Search Result for : Insolvency And Bankruptcy Code

The Dollar Business Bureau Encouraged by The Banking Regulation (Amendment) Ordinance 2017, which was promulgated on May 4, the Reserve Bank of India (RBI) is likely to go in for resolution of bad loans amounting to around Rs.8 lakh crore by March 2019, a step that could help in bringing down the banks’ non-performing assets (NPAs) to satisfactory level as well as considerably improve their financial health, as revealed in a study by the industry body ASSOCHAM.  “So, it should be safe to assume that the NPAs mess would largely be resolved by the first quarter of the financial year 2019-20. This would be helped by a combination of several factors – turnaround in the economic cycle and some resolute steps by ...

The Dollar Business Bureau  The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday notified two regulations; one of them will allow not-for-profit companies having a minimum net worth of Rs 10 crore to act as an insolvency professional agency under the Insolvency and Bankruptcy Code. The IBBI has notified two sets of regulation. These regulations will come into effect from November 29, 2016.  Under the Insolvency and Bankruptcy law, advocates, chartered accountants, company secretaries and cost accountants with 10 years’ of post-membership experience (practice or employment) or a Graduate with 15 years’ of post-qualification managerial experience, on passing the limited insolvency examination, or any other individual on passing the national insolvency examination will be eligible for registration as an insolvency professional. Such registration ...

The Dollar Business Bureau The government on Tuesday notified another set of draft regulations to further help companies undertake liquidation and insolvency as part of the Insolvency and Bankruptcy Code, 2016. These regulations have been modified for the implementation of the bankruptcy code and are envisaged to improve the ease of doing business in the country. Last week, the government announced another set of draft regulations for registration of professionals and agencies under the insolvency code. The new draft regulation underscores liquidation of insolvent corporate, insolvency resolution process for corporate and application to judicial authority. The new set of drafts has been put up for stakeholders’ feedback, following which the corporate affairs ministry will finalise the rule. The ministry had constituted a working group of experts ...

The Dollar Business Bureau The Upper House of the Parliament has passed a Bill, which provides for amendments in four separate Acts in order to speed up the disposal of applications related to debt recovery, and will also complement the bankruptcy law, The Insolvency and Bankruptcy Code, which was passed in May. The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, amends four Acts namely, the Indian Stamp Act of 1899, the Recovery of Debts due to Banks and Financial Institutions Act of 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002, and the Depositories Act of 1996. The Bill had been passed by ...

The Dollar Business Bureau The World Bank has said that India needs to activate all the “stalled engines” including rural demand and private investment to sustain the growth of 7.6 percent in the upcoming years. The bank has said that the country’s economy has expanded at a much faster pace in the 2015-16 even though there are number of growth machines that were stalled. India Development Update, a twice yearly report released said, "Agriculture having faced two consecutive drought years- rural household consumption, private investments and exports have not performed to potential." The main challenge for the Indian economy is to activate the stalled engines in agricultural growth, trade and private investment and rural demand. There is also need to ensure that the demand ...

The Dollar Business Bureau The bankruptcy code was cleared by the Rajya Sabha on Thursday while the Lok Sabha had cleared the Insolvency and Bankruptcy Code last week. Clearing of these codes is likely to promote jobs, increase the availability of credit and identify the financial distress of companies, the Finance Ministry said on Friday. Hailing the bankruptcy code as the next "biggest economic reform" after yet-to-be- cleared Goods and Services Tax (GST), the Finance Ministry said, “The objective of the new law is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganisation and insolvency resolution in a time bound manner.” The new arrangement will enable information utilities to collect, ...

Source: PTI As per the proposed legislation, the corporate insolvency would have to be resolved within a period 180 days, extend able by a further 90 days   Seeking to improve ease of doing business, Indian Government on Monday introduced in Parliament the 'Insolvency and Bankruptcy Code, 2015' that provides for resolution of insolvency in a timebound manner. The bill aims at promoting investments, leading to higher economic growth. It also provides for setting up of a 'Insolvency and Bankruptcy Board of India' to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, partnership firms and individuals. "The code also proposes to establish a fund to called the Insolvency and Bankruptcy Fund of India...," said the statement ...