The Centre is considering an increase in the National Company Law Tribunal's bench capacity, while the Standing Committee of Finance suggests fast-track courts.
The proposed amendment to the Insolvency and Bankruptcy Code aims to reduce timelines and provide for a mechanism that involves minimal interaction with the court. It fails on both counts.
New bill aims to fix key issues with IBC 2016, including delays & patchy implementation, and protect creditors, with window for genuine promoters to retain control of their companies.
Indisputable that firm availed BCCI’s services through sponsorship rights, says NCLT, dismissing opposition to insolvency on grounds that deal involved transfer of some rights only.
Data from Insolvency & Bankruptcy Board of India shows time taken to come up with a resolution plan is 2.5 times what it was 4 yrs ago. Recoveries are only about 1/3 of claim amounts.
While US & Indian officials have signaled that a deal was within reach, talks have dragged on amid disputes over tariffs, market access & protections for politically sensitive sectors.
Under the agreement, the loitering munitions will be offered to the Indian Army as part of efforts to address what the companies described as an ‘urgent requirement’.
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