Debt: GK, General Studies and Current Affairs

15th Finance Commission to set up panel to examine fiscal and debt situation of Centre and States

The Fifteenth Finance Commission is to set up a panel soon, which will examine the fiscal and debt situation of the Centre and states. This panel is to be headed by the Chairman of the 15th Finance Commission N.K.Singh.  It will present a road map on the lines of the erstwhile Fiscal Responsibility and Budget ..

Cabinet approves amendment of Direct Tax Vivad se Vishwas Bill, 2020

The Union Cabinet approved the amendment of the Direct Tax Vivad se Vishwas Bill, 2020, so that it also covers the litigations pending in debt recovery tribunals (DRTs) across the country. The scheme can be availed in search and seizure procedures, where the recovery is up to ₹5 crore. Vivad se Vishwas Bill, 2020 is aimed at providing resolution ..

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 ..

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 ..

India ranked 63rd as per latest Doing Business Report

India has been ranked 63rd among 190 countries, as per latest Doing Business Report (DBR, 2020) of World Bank (WB). As per report, the World Bank (WB) has recognized India as one of the top 10 improvers for the third consecutive year. India’s recovery rate under resolving insolvency has improved significantly from 26.5% to 71.6%. ..