- Tag results for insolvency
The Supreme Court has directed banks not to refer cases for insolvency under the February 12 circular of the Reserve Bank and has transferred all cases challenging the notification to itself.
The stay came exactly on the last day for bankers to refer unresolved NPA cases to the insolvency court.
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 Insolvency and Bankruptcy Code (IBC) has sections pertaining to cross-border insolvency matters but they are yet to be made operational.
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.
A slew of other changes, including permitting withdrawal of cases and reducing voting threshold for approvals, have been made in the Code.
The NCLAT will hear tomorrow the plea of Reliance Communications which has challenged NCLT's decision to start insolvency proceedings against it.
The amendment proposes to classify home buyers as ‘financial creditors’, which means they will have the same legal rights as banks to recover dues.
The principal bench of NCLT has directed the Videocon Industries to file an affidavit having details of its group companies and courts where insolvency matters are pending.