CCI okays stake in Smart Shift Logistics jointly by Kedaara Sapphire and Kedaara Capital Fund (See 'Corp Brief') BCCL revives Legacy Coal Mine via MDO Model (See 'Corp Brief') IPR - Any entity cannot seek to set aside interim injunction passed against it in trademark infringement suit, merely because its business or IPO launch is jeopardized due to such injunction: HC (See 'Legal Desk') CCI approves acquisition of certain businesses of UBS AG by 360 ONE Entities (See 'Corp Brief') IPR - Requirement of sufficiency u/s 64(1)(h) of Patents Act, is satisfied when disclosure made in claims is sufficient to enable whole width of claimed invention to be performed: HC (See 'Legal Desk') Centre plans Rs 5,000-Cr Investment to develop N-E Waterways: Sonowal (See 'Corp Brief') IPR - Merely because ban on certain other applications has been lifted, is no ground for TikTok to claim that similar treatment shall also be allowed to it: HC (See 'Legal Desk') Chouhan, Dhami hold meeting on agriculture and rural development (See 'Corp Brief') IPR - Defendants' attempt to use suit trademarks with sole intention of riding piggyback on plaintiffs' immense reputation, calls for injunction: HC (See 'Legal Desk') Rs.14,147 Cr transmission scheme discussed to evacuate solar power from key zone (See 'Corp Brief') IPR - Use of word 'ordinary' lead average consumer to infer that other Chyawanprash are either inferior, or spurious, as compared to Chyawanprash of Patanjali, which was claimed to be prepared by following ayurvedic traditions: HC (See 'Legal Desk') Family pension: 1451 cases redressed in first week of Special Campaign 2.0 (See 'Corp Brief') IPR - Registering any mark already known to belong to another, without intent to use it bona fide, constitutes 'dishonest intention' and trademark squatting: HC (See 'Legal Desk') IPR - For software or computer programme to qualify u/s 3(k) of Patents Act, it should be more than mere sequence of instructions: HC (See 'Legal Desk') SAIL inaugurates Representative Office in Dubai (See 'Corp Brief') IPR - Permanent injunction issued against Defendant, prohibiting him from using 'VIVO' mark or any similar marks that could cause confusion and prevent any misrepresentation: HC (See 'Legal Desk') Union Minister releases Aluminium Vision Document to drive Green Manufacturing (See 'Corp Brief') IPR - Superlative injunction opens up additional route for plaintiffs to avail grant of real-time reliefs against infringing activities of 'rogue' defendants, irrespective of mode thereof: HC (See 'Legal Desk') Reddy releases Copper Vision Document to strengthen India's Clean Energy Infra (See 'Corp Brief') IPR - Franchise India can't be allowed to pass off their products as that of Rasna's, since it may confuse members of trade and also of general public involved: HC (See 'Legal Desk') Why Family Businesses in India Are Losing Their Own Bloodline (See CORP EINSICHT)

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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