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.
It is necessary to break the spell of socialist dogma on the imagination of those attracted by its Utopia as the only scientific way of progress, wrote MA Venkatarao in 1963.
While bond yields tend to fall amid low inflation & interest rate cuts, market experts say they’ve been rising due to concerns over tax collections, fiscal deficit & potential impact of US tariffs.
It is one of the most advanced long-range air defence and anti-missile radars. It has been acquired under an about USD 145-million deal signed in 2020.
To be truly functional and durable, even eternal, a state doesn’t just need a leader, a party or an ideology. It needs functional and robust institutions.
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