Jun 18, · BANKRUPTCY LAW Liquidator has overriding right on company’s assets over tax department: NCLT The principal bench of the National Company Law Tribunal (NCLT) in New Delhi ruled that the liquidator has overriding powers under the Insolvency and Bankruptcy Code to take over both movable and immovable assets of a corporate debtor. Once the President signs the legislation, India will have a new bankruptcy law that will ensure time-bound settlement of insolvency, enable faster turnaround of businesses and create a database of. Nov 15, · India’s new bankruptcy law is providing what the country now needs - a way for creditors to gain what they can from the many companies that are going down under. A three year old law .
Related videosThe Insolvency and Bankruptcy Code, 2016
The IBBI's discussion paper said that the processes under the Insolvency and Bankruptcy Code IBC require a unique combination of skill sets in terms of subject matter knowledge and management skills for an IP and at different stages of transactions, different sets of skills are called for. New law will deal a blow to investors, exchanges and other entities dealing in virtual currencies. Many companies had claimed that when the new tax regime was introduced in July, , they forgot to claim the transitional credit.
The tribunal has ordered in favour of the company on the ground that lender IFCI had filed the insolvency petition after missing the deadline as per the Insolvency and Bankruptcy Code.
Noting that stakeholders could play a more active role in making regulations, IBBI said that they may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. Presently, NCLAT is closed and has suspended all court works, including the virtual hearing of cases and filing till July 10 due to sealing of its premises after finding one of its staff COVID positive.
The extension was applicable from June 15, the order said, or until a regular chairperson was appointed.
He took over the appellate tribunal as acting chairperson on March 15, after Justice SJ Mukhopadhaya completed his term in the office.
Removing the clutter and inefficiencies in GST will help raise revenue productivity and collections. Why is India not considered as attractive a destination for investment in manufacturing as, say, Vietnam? Fair trade regulator CCI is adopting a multi-pronged approach, including nudging entities to desist from anti-competitive practices, to ensure there is no violation of the competition law and is extremely pro-active in responding to challenges due to COVID The bankruptcy code has provisions to address cross-border insolvency through bilateral agreements with other countries.
It also proposes shorter, aggressive time frames for every step in the insolvency process—right from filing a bankruptcy application to the time available for filing claims and appeals in the debt recovery tribunals, National Company Law Tribunals and courts. Bankruptcy applications will now have to be filed within three months; earlier, it was six months. Sinha said the code seeks to protect interest of workers who are the most vulnerable. The Lok Sabha was adjourned sine die on Wednesday, two days earlier than scheduled.
Both the government and the opposition parties agreed to an early adjournment. One of the key legislations listed for this session, the finance bill, was passed on Wednesday. One reason why the session ended early is the election campaign underway in Kerala, Tamil Nadu and Puducherry. The Rajya Sabha session is likely to end on Thursday morning.
Click here to read the Mint ePaper Livemint. Join Livemint channel in your Telegram and stay updated. You are now subscribed to our newsletters. Experts said that under the pre-packaged scheme, creditors and shareholders would move the bankruptcy court with an agreed scheme so that it gets sanctity and becomes enforceable.
It can significantly reduce the time taken as well as the intricacies of the resolution process. Many large cases of default referred to bankruptcy tribunals, prodded by the Reserve Bank of India, have witnessed intense litigation as major shareholders resisted losing control of their prized assets and potential investors either sought to protect their rights or get their rivals disqualified. Allowing pre-packaged bankruptcy deals could sidestep the difficulties associated with lengthy court proceedings for bankrupt businesses.
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