Page-3 of Insolvency Current Affairs, GK & News

India ranked 63rd as per latest Doing Business Report

October 24, 2019

India has been ranked 63rd among 190 countries, as per latest Doing Business Report (DBR, 2020) of World Bank (WB). As per report, the World Bank (WB) has recognized India as one of the top 10 improvers for the third consecutive year. India’s recovery rate under resolving insolvency has improved significantly from 26.5% to 71.6%. ..

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IBBI tightens norms governing resolution professionals (RPs)

July 26, 2019

Insolvency and Bankruptcy Board of India (IBBI) has tightened norms that governs resolution professionals (RPs), wherein they would be barred from having employment when they are in possession of authorisation to take up work under insolvency law. Also, restrictions will also be in place for relatives of RPs in accepting employment after completion of resolution ..

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Insolvency and Bankruptcy Code (IBC)

July 17, 2019

The passage of the Insolvency and Bankruptcy Code (IBC), 2016 is one of the biggest insolvency reforms in the economic history of India. It was introduced by the Central Government to sort out claims related to the insolvent companies in the country. Why was the IBC needed? The IBC 2016 was needed to tackle the ..

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11-member working group to go into concept of ‘Group Insolvency’ and suggest a suitable framework

January 22, 2019

The insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has set up a 11-member working group under the Chairmanship of former SEBI chief UK Sinha to go into the concept of ‘Group Insolvency’ and suggest a suitable framework. This Working Group has been tasked to submit a report — within two months and will ..

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Unintended Consequences of IBC

September 13, 2018

Insolvency and Bankruptcy Code (IBC) act was considered as a path breaking legislation which provided for a time bound resolution of insolvency and bankruptcy cases. The act was brought in to address the challenge of chakravyuha i.e. exit issues in the Indian economy . The issue was highlighted in the Economic Survey, 2016. Features of ..

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Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill, 2018

August 1, 2018

Lok Sabha has passed Insolvency and Bankruptcy Code (Amendment) Bill, 2018 to bring relief to the home buyers and Micro, Small and Medium Enterprises (MSMEs). The Bill replaces ordinance promulgated in this regard and amends the Insolvency and Bankruptcy Code, 2016. Background Insolvency and Bankruptcy Code (IBC), 2016 provides time-bound process to resolution of insolvency ..

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