The Supreme Court has upheld the amendments made to the Insolvency and Bankruptcy Code(IBC) that classified homebuyers as financial creditors. The verdict came on a petition filed by builders who had challenged the IBC amendment citing that it would result in duplication as the homebuyers have already been given protection under Real Estate Regulation and… Continue reading Home buyers can start bankruptcy cases against errant builders
Tag: Insolvency and Bankruptcy Code
Rajya Sabha clears changes to Insolvency Code
The Rajya Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2019. The Bill amends the Insolvency and Bankruptcy Code,2016.The Code provides a time-bound process for resolving insolvency in companies and among individuals.Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. The bill provides that the resolution process… Continue reading Rajya Sabha clears changes to Insolvency Code
Cabinet okays amendments to bankruptcy code
The Union Cabinet has approved the Insolvency and Bankruptcy Code (Amendment) Bill,2019. The bill places greater emphasis on time-bound resolution and laying down voting rules of the financial creditors. The amendment provides that the resolution process has to be completed within 330 days including litigations and other judicial process.Presently,the resolution plan for an insolvent company… Continue reading Cabinet okays amendments to bankruptcy code
Low oil price, food supply kept inflation low:Viral Acharya
The outgoing deputy governor of RBI has credited flexible inflation targeting,low crude prices and efficient food supply management for successful taming of inflation in recent years. The RBI has shifted to a flexible inflation targeting with a headline target of 4 percent(+/- 2 percent) when the Monetary Policy Committee (MPC) was instituted in 2016. He… Continue reading Low oil price, food supply kept inflation low:Viral Acharya
Focus is now on personal insolvency: Injeti Srinivas
Corporate Affairs Secretary has said that majority of corporate insolvency cases have been resolved and the focus is now on resolving personal insolvency. Insolvency is a term for when an individual or organization can no longer meet its financial obligations with its lender as debts become due.There are different types of insolvency procedure for individuals… Continue reading Focus is now on personal insolvency: Injeti Srinivas
ArcelorMittal to take over debt-ridden Essar Steel
The National Company Law Tribunal (NCLT) has approved the bid of Arcelor-Mittal for the takeover of debt-ridden Essar Steel. The approval comes after the National Company Law Appellate Tribunal (NCLAT) had directed NCLT to take a decision on ArcelorMittal’s offer for Essar Steel plant by 8 March,2019. Under Insolvency and Bankruptcy Code(IBC),National Company Law Tribunal… Continue reading ArcelorMittal to take over debt-ridden Essar Steel
Panel for adopting UN model on cross-border insolvency
Panel for adopting UN model on cross-border insolvency News: The Insolvency Law Committee (ILC) has suggested amendments to India’s Insolvency and Bankruptcy Code (IBC) to align it with United Nations’ model to handle cross-border insolvency cases. Important Facts: The ILC headed by Ministry of Corporate Affairs (MCA) secretary Injeti Srinivas recommended the adoption of the… Continue reading Panel for adopting UN model on cross-border insolvency
