IBC Current Affairs, GK & News

MCA: 60% Eligible for pre-pack turnaround Scheme

The Ministry of Corporate Affairs (MCA) recently announced that six out of ten active Indian companies are eligible for the new pre-packaged bankruptcy scheme. This is because out of the 1.3 million active companies in India, 60% belong to the category of MSME (Micro, Small and Medium Enterprises). Background The President of India recently promulgated ..

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Insolvency and Bankruptcy Code Amendment Ordinance, 2021

The President of India, Shri Ram Nath Kovind recently promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. The ordinance will allow pre-packaged insolvency resolution process for MSMEs. The Pre-packaged Insolvency Resolution Process is called PIRP. About the Ordinance The ordinance introduces a pre-packaged insolvency resolution process for corporate persons classified as MSMEs under the ..

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Section 32A of Insolvency and Bankruptcy Code

The Supreme Court recently upheld the validity of Section 32 A of the Insolvency and Bankruptcy Code. Under its judgement, the apex court pronounced that the successful bidders for a corporate debtor will be immune from any investigations conducted by an investigating agency (like Enforcement Directorate or other statutory bodies such as SEBI) under the ..

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Injeti Srinivas appointed First Chairman of International Financial Services Centre Authority

On July 6, 2020, the retired 1983 batch IAS officer from Odisha Cadre, Injeti Srinivas was appointed as the first chairman of the International Financial Service Centre Authority. Highlights The retired diplomat has been appointed as the chairman for a period of three years. He retired from service as Secretary to Ministry of Corporate Affairs. ..

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Fifth Tranche of Atma Nirbhar Bharat Abhiyan announced

On May 17, 2020, the Union Finance Minister Nirmala Sitaraman announced the fifth and final tranche of Atma Nirbhar Bharat Abhiyan. The scheme is to implement several measures to fight COVID-19 at an allocated budget of Rs 20 lakh crore economic packages Highlights Under the fifth tranche of the scheme, the finance minister announced seven ..

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