Page-3 of Insolvency and Bankruptcy Code Current Affairs, GK & News

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 ..

Topics: Business law • Corporate law • Economy • Indian company law • Insolvency and Bankruptcy Code • Law • Legal entities • Limited liability partnership • Modi administration • National Company Law Tribunal • Partnerships • United Kingdom company law

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. ..

Topics: IBC • Insolvency and Bankruptcy Code • mergers • resolution plan • Waterfall Mechanism

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 ..

Topics: IBC • Insolvency and Bankruptcy Code • National Company Law Appellate Tribunal • NCLAT • PMLA • Prevention of Money Laundering Act

CEA Krishnamurthy Subramanian appointed part-time member in IBBI

Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI). K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a ..

Month: Current Affairs - June, 2019

Category: Awards, Persons & Places in News • Economy & Banking Current Affairs

Topics: Appointments Committee of the Cabinet • B. Sriram • Cabinet (ACC) • Chief Economic Advise • Debt recovery tribunal • IBC • Insolvency and Bankruptcy Board of India • Insolvency and Bankruptcy Code • Krishnamurthy Subramanian • Ministry of Corporate Affairs • Ministry of Finance • Ministry of Law and Justice • National Company Law Tribunal • Reserve Bank of India • Union Minister of Home Affairs

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 ..

Topics: Crossborder Insolvency Resolution • IBC • Insolvency and Bankruptcy Code • Insolvency Resolution • International Trade • Ministry of Corporate Affairs • UNCITRAL model law • United Nations Commission on International Trade Laws • United Nations General Assembly