Insolvency and Bankruptcy Code 2016 Current Affairs - 2020

Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019

Union Cabinet has approved certain amendments in Insolvency and Bankruptcy Code, 2016 (code), through Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise objects of code, protect corporate debtors, prevent ill-thought-out triggering of bankruptcy proceedings and to further ease doing of Read More…

IBBI tightens norms governing resolution professionals (RPs)

Insolvency and Bankruptcy Board of India (IBBI) has tightened norms that governs resolution professionals (RPs), wherein they would be barred from having employment when they are in possession of authorisation to take up work under insolvency law. Also, restrictions will also be in place for relatives of RPs in accepting employment after completion of resolution Read More…

Wilful Defaulters in Nationalised Banks up by 60% in 5 years: Govt

As per a written reply given by Union Finance Minister Smt. Nirmala Sitharaman in Lok Sabha, the number of wilful defaulters in nationalised banks has increased by more than 60% to 8,582 in five years to March 2019. Key Highlights The Finance Minister provided the written reply in Lok Sabha to a question asked that Read More…

Cabinet approves additional posts in NCLAT

The Union Cabinet has approved the creation of six additional posts in the National Company Law Appellate Tribunal (NCLAT). The proposal involves the creation of three additional posts each for judicial members and technical members in the NCLAT. The creation of additional posts will help meet the mandate provided to NCLAT by the Finance Act Read More…

IBBI Signs Cooperation Agreement with IFC

The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC) to assist IBBI in further building the capacity of insolvency professionals and insolvency professional agencies for the purpose of the bankruptcy code. Strengthening IBBI IBBI established under the Insolvency and Bankruptcy Code, 2016 provides a platform Read More…