Insolvency and Bankruptcy Code is not immune to the shortcomings of India's justice system like delays despite being one of the key reform initiatives of the government.
Petitioners, most of whom are homebuyers, challenged section 3 of the Ordinance claiming it rendered buyers, who are financial creditors, without remedy.
The IBC amendment bill seeks to protect bidders of insolvent companies from any risk of criminal proceedings for offences committed by previous promoters.
The amendments ensures successful bidders are ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of the companies.
Court says aggrieved home buyers can now approach the National Company Law Tribunal, Real Estate Development Authority as well as the consumer forums against defaulting companies.
Greens have a sizeable support in the Western countries with clean air and blue skies, but not in India, where poisonous air, water and soil kill millions.
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 helicopters produced by Lockheed Martin are known as ‘submarine hunters’. India ordered 24 of these aircraft in 2020 to replace the Sea King helicopters. 15 have been delivered till date.
The India-South Africa series-defining fact is the catastrophic decline of Indian red ball cricket where a visiting team can mock us with the 'grovel' word.
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