The ministry of corporate affairs is readying what many believe to be IBC 2.0. The ordinance recommended by the Union Cabinet on Wednesday was part of the plan.
The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
S Kumars like other top notch business entities is facing insolvency proceedings. This Code has brought a revolution in the country.
Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.
The ministry of corporate affairs showed that over 2,100 companies have cleared their outstanding amounts, a majority of which came after the government amended the IBC.
Reliance Communications and its subsidiaries filed pleas in the appellate tribunal to set aside the NCLT’s decision to start insolvency proceedings.
NPA War: The major buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform.
The old and archaic provisions to deal with sickness arising out of financial difficulties have been replaced by Insolvency and Bankruptcy Code, 2016.
An Insolvency and Bankruptcy Board of India (IBBI) will be established. This Board (IBBI) will oversee the work of Insolvency and Bankruptcy of corporate persons, firms and individuals.
The RBI’s February 12 circular on non-performing loans has stirred a hornet’s nest. Banks, India Inc and even the government are opposed to it and are vigorously lobbying the central bank