SC upholds provisions of IBC on corporate debt recovery from personal guarantors
By IANS |
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SC upholds provisions of IBC on corporate debt recovery from personal guarantors. Image Source: IANS News
New Delhi, May 21 : The Supreme Court on Friday upheld the Centres notification of November 15, 2019, which allowed financial institutions to proceed against individual corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings.
A batch of 75 petitions had challenged the validity of this notification, which brought into force provisions of the Part III of the IBC, extending insolvency and bankruptcy for individuals and partnership firms to the promoters too.
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‘Pre pack resolution process has some serious pitfalls’
May 11, 2021
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Financial institutions may forfeit the ‘golden hours’ available for putting the entity back on track, says Bijoy Pulipra
The Pre Pack Insolvency Resolution Process (PPIRP) as an alternative insolvency resolution process for MSMEs may not yet be an effective solution in the prevailing environment for a country such as ours beset as it is with an inadequate legal infrastructure and poor legal literacy.
Introduction of complex laws such as PPIRP could have ideally waited until these faculties mature enough to be able to handle the processes involved, says Bijoy Pulipra, Company Secretary and Insolvency Professional.
Morning News Call - India, April 23 Reuters 1 hr ago
To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC IN 04232021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 2:30 pm: Shipping Minister Mansukh Mandaviya, External Affairs Secretary Akhilesh Mishra at FICCI webinar on blue economy. • 2:30 pm: Indus Towers management at conference call post 4Q earnings. • 3:00 pm: Central Board of Direct Taxes Chairman P.C. Mody, Member- Taxpayers Services & Systems S.K. Gupta at ASSOCHAM webinar on India’s taxation. • 3:00 pm: Tata Elxsi management at a conference call post 4Q earnings. • 4:00 pm: Reserve Bank of India Executive Director T. Rabi Sankar, RIS Director General Sachin Chaturvedi at Fintech webinar. • 4:00 pm: Insolvency and Bankruptcy Board of India Chairperson
NCLAT officiating chairperson, registrar test positive for COVID-19; tribunal prepones summer vacation
The officiating chairperson of the National Company Law Appellate Tribunal (NCLAT) along with its registrar and several staff members have tested positive for COVID-19, an official statement said.
In view of the coronavirus situation, the appellate tribunal has preponed its summer vacation, which will now begin from April 26 against the earlier scheduled June 7.
The Registry and e-filing of cases will remain functional during this period. Urgent matters will be taken up for hearing by the vacation court.
Justice A I S Cheema had been recently appointed by the government as the Officiating Chairperson of the NCLAT after the retirement of Justice B L Bhat.