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.
Once seen as a fading presence on India’s investment & startup picture, the state is slowly moving up the ladder, with policy reforms & infrastructure building.
Agreement signed during 17th Joint Working Group (JWG) on defence cooperation. Defence Secretary Rajesh Kumar Singh met Director General in Israeli Ministry of Defence Amir Baram Tuesday.
This world is being restructured and redrawn by one man, and what’s his power? It’s not his formidable military. It’s trade. With China, it turned on him.
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