The insolvency and Bankruptcy Code (Amendment) Bill is expected to be tabled in Parliament early next year. Key features of the Bill include the introduction of group insolvency, cross-border insolvency provisions and a creditor-led resolution process (CLRP). The Bill may also remove interim moratorium provisions for personal guarantors' assets.
The CLRP would be similar to the pre-packaged scheme (for MSMEs) and will be initiated by the financial creditors, after the occurrence of default by the corporate debtor (CD), but with minimum interference of the adjudicating authority (AA).
Going forward, experts say the changes suggested in the IBC by the MCA in its discussion paper, dated January 18, 2023, should be brought in as quickly as possible.
Siddharth Srivastava, partnerat Khaitan & Co said that the proposal for increased reliance of information utilities for admission of CIRP applications, introduction of project wise insolvency in law, mandating use of challenge mechanism, provisions for group insolvency should be introduced soon.
Denne historien er fra December 27, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 27, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
HELLO IMAGINARY FRIEND!
From virtual engagement with real people, the world is turning to real interactions with virtual people, a trend that will just gain prominence in the coming year. We test for ourselves how it is to have an AI avatar for a friend...
SHRINKING SOCIAL CIRCLES
From real to virtual friends, and now AI companions, has technology led to a deeper isolation that we have embedded in our lives?
FAREWELL, DR MANMOHAN SINGH
Biden hails Singh for boosting US-India ties
Hallucinatory AI May Not Necessarily Be a Bad Thing
The smart machines, it turns out, are dreaming up riots of unrealities that help scientists track cancer, design drugs, and even win the Nobel Prize
Putin Apologizes for 'Tragic' Azerbaijani Airplane Crash
But stops short of admitting airliner was shot down
Genome reveals how a small group burst out of Africa
DNA from European fossils dating back 45,000 years offers new clues to how our species spread across the world
What does the future hold for out-of-form India captain Rohit Sharma?
STEVE SMITH WAS said to be a shadow of his best self before he scored a long overdue hundred against India in the Brisbane Test.
Defiant push to change Constitution
Commentators described the BJP-led government as a minority’ government that will force Mr Modi to be more circumspect and restrained. I did not share that view. They thought that Mr Modi will be more deferent to Parliament, but that too was belied by the Winter session. Apparently, on Mr Modi’s instructions, the ministers and MPs carried on in the usual aggressive way, Showed scant respect to Parliamentary rules and conventions, and rode roughshod over the Opposition
Adani Green Forms New Subsidiary for Renewables
ADANI GREEN ENERGY on Saturday incorporated a new wholly owned subsidiary, Adani Green Energy Sixty Eight Limited.
Credila Financial Files IPO Papers
EDUCATION LOANS-FOCUSED LENDER Credila Financial Services, formerly known as HDFC Credila Financial Services, has filed papers with markets regulator Sebi for an initial public offering (IPO) through a confidential pre-filing route.
