US National Rifle Association

The United States National Rifle Association recently filed for bankruptcy under Chapter 11 of the bankruptcy code. The association filed for bankruptcy in order to avoid being investigated by New York Attorney General. Background The New York Attorney General had sued the National Rifle Association in August 2020 based on allegations that the association top ..

Month: Current Affairs - January, 2021

Category: International Current Affairs

Topics: Attorney General of India • Bankruptcy • Centre for Disease Control and Prevention (CDC) • chapter 11 • National Rifle Association • United States

ArcelorMittal’s takeover of Essar cleared by apex court

On 15 Nov, the three judge bench of the Supreme Court has accepted world’s largest steelmaker, Arcelor Mittal’s offer to pay an aggregate Rs 42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel.  This creates a path  for Arcelor Mittal to take over Essar and enter the world’s second ..

Topics: Arcelor • ArcelorMittal • Bankruptcy • Companies • Debt • Economy • Essar Group • Essar Steel • Finance • Insolvency

MCA notifies Insolvency and Bankruptcy Rules, 2019

On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules).  The rules will provide a framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. These rules will be applicable ..

Topics: Bankruptcy • Business law • Corporate law • Debt • Economy • Finance • Insolvency • Liquidation

RBI Proposes New Norms for Debt Resolution

The Reserve Bank of India (RBI) has proposed new norms under Prudential framework for resolution of stressed assets for debt resolution after the earlier one was struck down by the Supreme Court. New Norms New norms are applicable for loan accounts with exposure of Rs 2,000 crore and above. For loan accounts of Rs 1,500 ..

Topics: Bad Loans • Bankruptcy • Lendors • NPA • RBI • Reserve Bank of India • Resolution process • Stressed Assets • Supreme court

11-member working group to go into concept of ‘Group Insolvency’ and suggest a suitable framework

The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go into the concept of ‘Group Insolvency’ and suggest a suitable framework. This Working Group has been tasked to submit a report — within two months and will ..

Topics: Bankruptcy • Business law • Debt • Economy • Finance • Insolvency • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Liquidation • Modi administration • National Company Law Tribunal • Securities and Exchange Board of India