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25 May, 2020, 10:43 PM IST

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Govt looks at dedicated NCLT benches for insolvency, Companies Act-related matters

Recently, the government had legislated changes to the insolvency code to fast-track processing of cases where a restructuring plan has been agreed in advance between the company and its creditors following the pause in bankruptcy resolutions because of the COVID-19 pandemic. Once the changes to the IBC are approved by Parliament, this pre-packaged insolvency procedure will help ease the burden on bankruptcy courts.

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  • Sitharaman, who is also the corporate affairs minister, said violations involving minor technical and procedural defaults, including shortcoming in CSR reporting, inadequacies in board report, filing defaults and delay in holding AGM, would be decriminalised.

    Rejecting the order, the NCLAT said: "The impugned order making it applicable throughout the country to all the Benches of the National Company Law Tribunal is untenable one and the said order suffers from material irregularity and patent illegality in the eye of Law".

    Experts feel the pandemic has created unique opportunities for India to attract investments.

    As per EPFO, in the current scenario the businesses and enterprises are not able to function normally and are facing liquidity or cash crunch to pay their statutory dues even though they are retaining the employees on their rolls.

    When the special bench had commenced hearing, about 350 cases were pending out of which over 200 have been disposed of already, and by the June end, all the pending cases are expected to disposed of, lawyers and consultants appearing in such matters, said.

    The Government of Haryana has prepared a strategy to create windows in the existing state policies that would ensure quick setting up of manufacturing facilities in any industrial estate of the choice of investors wanting to shift base from China. Government is reaching out to these Companies to understand their individual requirements.

    In recent days, the Minister held consultations with industrialists such as co-founder and Non-Executive Chairman of Infosys Ltd, Nandan M Nilekani, Executive Chairperson of Biocon Ltd, Kiran Mazumdar-Shaw and Chairman of early-stage startup accelerator and venture fund Axilor Ventures Senapathy (Kris) Gopalakrishnan to fine-tune the States outreach push.

    Companies want government to allow loans on these tax certificates, to help with their cash problems. They also want the government to allow banks to lend at interest rates of 1-2 per cent while keeping these certificates as collateral, or treating then as cheque discounting, people aware of the matter told ET.

    Chairing a meeting to assess the impact of COVID 19 on Assam Power Distribution Company Limited, Assam Power Generation Corporation Limited and Assam Electricity Grid Corporation Limited, Sonowal said that though the state has been hit hard by the coronavirus pandemic, the endeavour of the government’s power companies has yielded into a power surplus.

    The government is considering a fresh ordinance to amend the Companies Act to decriminalise several offences, apart from allowing Indian companies to directly list overseas.

    The idea is to market Brand India at a time when the country’s FDI inflows fell 1.44% .

    States should have no problem, although seamless migration to the new system would need joint efforts. It is unlikely to entail any sizeable extra expenditure, but would involve organising supply chain and inventory management at all states and fair price shops to deal with the dynamic demand.

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