SC said insolvency proceedings can't be invoked for debt recovery in disputes that are predominantly contractual in nature. In doing so, it upheld an NCLAT ruling.
Resolution professional is appointed to conduct insolvency resolution process and manage negotiation between creditors and debtors under corporate insolvency resolution process (CIRP).
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.
According to parliamentary records, approximately 30,000 families were registered and on the CARA waiting list as of 2022. For every child looking for a home, there were 10 families.
While US & Indian officials have signaled that a deal was within reach, talks have dragged on amid disputes over tariffs, market access & protections for politically sensitive sectors.
Under the agreement, the loitering munitions will be offered to the Indian Army as part of efforts to address what the companies described as an ‘urgent requirement’.
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