Banks can take advantage of the IBC to easy up their balance
The Reserve Bank of India has suggested banks to report for insolvency complaints on their very own rather than watching for its commands.
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NCLT declines extending the deadline for liquidation
National Company Law Tribunal (NCLT) declined to extend the deadline for finalizing a rescue plan for the insolvent firm beyond the mandatory 270-day
Supreme Court stays NCLT order allowing government to take control of Unitech
New Delhi: The Supreme Court on Wednesday stayed an order of the National Company Law Tribunal (NCLT) that allowed the government to take control of troubled builder Unitech Ltd by suspending its board. “NCLT should not have passed the order. We direct the stay of the order dated 8 December,” said Chief Justice Dipak Misra. The … Continue reading “Supreme Court stays NCLT order allowing government to take control of Unitech”
Complaint handling regulations are implemented by IBBI
The complaint handling regulations have been implemented by Insolvency and Bankruptcy Board of India (IBBI). In the procedure, the complaint filing fee will be refunded to the stakeholder in case the complaint is found to be not “frivolous or malicious”. This will be applicable to all stakeholders, including creditors, debtors and service providers. A stakeholder … Continue reading “Complaint handling regulations are implemented by IBBI”
14-member panel to be set to button down issues in insolvency law
The government has set up a 14 member panel to button down the increasing issues under insolvency and bankruptcy law. The panel members include Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo, RBI Executive Director Sudarshan Sen, former Lok Sabha Speaker T K Viswanathan, Edelweiss Group Chairman and CEO Rashesh Shah, Shardul Amarchand Mangaldas … Continue reading “14-member panel to be set to button down issues in insolvency law”
Norms for insolvency resolution professionals code by SEBI
Securities and Exchange Board of India (SEBI) is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better. The new guidelines will be issued this year. Source: Times of India
Now Bank will be able to Start the loan recovery Process before 90 Days
A senior government official said that recent amendments in banking rules will help bank solve the problem of debt deferred soon. According to RBI regulations, if the amount of any loan amount is more than 90 days, then it becomes non-performing.
Closing A Company Is Not An Easy Task, Know Clauses To Close A Company
A business may need to be closed for many reasons that may be due to business failure or any other unavoidable circumstances.
NITI Ayog to organize first global conference
NITI Ayog will oranise its 1st global conference on National Initiative towards Strengthening Arbitration and Enforcement in India.This conference is a step to make India the next big hub for international commercial arbitration. In recent times, India has taken many steps to facilitate ease of doing business. These include a robust bankruptcy framework, a new digital … Continue reading “NITI Ayog to organize first global conference”
Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies
The Ministry of Corporate Affairs had set-up a working group consisting of practitioners and experts for making recommendation for drafting regulations in respect of registration and regulations of Insolvency and Insolvency professionals and Insolvency professional agencies envisaged under the code. The following regulations have been drafted and made available on the Ministry’s website: (1) Insolvency … Continue reading “Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies”
Start Up India – An Initiative By Prime Minister Of India
Prime Minister Narendra Modi first announced the Start-up campaign on 15th August from the Red Fort. He launched the most awaited movement #Startup India which has brought lots of posibility among the entrepreneurs in India.
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