Insolvency and Bankruptcy Code Current Affairs - 2020

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…

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…

DHFL becomes 1st financial services firm to be taken to NCLT

The Reserve Bank of India (RBI) has referred Dewan Housing Finance Corp. Ltd (DHFL) to the National Company Law Tribunal (NCLT) for insolvency proceedings, making it the first financial services player to go NCLT for a possible debt resolution. DHFL has a debt of Rrs.83,873 crore. As per the statutory inspection of DHFL conducted by Read More…

CEA Krishnamurthy Subramanian appointed part-time member in IBBI

Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI). K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a Read More…

PMLA prevails over Bankruptcy Act and Insolvency Code: Delhi HC

The Delhi High Court has ruled that Prevention of Money Laundering Act (PMLA) prevails over the Bankruptcy Act and insolvency code when it comes to attachment of properties obtained as ‘proceeds of crime’. The Enforcement Directorate (ED) had challenged the orders of PMLA appellate tribunal on the pleas of various banks. PMLA Tribunal had held that Read More…