Page-2 of IBC
Amendments to Insolvency and Bankruptcy Code
The Rajya Sabha has passed the amendments to the Insolvency and Bankruptcy Code aimed at faster decision-making in the case of bankrupt entities such as property developers, which have a large number of creditors, including homebuyers. Amendments Proposed The amendment ..
NCLAT on the IBC and PMLA
In a case related to Rotomac Global Private Limited, the National Company Law Appellate Tribunal (NCLAT) has made following observations related to Insolvency and Bankruptcy Code (IBC) and Prevention of Money Laundering Act (PMLA): Prevention of Money Laundering Act (PMLA), ..
CEA Krishnamurthy Subramanian appointed part-time member in IBBI
Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI). K Subramanian, ..
Month: Current Affairs - June, 2019
UNCITRAL Model Law for Crossborder Insolvency Resolution
A committee set by the Ministry of Corporate Affairs has recommended the UNCITRAL model law for cross-border insolvency resolution. The committee makes the following recommendations for addressing the cross-border insolvency: Adopting the UNCITRAL or United Nations Commission on International Trade ..
IBC and Reduction in Gross NPAs of Banks
The biggest problem of the Indian Banking System is Non-performing Asset (NPA). The report of the Crisil has stated that the gross NPA is estimated to have declined to 10 per cent in end-March 2019 from 11.5 per cent a ..
PMLA prevails over Bankruptcy Act and Insolvency Code: Delhi HC
The Delhi High Court has ruled that Prevention of Money Laundering Act (PMLA) prevails over the Bankruptcy Act and insolvency code when it comes to attachment of properties obtained as ‘proceeds of crime’. The Enforcement Directorate (ED) had challenged the ..
Month: Current Affairs - April, 2019
Two years of insolvency and Bankruptcy Code (IBC)
The Union Finance Minister Arun Jaitley has written a Facebook post titled ‘Two years of insolvency and Bankruptcy Code (IBC)”. In the post, he explains how things have been changed after the IBC was passed by the Parliament. Once the ..
Month: Current Affairs - January, 2019
Lok Sabha passes Insolvency & Bankruptcy Code Amendment Bill, 2017
The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill 2017 to pave the way for tightening loopholes in existing code and to make resolution process more effective. The Bill amends the Insolvency and Bankruptcy Code (IBC), 2016, ..