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Insolvency and Bankruptcy Code

Dec 13, 2019, 03.55 AM IST

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INSOLVENCY AND BANKRUPTCY CODE

FM introduces bill in Lok Sabha to amend insolvency law

The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 was approved by the Union Cabinet on Wednesday.

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  • The public sector lender had granted a loan of Rs 75 crore to RNA Corp in October 2013 and the builder defaulted on repayment of this loan in December 2014, since then the account has been classified as a non-performing asset. The bank has claimed total dues worth Rs 80.73 crore including the principal loan, interest, penal interest and legal expenses.

    The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, has already been amended thrice.

    The Cabinet is likely to approve relevant changes to the three-year-old Insolvency and Bankruptcy Code at the earliest. This will bring much-needed confidence to buyers of distressed assets, acquirers who were otherwise wary about the over-reach of the investigative authorities. Amendments to the IBC, which came into effect in December 2016, will require eventual parliamentary approval.

    Omkaram Venkata Ramana, who had stood personal guarantor to five firms that defaulted on Rs 38.66 crore of bank loans, filed the petition to initiate personal insolvency resolution process, which his counsel said would entitle him to an interim moratorium on all his liabilities.

    The Union finance minister said the government is working with states to further rationalise Goods and Services Tax (GST) rates and will announce major infrastructure projects to provide an investment boost by the middle of December.

    Central bank’s watching the top 50 NBFCs much more closely and is making deep dive into their books, their balance sheets and other numbers wherever necessary, says Governor Shaktikanta Das. He said that RBI has a fairly good idea of where the vulnerabilities lie. It is holding periodic discussions with the management and promoters of NBFCs.

    Banks must come up with a plan by January 7. It they fail, it would be the beginning of a difficult chapter.

    DHFL became the first financial services company on Monday to be admitted to the bankruptcy courts after the rules were changed last month. The Reserve Bank of India has already superseded the board and appointed an administrator.

    Under IBC, a promoter can file for insolvency proceedings before the NCLT against himself.

    India's insolvency resolution framework has truly arrived after a tortuous journey of three years. Banks will finally be able to keep out un...

    A referral to the NCLT, which will happen after the RBI informs the government and a notification is issued, will help ease DHFL’s troubles that began in September 2018 with the credit crunch caused by the collapse of IL&FS.

    According to the Supreme Court’s recent ruling in the Essar Steel case, overturning an order of the National Company Law Appellate Tribunal, claims against a personal guarantor would not extinguish once a resolution plan for the corporate debtor was approved.

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