Insolvency Resolution Current Affairs, GK & News

MCA: 60% Eligible for pre-pack turnaround Scheme

April 8, 2021

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

January 22, 2021

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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Insolvency and Bankruptcy (Second Amendment) passed in Rajya Sabha

September 19, 2020

On September 19, 2020, the Rajya Sabha passed the Insolvency and Bankruptcy code (second Amendment) Bill 2020. According to the new amendment, fresh insolvency proceedings will not be started for the next six months considering Covid-19 pandemic. Why the suspension? Due to the covid-19 crisis the companies are facing disruptions. This has affected their interest payment ..

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UNCITRAL Model Law for Crossborder Insolvency Resolution

June 4, 2019

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 ..

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