IBBI Proposes Changes to Rules for Insolvency Resolution Process

Allotted Houses to Stay Out of Liquidation: IBBI

In a significant announcement, the Insolvency and Bankruptcy Board of India (IBBI) has clarified that houses allotted to individuals will be excluded from the liquidation process. This declaration serves as a crucial safeguard for homeowners, ensuring that their allotted houses remain protected in situations involving insolvency.

The decision by IBBI aims to provide relief to individuals who have been allotted houses but may face financial distress or insolvency issues. By exempting these residential properties from the liquidation process, the regulatory body acknowledges the unique na..

IBBI Amends Liquidation Process, Benefits Home Buyers

In a significant move aimed at enhancing transparency and stakeholder-centricity in the liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has introduced crucial changes. These amendments not only provide relief for specific home buyers but also grant a pivotal role to the Stakeholder Consultation Committee (SCC) comprised of creditors of the company under liquidation.

The recent adjustments made by IBBI are anticipated to instill confidence among stakeholders involved in the liquidation process. Particularly noteworthy is the protection now afforded to home buyers..

NCLT rejects Ashdan's challenge to Chemhub's resolution plan

Ashdan Properties' petition against Chemhub Tradelink's committee of creditors-approved resolution plan for Pancard Clubs has been rejected by the National Company Law Tribunal (NCLT). Ashdan was among the three potential buyers vying for the acquisition of the financially distressed Pancard, known for its hotels and resorts.

Pancard Clubs boasts over 1.5 million timeshare subscribers, categorised as financial creditors. The court, in dismissing Ashdan's appeal, noted that approximately 23% of the financial creditors participated in the voting process. A decisive majority of 19.38% fa..

IL&FS Requests New MMRDA Nod for Mumbai HQ Transfer

IL&FS has sought renewed approval from the Mumbai Metropolitan Region Development Authority (MMRDA) to transfer its headquarters within Mumbai. This move indicates IL&FS's commitment to navigating regulatory requirements amid ongoing restructuring efforts.

IL&FS's request for new approval underscores its determination to ensure compliance with all necessary regulations and expedite the headquarters transfer process. It reflects the company's efforts to streamline its operations and address administrative challenges as part of its restructuring endeavours.

The need for fresh appro..

Malaysian Carbon Credit Auction Begins July

In a significant move towards environmental sustainability, Malaysia's carbon exchange will host its first local carbon credit auction in July. This event marks a pivotal step in the nation's commitment to reducing carbon emissions and fostering a green economy.

The Malaysian carbon exchange aims to provide a structured marketplace for carbon credits, where companies can buy and sell these credits to offset their carbon footprints. This initiative aligns with global efforts to mitigate climate change by encouraging businesses to adopt more sustainable practices.

The auction w..