IBC Amendments

The changes will will make amends to the cross-border insolvency regime. Among other changes, the bill will make it easier for overseas creditors to participate in the legal proceedings in India

Minister of State for Corporate Affairs Rao Inderjit Singh moved the Bill for consideration and passage amid the din

The prepackage process for resolution has been popular in Europe and the US over the past decade

Debt restructuring schemes under company law, and introduction of Code-based pre-packs are worth exploring, say experts

The fifth and last set of measures focuses on MGNREGA, health and education (rural and urban), businesses, decriminalisation of Companies Act, etc

Section 7 of the Code enables financial creditors to start insolvency proceedings against a company, while section 9 gives these powers to an operational creditor

The sources said an ordinance would be promulgated to suspend three sections of IBC for up to one year and a decision in this regard was taken by the Union Cabinet on Wednesday.

Moving in corporate lines, the chairman will now be called as chief executive officer

It was passed by the Cabinet and subsequently introduced in the Lok Sabha during the Winter session earlier this month

Process tied in legal knots even with the latest set of amendments to IBC

The IBC has taken a big step in providing a clean slate to buyers of stressed companies

Govt steps in again to protect the IBC

It assumes significance against the backdrop of instances of enforcement agencies taking action in case of companies where the resolution process has already been completed.

Buyers should consider approaching the real estate regulator first, before taking the developers to National Company Law Tribunal

The operational creditors cited the NCLAT's decision on July 4, 2019, in Standard Chartered Bank vs Satish Kumar Gupta, R P of Essar Steel

Supreme Court agrees to hear operational creditors on August 19, asks them to file amended applications in a week

Parliament approves changes in IBC, providing greater clarity over distribution of proceeds of auction of loan-defaulting companies

Resolution gets maximum 330 days including litigation

With the resolution plans of most bidders taking care of only secured creditors, operational and unsecured creditors plan to take the fight to SC to get their dues