Insolvency and Bankruptcy Code: GK, Current Affairs, Questions, Trivia and News

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. ..

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

The Insolvency and Bankruptcy Code is a unified bankruptcy law of India which consolidated the existing framework into a single law for insolvency and bankruptcy. It came into effect in 2016. Recently, the Lok Sabha passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to protect the successful bidders of insolvent companies from risks ..

What is the Insolvency and Bankruptcy Code, 2016 (IBC)?

The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which was passed by the Parliament in May 2016 to consolidate the existing framework for Insolvency and Bankruptcy by creating a single law. The IBC code is designed in a way such that it provides a one-stop solution for resolving insolvencies which ..

Injeti Srinivas Committee to look into offences under the Companies Act

The government has constituted a committee under Injeti Srinivas, secretary of the Corporate Affairs Ministry to look at recategorization of certain offences under the Companies Act as civil offences as well as review other provisions of the Companies Act and the Limited Liability Partnerships Act 2008. Mandate of the Committee The committee will look into ..

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 retroactively clarifies an IBC provision to put the committee of creditors (CoC) in driver’s seat. ..

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), 2002 can be invoked simultaneously with the Insolvency and Bankruptcy Code and neither of the ..

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 Laws on cross-border insolvency. The UNCITRAL model law envisages a balance between liquidation and reorganization ..

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 year before as recoveries through the Insolvency and Bankruptcy Code (IBC) helped banks recover bad ..