- Tag results for Insolvency and Bankruptcy Code
The Bill will also enable home buyers to invoke Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against errant developers.
Deputy Speaker M Thambidurai remarked that Goyal has already said in his speech that Arun Jaitley is the Finance Minister.
Opposition MPs oppose Ordinance on amendment to Insolvency and Bankruptcy Code Bill; Finance Minister Piyush Goyal defends
Congress MP M Veerappa Moily on Tuesday said under the new dispensation the autonomy and decision making powers of the banks have been 'shattered'.
Parliament Monsoon Session Day 9 HIGHLIGHTS: Insolvency and Bankruptcy Code (Second Amendment) Bill 2018 passed in Lok Sabha
The upper house has been adjourned till 11 am tomorrow following an uproar in the house during BJP President Amit Shah's speech on Assam NRC list.
The bench held that the I-T department cannot claim any priority because of the fact that the order of attachment issued by it was prior to the initiation of liquidation proceedings under the code.
The IBC introduced by the government in 2016 lays down a time-bound and transparent framework for resolving cases of insolvency by balancing the interest of all stakeholders.
Sources also hint that the creation of the ICA framework was largely due to less than anticipated success rate of the Insolvency and Bankruptcy Code, which aims at resolving cases in a time-bound way.
The newly introduced Insolvency and Bankruptcy Code (IBC) was touted as the game changer that would help banks to get rid of the toxic loan pile in a time-bound manner.
The amendment proposes to classify home buyers as ‘financial creditors’, which means they will have the same legal rights as banks to recover dues.
Sixteen months after the rollout of Insolvency and Bankruptcy Code to cleanse the banking sector’s bad loans mess, the jury is still out.
Yesterday, Reliance Industries, which had submitted a resolution plan along with JM Financial Asset Reconstruction Company for Alok Industries, had informed that its bid has been rejected by the CoC.
RBI scrapped numerous loan restructuring programmes, asking banks to immediately identify defaults and make disclosures every Friday to the RBI credit registry, starting from February 23.
The company owed lenders around Rs 4,600 crore, and reported a loss of Rs 676 crore on a revenue of Rs 541 crore in 2016-17.
This clearing will pave the way for the Bill to be presented to the President for ascent where after the same will become a law.
Union Finance minister Arun Jaitley said the government cannot allow loan defaulters to “merrily walk back” by paying a fraction of the due amount.