Creditors took a haircut of around 67 per cent on their admitted claims on the realisation made till September 2025 under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC), the latest data released by the insolvency regulator showed.
From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the IBC in India can be largely attributed to the initial economic conditions of companies entering the Corporate Insolvency Resolution Process (CIRP). IBC experts also say the trend shows a certain stabilisation in IBC with the Code now rid of legacy bankruptcy issues.
Once the iconic red-brick building of British India Corporation (BICL), which manufactured the popular "Lal-Imli" brand of woollen products, made Cawnpore (now Kanpur) the Manchester of the East. In the 75th year of independence, the government may finally pull the curtains on the century-old, now defunct public sector enterprise. "The Department of Public Enterprises (DPE) has floated a draft cabinet note for closure of British India Corporation (BICL) along with National Textiles Corporation (NTC). "The Cabinet may soon tak
Taken out from the supervision of the Board for Industrial and Financial Reconstruction (BIFR), Dunlop India Limited (DIL) expects to make a marginal profit by March 2008 and declare a dividend for shareholders next fiscal.
The Kanpur-based two-wheeler manufacturer has decided to approach the Board for Industrial and Financial Reconstruction (BIFR).\n
Dunlop India of the Pawan Ruia group has submitted a Rs 600 crore (Rs 6 billion) draft rehabilitation scheme to the Board for Industrial and Financial Reconstruction for the revival of the ailing outfit.
Bharat Petroleum Corp, Hindustan Petroleum Corp and IBP will turn financially sick by next year as losses arising from freeze on fuel prices are set to erode their net worth, according to oil ministry estimates.
Finance Minister Jaswant Singh assured the Rajya Sabha that no employee of the Board for Industrial and Financial Reconstruction and Company Law board would be retrenched when these were disbanded and merged into National Company Law Tribunal.
Income tax authorities and public service broadcaster Prasar Bharti were given eight weeks time by the Board for Industrial and Financial Reconstruction on Tuesday to resolve the outstanding issues with Amitabh Bachchan Corporation Ltd.
The Board for Industrial and Financial Reconstruction has constituted an assets sale committee for selling off Cement Corporation of India as a whole or in parts after declaring it sick, Rajya Sabha was informed on Monday.
The buyers, however, cannot go ahead with construction on the lands bought by them, the court said.
Having cleared 90 per cent of its debts of about Rs 70 crore (Rs 700 million), Amitabh Bachchan Corporation Ltd is planning to enter the capital market to raise funds for a couple of projects
Luxury carmaker DaimlerChrysler India on Monday said it would come out of the purview of the Board for Industrial and Financial Reconstruction within this fiscal and wipe out its total accumulated losses of Rs 300 crore.
Experts say this further underlines the lack of investor interest in stressed assets at present.
Ruia, a chartered accountant whose business ranged from sugar to textiles and heavy engineering to tyres, refused to comment on queries about his interest in Air India.
Pawan Ruia has finally done it, a beaming Buddhadeb Bhattacharjee, then West Bengal chief minister, had said at the reopening of the 70-year-old Sahagunj factory owned by Dunlop in 2005. But with the Calcutta high court passing a winding-up order in 2013 and the Trinamool Congress-led state government passing a Bill to take over the company in 2016, the once-upon-a-time undisputed leader in the Indian tyre industry looks vastly undone. But that can hardly be a deterrent for Ruia, who has a penchant for making headlines one way or the other.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
Delhi-based Nilesh Sharma, among the first IPs, said while the framework is in the initial stage and might have teething trouble, the opportunity is immense in the long run.
'By not only decriminalising routine business failures, but by ensuring that institutional lending and corporate rescue frameworks are strengthened via the IBC, the prime minister has ensured there is no room anymore for the proverbial 'reckless, prodigal debtor',' notes Sanju Verma.
RBI governor Raghuram Rajan says, laws must be tightened for freeloaders.
Bankers of HPL too have endorsed the idea and are pitching hard for the chairmanship of Chatterjee.
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
Bad loans continue to originate mainly from state-owned banks, where the top management's responsibility is not linked to career prospects nor has legal consequences, says Debashis Basu.
Despite the Indian government's recent efforts anecdotal evidence indicates that there has been little change in the extortionist behaviour of a significant proportion of tax and police officials, says Jaimini Bhagwati.
Industrialist Pawan Ruia's (think Dunlop and Jessop) arrest this month for cheating and criminal breach of trust marked a new low, but the tide had been turning against him for a while now. Ishita Ayan Dutt & Avishek Rakshit report.
Kalanithi Maran, the former promoter of Spicejet, has moved the Delhi High Court against the airline.
No tyres of any description have rolled out of its factories in Sahagunj (West Bengal) or Ambattur (Tamil Nadu) since 2011 and 2012, respectively.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
At least 13 attempts were made earlier at modernising.
Finance minister Arun Jaitley has delivered a Arun Jaitley delivered a bold, far sighted budget
Getting the first tyres out from the Sahaganj plant will still require a lot of effort, but with the state government on its side, the hopes are high.
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