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.
The resignation comes after the startup failed to provide requested documents due to a suspended board amid insolvency proceedings and an asset freeze.
The Supreme Court on Wednesday revived insolvency proceedings following a lawsuit by a trust representing U.S. lenders who say they are owed $1 billion by the company.
It was NDA that introduced Insolvency and Bankruptcy Code in 2016. IBC replaced earlier framework which was governed by various laws that made the process cumbersome.
NCLT said 'it cannot be disputed' that the parent of Byju's, Think & Learn Private Limited, had availed itself of the services of BCCI and had defaulted on roughly Rs 1.59 billion.
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.
SpiceJet said it would make the offer after conducting due diligence on Go First’s resolution professional, said the official involved in conducting airline’s insolvency process.
Macaulay's intent was quite different from what has been propagated by Indian leaders and public intellectuals, who love to live in their own sectarian mental chambers.
Once acquired by IAF, the medium transport aircraft (MTA) will replace both AN-32s and IL-76s, it is learnt. The idea behind the revamp is to meet modern operational needs.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
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