Tag: Insolvency and Bankruptcy Code (IBC)

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NCLT Approves Withdrawal of Insolvency for ATS Knightsbridge

NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following an agreement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC). The insolvency process, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was formally dismissed by the NCLT’s New Delhi bench on March 13, 2026. Consequently, the Corporate Insolvency Resolution Process (CIRP), which began in April 2024, has been officially concluded. The project, developed by ATS Heights, is in the advanced stages of construction, with all five towers…

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RBI Report: Creditors Recovered ₹4 Lakh Cr via IBC by Sept 2025

MUMBAI: According to a Reserve Bank report released Wednesday, creditors have recovered ₹4 lakh crore under resolution plans initiated under the Insolvency and Bankruptcy Code (IBC) as of September 30, 2025. Since the introduction of corporate insolvency resolution processes in December 2016, a total of 8,659 Corporate Insolvency Resolution Processes (CIRPs) have been initiated, with 6,761 (or 78.1%) successfully completed by September 30, 2025. The IBC primarily aims to assist corporate debtors (CDs) in distress. During the period from April to September 2025, the code aided 187 CDs, bringing the total number of aided debtors to 3,865 since the IBC’s…