Insolvency and Bankruptcy Code Current Affairs, GK & News

Corporate Affairs Ministry’s proposals on IBC

On December 23, 2021, the ministry of corporate affairs proposed ‘amendments to Insolvency and Bankruptcy Code (IBC)’ to speed up the rescue of distressed companies which are ending up in bankruptcy tribunals. Key Points Ministry suggested ways for faster admission of cases in tribunals to initiate the bankruptcy process as well as for faster adoption ..

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RBI panel calls for overhauling ARC regulations

A Reserve Bank of India (RBI) panel has suggested for overhauling rules to govern Asset Reconstruction Companies (ARC). Key Points Overhauling ARC regulations will enhance the availability of bad loans for transactions. It will also bring in a wide set of investors for distressed assets to the market. Recommendations of the panel RBI panel recommends ..

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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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Sudarshan Sen Committee of RBI

The Reserve Bank of India recently set up a committee to study about the Asset Reconstruction Companies (ARC) in the country. The committee will evaluate the role of ARCs in debt resolution and will review their business model. About the Committee The Committee is headed by former RBI Executive director Sudarshan Sen. It will review ..

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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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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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