bankruptcy regulator has amended the framework for reporting the corporate insolvency resolution process ( CIRP ) to ease compliance burden without undermining effective oversight, according to a circular. Under the revised reporting framework, the existing nine forms will be compressed into five by removing duplication, streamlining data requirements and leveraging technology for auto-population of information, the Insolvency and Bankruptcy Board of India ( IBBI ) said in the circular dated May 26. The regulator has introduced a standardised monthly reporting cycle, replacing the current system of multiple event-based due dates during the month, it said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Obehag i dina fingrar? Vi inbjuder dig att ge detta ett försök. Arthorol Pro Få erbjudande Undo The changes have been incorporated by amending the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Filings on debt resolution proceedings have to be made on or before the tenth day of the subsequent month, except where the resolution plan or liquidation has been cleared by the tribunal, which has to be reported within seven days. The new forms, the regulator said, will be made available on its website from June 1. No penalty will be imposed for delayed filing of forms during the September quarter. The idea is to give some time to insolvency professionals to get acquainted with the new forms and to address any technical issues, it said. Live Events The forms have to be filed on an electronic platform that will be hosted on the regulator's website. The IBBI has been taking steps to expedite the resolution process and reduce compliance requirements. India Ratings said in a report that the procedural changes introduced this year "aim to improve stakeholder representation, simplify compliance, and enhance transparency in the resolution process". The latest data released by the regulator showed that resolutions outpaced liquidations in 2024-25. The March quarter saw the highest resolution-to-liquidation ratio since the insolvency law's inception in 2016, ICRA said in a report.
Irish Examiner
14-05-2025
- Business
- Irish Examiner
Personal Insolvency Arrangements to address mortgage debt rise 28%, report shows
There was a 28% increase in the number of court approved Personal Insolvency Arrangements (PIAs) — the insolvency mechanism that address mortgage-related debt — during 2024, as the number of accounts in mortgage arrears 'remains stubbornly high', a new report by the Insolvency Service of Ireland has found. The latest annual report from the ISI said there were 1,189 approved insolvency arrangements during 2024, of which 861 were PIAs — an increase from the 929 recorded in 2023, of which 671 were PIAs. In the report, ISI director Michael McNaughton said the combination of increased living costs and higher interest rates 'continues to put pressure on many households and individuals in meeting their mortgage payments as well as rental and utility bills'. In managing these situations, and through no fault of their own, many people may find themselves burdened with an unsustainable level of debt. Mr McNaughton said although the number of people in long-term arrears has fallen in recent years, 'it remains stubbornly high at around 19,000 accounts', adding that the Abhaile scheme 'continues to serve as a crucial entry point into the insolvency framework'. The Abhaile scheme provides a range of services to help people in mortgage arrears and offers free access to financial and legal advice by way of a voucher. The scheme issued 1,958 vouchers for a free Personal Insolvency Practitioner (PIP) consultation during the year. The report said a representative sample from Abhaile data shows of those borrowers who have availed of a PIA, 100% had terms which saw them remain in their family home, while 28% of borrowers had a reduction in their mortgage debt through a write-down of the principal. The report also showed court-approved Debt Relief Notices, a solution aimed at resolving unsecured debt, increased by 48% to 240 last year compared to the 162 recorded during 2023. A DRN is a solution for people with low income, no mortgage and very few assets that allows for the write-off of debts up to €35,000. During 2024, there were 1,544 new insolvency applications made to the ISI, of which 1,165 were PIAs. The ISI had 1,600 active estates under management in bankruptcy last year. Assets with a value of close to €6.4m were realised across 227 bankruptcy estates last year. The number of people adjudicated bankrupt during 2024 stood at 71 — compared to 72 in 2023. The report also noted 75 people exited bankruptcy during the year. There were 1,344 protective certificates (PC) issued during 2024. A PC is a certificate issued by the court that offers a period of protection to a debtor from creditors when applying for relief. The report noted there has been a 17% increase in approval of PCs since 2022, which it said could be attributed to increasing cost of living and rising interest rates. 'This combination created considerable uncertainty in individuals' personal circumstances and it is expected this will remain a further challenge in 2025,' the report said. Read More Average Irish mortgage rate sixth highest in euro area despite recent fall
Mint
08-05-2025
- Business
- Mint
Nazara Technologies share price gains on clearance for an acquisition by NCLT. Do you Own?
Stock Market today: Nazara Technologies share price gained in the morning trades on Thursday on receiving clearance for an acquisition from the NCLT (National Company Law Tribunal, Mumbai). The Nazara Technologies share price gained up to intraday highs of ₹ 1103.70, translating into gains of almost 3%. Nazara Technologies intimated the National Stock Exchange of India and the BSE ltd about Approval of Resolution Plan submitted by Nazara Technologies Limited for acquisition of Smaaash Entertainment Private Limited by the Hon'ble National Company Law Tribunal, Mumbai Nazara Technologies in its relase said that 'the Resolution Plan submitted by the Company for acquisition of Smaaash Entertainment Private Limited, a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, has been approved by the National Company Law Tribunal, Mumbai by an order pronounced on May 07, 2025, subject to a modification of the provisos to the term effective date' Nazara Technologies also intimated the National Stock Exchange of India and the BSE ltd on 7 May 2025, about an update on sale of equity shares of Openplay Technologies Private Limited, a subsidiary of the Company Nazara Technologies had earlier intimated about the Share Purchase Agreement dated March 07, 2025 executed amongst the Company, Moonshine Technology Private Limited , which is an associate of the Company, and Openplay Technologies Private Limited, a subsidiary of the Company, and others selling shareholders of Openplay . The agreement was for sale of 11,105 equity shares representing 94.86% equity stake held by the Company in Openplay to Moonshine . The Nazaara Technologies thereby on 7 May said that it has completed the sale of 94.86% equity stake held in Openplay to Moonshine and the consideration of ₹ 104.34 Crores has been discharged by Moonshine by way of issuance and allotment of its 1,99,890 Compulsory Convertible Preference Shares of face value of ₹ 10/- each. Upon completion of the aforesaid transaction, Openplay has ceased to be a subsidiary of the Company and has become a subsidiary of Moonshine, in which the Company currently holds a 46.07% equity stake. Additionally, the Company will hold a total of 4,87,266 Compulsorily Convertible Preference Shares (CCPS) in Moonshine, including the CCPS allotted pursuant to the said transaction, said Nazara Tech Nazara Technologies share price opened at ₹ 1073.00 on the BSE on Thursday. The Nazara Technologies share price has opened almost flat compared to the previous days closing price of ₹ 1073.40. The Nazara Technologies share price thereafter gained to intraday highs of ₹ 1103.70, translating into gains of almost 3%. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
02-05-2025
- Business
- Time of India
Big blow: SC rejects JSW Steel's Bhushan Power and Steel resolution plan
In a big setback, the Supreme Court on Friday rejected JSW Steel 's resolution plan for Bhushan Power and Steel , and further ordered ordered the liquidation of the steelmaker. The top court said that the resolution plan of JSW was illegal and should not have been accepted by committee of creditors. During the hearing, the apex court said that the intentions of JSW Steel were 'malafide and dishonest' as it took undue advantage of pending ED proceedings and did not implement the resolution plan for two years which frustrated the objective of IBC. Following the Supreme Court's order, the shares of JSW Steel were trading in the red at ₹970.50, down 5.76 per cent. The NCLAT had on February 17, 2020 upheld the NCLT's decision and ruled that JSW Steel (the successful resolution applicant) cannot be held responsible for the alleged misdeeds of the past promoters at any stage. The Enforcement Directorate had in 2020 moved the Supreme Court seeking stay on the National Company Law Appellate Tribunal's order that approved the JSW Steel's bid for BPSL under the new amendment (under Section 32(A) to the IBC) that provides immunity to the new owners from ongoing criminal proceedings against the erstwhile promoters of the company. The ED had alleged that BPSL and JSW Steel were associated as shareholders holding 24.09 per cent and 49 per cent equity, respectively, in a joint venture Rohne Coal Company. Therefore, JSW is a related party of the corporate debtor, the protection under Section 32A will not be available to it, it had stated. JSW had offered to pay ₹19,350 crore to the financial creditors as part of its resolution plan, which was a near 60 per cent haircut for the lenders. Apart from this, JSW had offered to pay operational creditors a sum of Rs 350 crore against their admitted claims of ₹733 crore. In the 'Corporate Insolvency Resolution Process' of 'Bhushan Power & Steel Limited', the 'Resolution Plan' submitted by 'JSW Steel Limited' was approved by National Company Law Tribunal on September 5, 2019 with certain conditions.
Scotsman
01-05-2025
- Business
- Scotsman
Grant Thornton strengthens Insolvency, Forensics and Restructuring team in Scotland
Leading business and financial adviser Grant Thornton UK has announced three internal promotions within its Insolvency, Forensics and Restructuring (IFR) team in Scotland, alongside the appointment of a third licensed Insolvency Practitioner (IP) locally. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Ian Dawson, based in Edinburgh, has been promoted to Associate Director, and he'll be focusing on forensic investigations, disputes and contract compliance assignments. Recent assignments include expert witness reports for disputes before the Scottish courts, quantification of loss in a large overseas fraud investigation and several contract compliance reviews in the real estate and utilities sectors. Further bolstering the team's bandwidth in insolvency matters, Claire Martin, a Director in the team with over 12 years' restructuring and insolvency experience, has recently gained her insolvency licence and is now able to accept corporate insolvency appointments alongside colleagues Stuart Preston and Julie Tait. This takes Grant Thornton's cohort of appointment-taking IPs in the UK to 45. Advertisement Hide Ad Advertisement Hide Ad Claire, who is based in Glasgow, will undertake this role alongside her primary responsibility for delivery of the team's Restructuring offering in Scotland. She focuses on supporting Scottish mid-market companies and their stakeholders in times of stress or distress, and is experienced in a broad range of corporate insolvency instructions, including administrations and liquidations, across a range of sectors in Scotland including energy, real estate, construction and leisure. Ian Dawson The team has also promoted Shonagh Young and Victoria Reid to Managerial positions. Edinburgh-based Shonagh works across forensic, restructuring and insolvency assignments, including recent work on a PLC administration in the energy sector and contract compliance reviews. Glasgow-based Victoria focuses on restructuring and debt advisory engagements across sectors including leisure, waste and manufacturing, and assists corporates with debt raising and refinancing to secure competitive terms. Stuart Preston, Partner and Head of Insolvency, Forensics and Restructuring in Scotland at Grant Thornton, said: "These three very well-deserved promotions and new insolvency practitioner appointment demonstrate our continued investment in Grant Thornton's Insolvency, Forensic and Restructuring offering to the Scottish market. "Whilst the Scottish economy has shown resilience in challenging times, we are being instructed on an increasing number of assignments across our service offerings by proactive corporates and their stakeholders seeking to protect value and resolve challenging situations. Advertisement Hide Ad Advertisement Hide Ad "As a team we are uniquely placed, drawing together our specialist expertise in Insolvency, Forensics and Restructuring within one delivery team, maximising the value to clients from the cross-disciplinary skills mix and flexible approach to assignments." Claire Martin 'Moving forward, the restructuring team in Scotland will continue to invest in its market-leading team, deliver the highest quality of output for clients across its service offerings, maximise the value delivered in what can be time pressured and stressful times for directors, and work in collaboration with the wider team across Grant Thornton UK and its international network.' Claire Martin, Director at Grant Thornton, said: "In challenging times for corporates, taking early advice is key to being able to assess the full suite of options available. When necessary, an insolvency appointment may be the most appropriate route for a corporate experiencing financial distress as a means to realise the best outcome for creditors and allow the underlying business to continue to trade. "My appointment as an appointment-taking insolvency practitioner in Scotland adds further bandwidth to the team and strengthens our position as one of the leading teams within the restructuring and insolvency sector in Scotland." Advertisement Hide Ad Advertisement Hide Ad
