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 proposed amendment to the Insolvency and Bankruptcy Code aims to reduce timelines and provide for a mechanism that involves minimal interaction with the court. It fails on both counts.
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.
If every resolution is subject to reversal years later, and every acquirer must factor in the risk of ED or other state action, then the core promise of the code is being undermined.
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.
The US has turned to the Kurds whenever it has needed allies on ground— in Iraq, in Syria, & now perhaps in Iran. Rarely has it worked out well, either for them or the region.
Other key promises in the budget include AI- and other technology-enabled services for farmers and continuation of the Ladki Bahin Yojana, which will have the same outlay.
IRIS Lavan was in the region for the International Fleet Review held last month and ‘sought urgent docking in Kochi citing technical issues,’ it is learnt.
Trump has ushered in the age of humiliation. His method is to push around America’s friends rudely and publicly. He knows none of them can afford to fight back.
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