Latest news with #Saggar
Mint
28-05-2025
- Business
- Mint
Insolvency board revamps reporting of bankruptcy resolution process to ease compliance burden
New Delhi: Insolvency and Bankruptcy Board of India (IBBI) has revamped the reporting and monitoring of corporate bankruptcy proceedings to cut red tape, enable auto-population of electronic forms and ease compliance burden, showed an official order. IBBI has been taking steps to improve the efficiency of debt resolution, cut down delays, and seamlessly make information about the resolution process available to stakeholders. The government is also building a tech platform that will connect all stakeholders involved in bankruptcy resolution, including tribunals, creditors, and policymakers. The new protocols brought out on Tuesday reduce the number of forms to be filled from nine to five and will be applicable from 1 June, but there will be no penalty in the September quarter for any default in timely filing as part of a transition arrangement, the order said. As part of the changes, a new standardised monthly reporting cycle replaces the existing event-based reporting dates. In the new regime, details of various debt resolution proceedings have to be filed on or before the tenth day of the subsequent month, except in the case of approval of a resolution plan or liquidation by the tribunal, which has to be reported within seven days of such a decision. IBBI said the new forms will be made available on its website on 1 June. No penalty will be levied on delayed filing of forms, if any, during the September quarter in order to facilitate the professionals handling the bankruptcy case to familiarise themselves with the new forms and to resolve any technical issues, the regulator said. The set of forms have to be filed on an electronic platform to be hosted on the regulator's website. The consolidation of forms has been achieved by removing duplications, streamlining data requirements, and leveraging technology for auto-population of information already available on portal, IBBI stated. Rating agency Icra Ltd. said on Wednesday that since the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016, 8,308 corporations have been admitted in tribunals for debt resolution, of which 61% have been resolved either through a successful resolution plan or by withdrawal of the case or by liquidation by end of March 2025. The IBC, despite its shortcomings, continues to deliver better realisations for creditors over other recovery modes, the Icra report quoted Manushree Saggar, senior vice president and group head, Structured Finance Ratings. 'Historically, resolutions from the IBC have been plagued by long resolution timeframes, high share of liquidations and sizeable haircuts. While FY25 was a positive year with improved realisations, the overall resolution time remains a cause for concern,' said Saggar. Almost 78% of the ongoing corporate insolvency resolution cases have exceeded 270 days, post admission by the National Company Law Tribunal as on 31 March, 2025, Saggar added. Some of the recent judgments reinforce the need for timely and transparent resolution, thereby putting greater onus on the Committee of Creditors (CoC) and the NCLT, Saggar said. IBC's workings recently became a subject of public debate after the Supreme Court on 2 May rejected the debt resolution plan of Bhushan Power & Steel Ltd (BPSL) that was approved by NCLT in 2019 and was upheld by an appeals tribunal in the subsequent year. However, on Monday, the apex court stayed the liquidation process and ordered status quo.
Economic Times
28-05-2025
- Business
- Economic Times
Corporate insolvency cases fall 28% to 724 in FY2025; recoveries still low: ICRA
ICRA noted that recoveries still remain low overall, with lenders facing a 67 per cent haircut on average. Synopsis Under the IBC, introduced in 2015, authorities try to streamline the process of resolving financial distress and insolvency of companies and individuals. The IBC offers a framework for prompt and effective resolution with the dual goals of protecting creditors and encouraging entrepreneurship. Fewer companies went through the insolvency process under the Insolvency and Bankruptcy Code (IBC) in financial year (FY) 2025, according to the credit rating firm ICRA. ADVERTISEMENT As per the ICRA, only 724 companies were admitted for insolvency, a sharp 28 per cent drop from 1,003 in the previous year. The number of approved resolution plans also dipped slightly to 259 from 263 last year. Under the IBC, introduced in 2015, authorities try to streamline the process of resolving financial distress and insolvency of companies and individuals. The IBC offers a framework for prompt and effective resolution with the dual goals of protecting creditors and encouraging the last quarter of FY2025, lenders recovered about 70 per cent of the admitted claims in some cases, registering the highest levels so far, said the ICRA. However, ICRA noted that recoveries still remain low overall, with lenders facing a 67 per cent haircut on average. ADVERTISEMENT Since IBC began in 2016, a total of 8,308 companies have entered the process. About 61 per cent of these cases have been resolved, but the actual recovery through successful resolution plans remains low at just 33 per Saggar, Senior Vice President and Group Head, Structured Finance Ratings, at ICRA, said: "Historically, resolutions from the IBC have been plagued by long resolution timeframes, a high share of liquidations and sizeable haircuts. While FY2025 was a positive with improved realisations, the overall resolution time remains a cause for concern." ADVERTISEMENT He further added, "Almost 78 per cent of the ongoing CIRP cases have exceeded 270 days post admission by the NCLT, as of March 31, 2025. Nevertheless, some of the recent judgements reinforce the need for timely and transparent resolution, thereby putting greater onus on the Committee of Creditors (CoC) and NCLT."Empirical data suggests that recoveries in the case of successful resolution plans (33 per cent recovery) have been higher than liquidation (4 per cent recovery). ADVERTISEMENT This supported the higher recoveries in Q4 FY2025, as resolutions outpaced liquidation orders during this period. The record recovery in Q4 FY2025 was led by a few large cases (admitted claims Rs 1,000 crore) where a 77 per cent recovery was achieved against the admitted claims. ADVERTISEMENT These large cases had a 90 per cent share in recovery but only a 10 per cent share in approved resolution plans. Thus, ICRA believes that improvement in recovery of large cases would be critical to the overall success of the code. The firm added that to improve the efficiency of NCLT, which usually gets blocked in the resolution of small-value cases, a focus on the special mechanism to resolve smaller cases like the Pre-packaged Insolvency Resolution Process (PPIRP) is critical, though it has seen limited success so far. It further added that while the ratio of resolution to liquidation rose to a high of 0.9 in FY2025 (1.9 in Q4 FY2025) from 0.6 in FY2024, the average resolution time worsened to 713 days as of March 31, 2025, from 679 days as of March 31, 2024, significantly higher than the deadline provided by the IBC. The credit agency said in order to improve the CIRP process, the Insolvency and Bankruptcy Board of India (IBBI) introduced amendments to the IBC code in Q4 FY2025 that will improve the efficiency of the auction process and the liquidation process. (You can now subscribe to our Economic Times WhatsApp channel) icrainsolvency casesibcbankruptcyindian companiesinsolvency resolution (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
Indian Express
23-04-2025
- Indian Express
‘For us, tourist season ended Tuesday itself': Travel agents, hoteliers reel in aftermath of Pahalgam terror attack
The terror attack in Jammu and Kashmir's Pahalgam has had a direct effect on the tourism industry, with panicked travellers cancelling their tours and those currently in Srinagar rushing to shorten their trips. Karan Saggar, owner of Travel with Karan, a Ludhiana -based travel company, said, 'Since Wednesday morning, we have received only cancellation calls. Many tourists currently in Srinagar want to return early.' Saggar said more than 30 summer tours with his company have been cancelled since the Pahlagam terror attack on Tuesday in which 26 people were killed and several others were injured. 'Most of these were linked to the Amarnath Yatra. Typically, tourists plan a combined trip — first to the Amarnath Yatra and then sightseeing in Srinagar. This incident will certainly affect not just travel agents but also Srinagar's entire tourism industry.' Saggar said the airfares from Srinagar have soared to over Rs 25,000 per person. 'Unfortunately, private airlines have taken advantage of the situation, hiking airfares for flights from Srinagar to Amritsar, Delhi, or Chandigarh,' he said. 'This is inhumane on the part of the airlines, and I am shocked that the Union government is acting as a mute spectator… At such a critical hour, flights from Srinagar to other cities should not be exorbitantly priced,' echoed Karan Saggar once again,' said Saggar. Rattandeep Anand, owner of Asia Hotel in Jammu and senior vice president of the Jammu Hotel and Restaurant Association, pointed to the other side of the flight fare dynamic: The drastic reduction in fares to Srinagar. 'Yesterday morning, before the attack, a flight from Jammu to Srinagar cost Rs 18,000 per person. Today, it is down to Rs 5,000 — and yet there are no takers.' The general manager of a reputed hotel in Srinagar, speaking on the condition of anonymity, said, 'Since Tuesday night, I have been handling only cancellations. Many groups had planned tours in advance, but tourists already in Srinagar are leaving as soon as they can get flights. The situation is the same at other hotels as well. Last year, Srinagar experienced a surge in destination weddings, corporate tours, and a thriving tourism season. Tuesday has come as a black day for Srinagar.' He added, 'Pahalgam is known to be a peaceful place. Such an incident occurring there is simply unbelievable.' Goldy Dhillon from Pehalwan and Sahib Cab Service in Ludhiana said, 'Due to the landslide near Jammu's Ramban, many of our tempo traveller bookings had already been cancelled, as people were choosing to travel by air instead. We collaborate with travel agents, and our tempo travellers regularly go to Srinagar. Usually, 14-15 people book a vehicle to travel together.' 'After the flood in Manali in July 2023, people turned to Srinagar, and the seasons since then have been excellent. We were waiting for the landslide debris to clear so we could recover some business during summer vacation, but now, looking at the panic cancellations, it seems tourists will choose other destinations instead. Let us wait and see,' he added. Dhillon said the Pahalgam terror attack would severely affect the tourist influx for the Amarnath Yatra and hamper the taxi services business as well. Rattandeep Anand, owner of Asia Hotel in Jammu and senior vice president of the Jammu Hotel and Restaurant Association, told The Indian Express, 'Although most tourists prefer Srinagar, they typically halt in Jammu for a day or so. So, Jammu will also be affected indirectly, despite being 300 km away. Many people come to Jammu for the Vaishno Devi pilgrimage… Let us see whether that influx is hit in the coming days.' Shabeer Ahmad, former president of the Kashmir Printers Association and a resident of Srinagar, said, 'We are in shock after the Pahalgam incident. Locals are deeply shaken. On Wednesday morning, all markets in Srinagar observed a black day to condemn the massacre of innocent people. Many local Pahalgam transporters are even offering tourists free rides to help them return home safely, anywhere in India. We stand with the tourists in this hour of crisis.' 'There is no doubt that on Wednesday, tourists hardly stepped out of hotels and were in a hurry to leave. For us, the tourist season ended Tuesday itself. We are truly speechless,' he added. Ahmad said the tourism industry had been 'blooming' over the past year. But now, everyone and everything, from hotels and restaurants to transporters, printers, and even a small kahwa seller, will be affected, he said. 'This points to a serious security lapse on the part of both state and Union governments. How can armed people roam freely and kill innocent civilians?' asked Ahmad.
Yahoo
20-02-2025
- Health
- Yahoo
St. Louis urgent care doctor sentenced for $740k of Medicare, Medicaid fraud
ST. LOUIS – A St. Louis-area doctor who was running two urgent care locations was sentenced Wednesday for over $700,000 worth of fraud involving Medicare and Missouri Medicaid. According to the U.S. District Court in St. Louis, 57-year-old Sonny Saggar was sentenced to nearly three years in prison and an additional three years of supervised release following. He was charged with one count of conspiracy. Court documents state that Saggar ran two St. Louis General Hospitals between downtown St. Louis and Creve Coeur. He would charge patients for Medicare and Medicaid as if Saggar had seen the patient when, in reality, only the assistant physician attended to the patient—who are medical school graduates, haven't completed a residency program, and therefore aren't licensed. This also occurred while Saggar had been out of town. These charges caused a loss of $742,528 to Medicare and Missouri's Medicaid. In court, Saggar admitted to not properly training or supervising the assistant physicians between July 2018 and July 2023. Developer picked to demolish Millennium Hotel, revamp site As one physician can only supervise six assistant physicians legally, Saggar offered stipends of $480 per month to attract more physicians to sign up as collaborators. This led to falsified reports to the Missouri Board of Registration that assistant physicians were being properly trained. Additionally, Saggar hired an indicted physician as a collaborator at the Creve Coeur location in January 2022 but did not disclose this information to Medicaid. The physician has since lost billing privileges with Medicaid, records state. 'Doctors are expected to follow a certain code of conduct and obey the laws and regulations putin place to protect their clients,' DEA St. Louis Division Special Agent in Charge Michael Davissaid in a release. 'Our investigation shows that Dr. Saggar broke with protocol and endangered lives with his negligence. As a result of his misconduct, he was arrested, surrendered his DEA Certificate of Registration, can no longer prescribe controlled substances and faces nearly three years in federal prison.' Saggar's office manager, Renita Barringer, was also charged with one count of conspiracy for advertising the two locations for assistant physicians. Her sentencing is scheduled for April 22. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
