PitchX @ ESTIC 2025 Ignites India's DeepTech Future (See 'Corp Brief') IPR - Unfair advantage of reputation and goodwill amassed by plaintiff's marks, calls for passing off against defendant: HC (See 'Legal Desk') DGT, Autodesk join hands to enhance Skills for India's Vocational Workforce (See 'Corp Brief') FERA - If exporter chose to realise export proceeds in the Indian Currency, then he had to ensure that export is made within bilateral framework of trade: SAFEMA (See 'Legal Desk') Textiles Mission supports development of Indigenous Thermal Testing Instruments (See 'Corp Brief') Benami - Even if there are cash infusions into bank accounts of alleged benamidar, no provisional attachment can be made in absence of evidence to show that such infusions are made by beneficial owner: SAFEMA (See 'Legal Desk') Ministry of Tourism participates in World Travel Market (See 'Corp Brief') DoT leads thematic session on India's telecom innovation (See 'Corp Brief') IPR - Refusal of registration is contingent upon existence of 'likelihood of confusion': HC (See 'Legal Desk') Startup supported by DST demonstrates 500 km Quantum-Safe Network (See 'Corp Brief') Competition Law - Dominance alone does not constitute abuse u/s 4 and competition law will intervene in digital platforms only where market-wide harm, exclusionary conduct, or unfair leveraging is evident: CCI (See 'Legal Desk') MOIL achieves best-ever October Production since Inception (See 'Corp Brief') Competition Law - Back interest charges stemmed from internal bank error constituted contractual dispute and not competition law concern: CCI (See 'Legal Desk') MoS tells NRI scientists - 'You are not outsiders' (See 'Corp Brief') No Blanket cancellations of REIA-Awarded Projects: Govt (See 'Corp Brief') India, Israel ink MoU for co-development & co-production of advanced defence tech (See 'Corp Brief') SARFAESI - CJM's role under Section 14 of the SARFAESI Act is limited to ministerial functions and does not involve adjudication: HC (See 'Legal Desk') EPFO, NITI Aayog organize Seminar on Social Security in Electronic Industry (See 'Corp Brief') MeitY generates Rs 41 lakh Scrap Revenue (See 'Corp Brief') IPR - Use of essential element in competing marks creates a likelihood of confusion, and continued registration of impugned mark is not permitted: HC (See 'Legal Desk') India strengthens global partnerships with Mauritius and UNESCAP in Doha (See 'Corp Brief') DRDO leads thematic session on 'Electronics & Semiconductor Manufacturing' (See 'Corp Brief') PMLA - As per settled precedent, property of equivalent value to proceeds of crime can be attached, even if Appellant is not accused in scheduled offence: SAFEMA Appellate Tribunal (See 'Legal Desk') Scindia hails growth of Indo-French ties at Indo-French North-East Investment Forum (See 'Corp Brief') Misc - Court under Order IX Rule 26 has power to appoint Local Commissioner to ascertain market value of any property, or amount of mesne profits or damages: HC (See 'Legal Desk') Scindia confers Bharat Ratna Hazarika National Awards (See 'Corp Brief') Controller General of Accounts inaugurates Delhi circle Pension Campaign (See 'Corp Brief') Competition Law - Mere dissatisfaction with tender terms or with rejection of bid cannot lead to presumption of imposition of unfair or discriminatory conditions and abuse of dominance: CCI (See 'Legal Desk') Coal India Celebrates 50 Glorious Years of Nation Building (See 'Corp Brief') Scindia lays bricks for Integrated Sohra Tourism Circuit (See 'Corp Brief') Naidu inaugurates creche facility at Udaan Bhawan (See 'Corp Brief') IPR - Mere expiry of trademark registration does not, by itself, justify removal from Register, and such removal must be preceded by strict compliance with mandatory requirement of issuing a Form O-3 notice: HC (See 'Legal Desk') GeM organises Session on 'Compliance with Law in Public Procurement' (See 'Corp Brief') MoSPI signs MoU with IICA to develop SDG Alignment Framework (See 'Corp Brief') India's emphasis on overflight in Indo-Pacific is not against any country: RM (See 'Corp Brief') FEMA - Inward remittances labelled 'grants' may be treated as capital account transactions if there are contingent liabilities or obligations that convert them into capital in substance: SAFEMA (See 'Legal Desk') Government intervention and Corporate governance (See CORP EINSICHT)

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Cabinet approves IBC (Second Amendment) Bill, 2019

Published: Dec 11, 2019

By TIOLCORPLAWS News Service

NEW DELHI, DEC 11, 2019: THE Union Cabinet today approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.  The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise the objects of the code and to further ease doing of business.

Details of the Proposal

The Amendment Bill seeks to amend sections 5(12), 5(15), 7, 11, 14, 16(1), 21(2), 23(1), 29A, 227, 239, 240 and insert new section 32A in the Insolvency and Bankruptcy Code, 2016 (Code).

Impact

Amendments to the Code to remove bottlenecks, streamline the CIRP and protection of last mile funding will boost investment in financially distressed sectors.

Additional thresholds introduced for Financial Creditors represented by an authorized representative due to large numbers in order to prevent frivolous triggering of Corporate Insolvency Resolution Process (CIRP).

Ensuring that the substratum of the business of corporate debtor is not lost, and it can continue as a going concern by clarifying that the licenses, permits, concessions, clearances etc. cannot be terminated or suspended or not renewed during the moratorium period.

Ring-fencing corporate debtor resolved under the IBC in favour of a successful resolution applicant from criminal proceedings against offences committed by previous management/promoters.

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