CCI okays acquisition of stake of Speed JVco S.a r.l. (Target) by Ramon Investments (See 'Corp Brief') SARFAESI - Mere procedural irregularity or deviation from rules are no grounds to set aside confirmed sale, unless such errors are fundamental in nature: SC (See 'Legal Desk') DPIIT conducts over 1,300 programs to foster deeper understanding of IPRs (See 'Corp Brief') SARFAESI - Right to maintenance is equivalent to fundamental right and shall have overriding effect over statutory rights of creditors: SC (See 'Legal Desk') IBC amended six times to strengthen process of Insolvency Resolution: Govt (See 'Corp Brief') A&C - Sec 14 of Limitation Act is applicable to Arbitration and Conciliation Act: SC (See 'Legal Desk') GeM organises bootcamp in Dehradun to amplify adoption in State (See 'Corp Brief') Misc - No finding, sentence, or order by Special Judge shall be reversed by Court of appeal on ground of absence, error, omission or irregularity in sanction under Prevention of Corruption Act: SC (See 'Legal Desk') C-DOT, Silizium Circuits sign agreement for 'Design of LEO Satellite Components' (See 'Corp Brief') Misc - Absence of specific prayer seeking transfer of possession has no bearing on character of suit, which is one covered by Sec 16(d) of CPC, when transfer of possession of suit property is implicit in contract: SC (See 'Legal Desk') 97 New ESI Hospitals Approved Across Country in Last 10 Yrs: Govt (See 'Corp Brief') IPR - Rejection of patent application by mere recording of 'lack of inventive step' & 'lack of novelty', without analysing if product would qualify as 'invention' u/s 2(1)(j) of Patents Act, is not sustainable: HC (See 'Legal Desk') Naidu unveils Centenary celebrations Logo of Netaji International Airport, Kolkata (See 'Corp Brief') Misc - Liability for payment of compensation under NI Act, pending appeal, can only be fastened upon drawer of cheque, and not on company's official who acted as authorized signatory: SC (See 'Legal Desk') Center of Excellence to be set up for advancing airport systems and security (See 'Corp Brief') Misc - Highest bidder in Notice Inviting Tender cannot have vested right to have auction concluded in his favor: SC (See 'Legal Desk') Goyal suggests promotion of divyangjan sports festivals for greater inclusion (See 'Corp Brief') Misc - Appellate Court's discretion in vacating interlocutory order should only be exercised if it is shown that interlocutory order was arbitrary, capricious, perverse, or contrary to established legal principles: SC (See 'Legal Desk') DoT has developed Sanchar Saathi portal to empower citizens (See 'Corp Brief') Ministry of Coal issues Letters of Award to applicants under Financial Incentive Scheme (See 'Corp Brief') Misc - Both readiness & willingness to perform contract, are neccesary ingredients for relief of specific performance: SC (See 'Legal Desk')

Print

IBC amended six times to strengthen process of Insolvency Resolution: Govt

Published: Dec 18, 2024

By TIOLCorplaws News Service

NEW DELHI, DEC 18, 2024: TO strengthen the process of Insolvency Resolution and to ensure proper implementation of the provisions of Insolvency and Bankruptcy Code, 2016 (IBC), the Government has made six amendments to the IBC. Further, Insolvency and Bankruptcy Board of India has made more than 100 amendments in regulations since inception of IBC based on the needs of the market to streamline processes and maximize value of the assets of the Corporate Debtor.

IBC provides a consolidated framework for reorganization, insolvency resolution and liquidation of corporate persons, except Financial Service Providers (FSPs). However, Section 227 of the IBC enables the Central Government to notify FSPs and categories of FSPs for the purpose of insolvency and liquidation proceedings.

Accordingly, vide notification dated 18th November 2019, the Central Government, in consultation with the Reserve Bank of India (RBI), notified that insolvency resolution and liquidation proceedings of Non-Banking Finance Companies (which include housing finance companies) with asset size of Rs.500 crore or more, as per last audited balance sheet, shall be undertaken in accordance with the provisions of the Code read with the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019.

The Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways, Harsh Malhotra stated this in a written reply in Rajya Sabha yesterday.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.