Insolvency Code News
Independent Sugar to submit revised plan for bankrupt Hindusthan National Glass
Under the revised resolution plan, INSCO will have to pay an upfront cash of ₹1,851 crore. A deferred cash payment of ₹356 crore (net present value— ₹264 crore) will be made to the lenders over a span of three years to match sanitary ware and glass container maker AGI Greenpac's offer.
2 min read8 Jun 2025Parliamentary panel to recommend fresh set of changes to insolvency code
A Supreme Court ruling exposing legal gaps in India’s bankruptcy process has prompted a legislative rethink. A parliamentary committee is now finalizing reform proposals to address delays, low recoveries, and jurisdictional grey zones under the IBC.
3 min read3 Jun 2025Insolvency board allows more flexibility in asset sale of bankrupt businesses
Amendments to the 2016 corporate insolvency resolution regulations published on Wednesday said the professional representative of creditors running the bankrupt business may invite debt resolution plans for the corporate debtor as a whole, or bids for sale of one or more of its assets or for both.
2 min read29 May 2025Supreme Court to hear JSW Steel’s plea on Bhushan Power liquidation on Monday
The steelmaker has sought a review of the top court’s ruling that quashed its ₹19,300 crore resolution plan for BPSL. A liquidation now could disrupt JSW’s capacity expansion plans and trigger wider concerns over the sanctity of concluded IBC deals.
2 min read25 May 2025India needs a way to resolve cross-border insolvency cases
India still doesn’t have a cross-border insolvency law—as proposed by its 2022 budget. Globally, a model law exists for such complex bankruptcies that could be made part of our bilateral trade agreements on a reciprocal basis.
4 min read22 May 2025Bhushan Steel assets: ED back in play with Supreme Court scrapping JSW Steel’s resolution plan
While the Enforcement Directorate (ED) can resume proceedings under the Prevention of Money Laundering Act, the fate of the attached assets of Bhushan Steel is uncertain
3 min read21 May 2025Ireda files insolvency application against Gensol Engineering for default of ₹510 cr
Ireda has filed an insolvency application against Gensol Engineering for a ₹510 crore default. This follows a complaint to the EOW regarding falsified documents and unauthorized dilution of shares.
2 min read14 May 2025JSW-Bhushan case: Time to rewrite India’s insolvency code?
The Supreme Court’s scrapping of a big acquisition by JSW Steel Ltd raises troubling questions over the efficacy of India’s Insolvency and Bankruptcy Code (IBC). Should we reform it? If so, along what lines?
3 min read13 May 2025Punish bankrupt company owners who don't cooperate in debt resolution, set up advance ruling to cut down delay: ICAI
ICAI has made recommendations to the government after studying the working of Insolvency and Bankruptcy Code.
4 min read12 May 2025Mint Primer | Can JSW ruling upset insolvency regime’s balance?
The Supreme Court ruling invalidating JSW Steel’s ₹19,700 crore acquisition of BPSL is a major blow to its growth ambitions, especially its 2030 target of achieving 50mt of steel capacity.
2 min read7 May 2025