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.
A 3-judge bench, led by CJI, slammed the 2 bodies’ ‘growing tendency’ to disregard SC’s orders, besides political appointments & lack of infra, while also highlighting shortcomings of the IBC.
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 has admitted BCCI’s insolvency plea against Byju’s over Rs 158 cr of allegedly unpaid dues from sponsorship deal. ThePrint explains what it means for ed-tech firm.
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.
Go First says its promoters have infused Rs 6,500 crore in airline since its inception & it has sought compensation of Rs 8,000 crore from engine maker Pratt & Whitney.
Covid induced backlog and secular crippling of the Adjudicating Authority’s functioning means we are fast approaching the pre-Code timelines for insolvency resolution, writes Ivan.
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.
RBI superseded boards of Srei Infra Finance and Srei Equipment Finance, and their insolvency process is expected to be IBC-like, as it was in DHFL’s case.
Research paper, however, finds lowest indebtedness level among Muslims at 12.3% & highest among Hindus at 14.9%. Overall national financial inclusion level at 87.2%, indebtedness at 14.7%.
Fresh details of operation conducted by IAF, Army have come out in gazette notification giving citations of those who were awarded Vir Chakra for their bravery.
On 21 Oct, a buzz went up that the govt had released full list of gallantry award recipients along with Op Sindoor citations. I put an AI caddy on the job. It took me into a never-ending rabbit hole.
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