This investment makes the crypto start-up the second crypto unicorn and the most valuable cryptocurrency company in India valued at $1.9 billion.
M S Sahoo's remarks come against the backdrop of diverse views being expressed on the overall impact of the Insolvency and Bankruptcy Code (IBC), which came into force in 2016.
As far as the appointment of professionals in the resolution process is concerned, the invoice for fee shall be raised in the name of the professional and be paid into his bank account.
The Insolvency and Bankruptcy Board of India (IBBI) has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations.
The recent resolution of Videocon Group’s insolvency process, whereby the resolution applicant Vedanta Ltd paid a meagre Rs 2,900 crore against creditors' claim of Rs 61,000 crore.
Two things are on the ground – one, is the available assets in the books of the corporate debtor, and the amount due in the books of creditors.
The rules specify that the resolution professional and all partners and directors of the insolvency professional entity have to be independent of the debtor.
The government today promulgated an ordinance to bar wilful bank loan defaulters as well as those with NPA accounts from bidding in auctions being done to recover loans.