The special draft framework recommends that the insolvency procedures against an MSME can only be triggered by the MSME itself and not by any of the creditors

Of this, 1,604 cases have been settled by the tribunals across the country by finding a new buyer, commencing liquidation, or allowing voluntary withdrawals

This, however, will not apply to defaults committed before March 25, when a nationwide lockdown was imposed by the Centre to check the spread of coronavirus

Keeping up with the needs of the fast-changing business environment, IBC has been amended for the fourth time since 2016 with multiple amendments under corollary laws in order to ensure a relentless spin of the wheels of the Indian economy

The decline in gross NPAs from 11% to 9% during 2018-19, and higher recovery through IBC in visibly large cases, made almost everybody believe the worst was over

The new regulation will come into effect from March 29, 2020, IBBI said in a statement on Sunday. This means that troubled companies will get a breather of 17 days

Insolvency professional has in the last four years emerged as a new practice area for many women who are either chartered accountants, company secretaries or cost accountants. But unlike a CA or a CS, the role of insolvency professional is multi-faceted and much more challenging

Out of Rs 9,870 crore worth of claims, the creditors have received a princely sum of Rs 96 crore - that is right. Less than 1% after more than one year of running around, which will not compensate even the expenses incurred by the creditors

Under IBC, if a resolution plan is not approved by the committee of creditors within the stipulated 270 days, the NCLT can order liquidation of the defaulting company

According to the latest data of Insolvency and Bankruptcy Board of India (IBBI), the number of new cases admitted to insolvency courts has increased by 30.29 per cent to 3,312 in the three months until December 2019

Share Market Update : Extending losses for the third consecutive session, BSE 30-share S&P Sensex closed 161 points lower at 40,894 and NSE 50-share index Nifty50 ended 53 points lower at 11,992

The Survey states that by integrating \"Assemble in India for the world\" into Make in India, India can generate 4 crores well-paid jobs by 2025 and 8 crores by 2030

A standing committee on the ARC sector should be formed which should meet quarterly to take stock of the developments and ways to improve the functional effectiveness of ARCs

Under the amendments introduced to the liquidation process regulations, persons who were ineligible are now barred from being part of any compromise or arrangement at the stage of liquidation

The Union Cabinet, chaired by Prime Minister Narendra Modi, in December had agreed to promulgate an ordinance for further amend the Insolvency and Bankruptcy Code

In a memorandum to Prime Minister Narendra Modi on December 27, FISME complained that under the existing CIRP rules, MSME suppliers are treated as Operational Creditors and in the current scheme of things their dues are at the bottom of priority

More tribunals, more resolution professionals, a higher threshold for the default process to set in from the current level of Rs 1 lakh and streamlining of the appeal process to cut down delays are needed to make the Insolvency and Bankruptcy Code (IBC) more efficient

Irrespective of resolutions, companies going through the insolvency process are seeing large number of direct and indirect job losses

The letter dated November 11 asks insolvency professionals to give reasons for non-completion, and name the person(s) responsible for non-completion, if any, 'to enable the board to seek appropriate legal remedy permissible under the IBC for any contravention causing such non-completion'