Insolvency and Bankruptcy Code 2016 Current Affairs, GK & News

Insolvency and Bankruptcy Code (Amendment) Bill, 2021

Parliament passed Insolvency and Bankruptcy Code (Amendment) Bill, 2021, on August 3, 2021 after Rajya Sabha approved the bill amidst the protest. Highlights Bill was passed by Lok Sabha on July 28, 2021 and introduced in the Lower House on July 26 during the ongoing Monsoon session. Union Corporate Affairs Minister Nirmala Sitharaman had tabled ..

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Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill 2021

On 28th July, 2021, Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill 2021. This Bill replaces the Insolvency and Bankruptcy Code (Amendment) Ordinance 2021 which was implemented on 4th April, 2021. Key Points Insolvency is a situation where a company or an individual are unable to pay their debt. The government has ..

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Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019

Union Cabinet has approved certain amendments in Insolvency and Bankruptcy Code, 2016 (code), through Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise objects of code, protect corporate debtors, prevent ill-thought-out triggering of bankruptcy proceedings and to further ease doing of ..

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IBBI tightens norms governing resolution professionals (RPs)

Insolvency and Bankruptcy Board of India (IBBI) has tightened norms that governs resolution professionals (RPs), wherein they would be barred from having employment when they are in possession of authorisation to take up work under insolvency law. Also, restrictions will also be in place for relatives of RPs in accepting employment after completion of resolution ..

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Wilful Defaulters in Nationalised Banks up by 60% in 5 years: Govt

As per a written reply given by Union Finance Minister Smt. Nirmala Sitharaman in Lok Sabha, the number of wilful defaulters in nationalised banks has increased by more than 60% to 8,582 in five years to March 2019. Key Highlights The Finance Minister provided the written reply in Lok Sabha to a question asked that ..

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