Page-2 of Insolvency Current Affairs, GK & News

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 ..

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Cabinet Approval: Capital Infusion in three public sector Units OICL, UIICL and NICL

On February 12, 2020, the Union Cabinet approved on capital infusion in three Public Sector Units namely United India Insurance Company (UIICL), Oriental Insurance Company Limited (OICL) and National Insurance Company Limited (NICL). Highlights During the meet the cabinet also approved an immediate release of Rs 2,500 crores in order to address their critical financial ..

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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 ..

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ArcelorMittal’s takeover of Essar cleared by apex court

On 15 Nov, the three judge bench of the Supreme Court has accepted world’s largest steelmaker, Arcelor Mittal’s offer to pay an aggregate Rs 42,000 crore as an upfront amount to the secured financial creditors of bankrupt Essar Steel.  This creates a path  for Arcelor Mittal to take over Essar and enter the world’s second ..

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MCA notifies Insolvency and Bankruptcy Rules, 2019

On 15 Nov, the Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules).  The rules will provide a framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. These rules will be applicable ..

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