Insolvency Current Affairs - 2020

IBBI amends Insolvency and Bankruptcy Board of India Regulations, 2017

The Insolvency and Bankruptcy board of India recently amended the Insolvency and Bankruptcy Board of India Regulations. This is the second amendment. The amendment has made major changes to the voluntary liquidation process. About the Amendment The amendment allows the corporate persons to replace the liquidator with another liquidator or insolvency professional to initiate voluntary Read More…

IBBI: “Special Insolvency Resolution Framework for MSMEs”

On July 26, 2020, the Insolvency and Bankruptcy Board of India Chief M S Sahoo announced that a special resolution framework for MSMEs is being prepared. Highlights The Government of India has already suspended several provisions of Insolvency and Bankruptcy Code (IBC) to tackle COVID-19 crisis. It includes exemption of COVID-19 related debts. The GoI Read More…

Advisory Panel on Insolvency and Bankruptcy Board of India (IBBI) reconstituted

The Government of India recently reconstituted the advisory panel on corporate insolvency resolution and liquidation process. Highlights The IBBI recently reconstituted advisory panel by inducting four members. The committee was constituted in 2017 and is chaired by a noted banker Uday Kotak. The new members include Crisil MD Ashu Suyash, former chief economist at NSE Read More…

CII sets up COVID-19 Rehabilitation and Relief Fund

The Confederation of Indian Industries has set up funds to assist rehabilitation of micro, small and medium enterprises. The fund is to be raised from the members of the confederation. Highlights The MSMEs are the most affected sectors due to the outbreak of Corona Virus. This is mainly because of the steps taken to contain Read More…

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Insolvency and Bankruptcy Code (amendment) bill passed in the Parliament

On March 12, 2020, Insolvency and Bankruptcy (Amendment) bill, 2020 has been passed in the parliament. It was earlier passed by Lok Sabha and is now being passed by Rajya Sabha. Highlights The amendments were earlier introduced as ordinances. Now after the Parliament session begun the ordinance was introduced as bill. And the bill has Read More…