‘Seeds’ of the NPA crisis sown during UPA regime, IBC addressed the issue effectively: Sitharaman
New Delhi: The ‘seeds’ of the NPA crisis were sown during the Congress-led UPA era through ‘phone banking’, when loans were given to undeserving businesses under pressure from UPA leaders and party functionaries. Banks were forced to neglect proper due diligence and risk assessment before sanctioning these loans, Finance Minister Nirmala Sitharaman said on X.
Future Enterprises declared insolvent, to be auctioned off
Mumbai: After Future Retail, another Kishore Biyani-owned company, Future Enterprises, has been admitted to insolvency resolution and will be auctioned off in order to collect outstanding debts, a report in the media said.
Nirmala Sitharaman proposes changes in IBC for faster resolution of bankrupt companies
New Delhi/IBNS: Finance Minister Nirmala Sitharaman in her Budget speech on Tuesday proposed faster resolution of bankrupt companies by making amendments to Insolvency and Bankruptcy Code (IBC).
Govt invites comments on amendments on insolvency law
New Delhi/IBNS: The government on Thursday invited comments on various amendments proposed to the insolvency law.
New Delhi/IBNS: Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Piyush Goyal has termed the Insolvency and Bankruptcy Code (IBC), 2016 as a “gamechanger reform” that has been the most successful law in insolvency resolution in the country.
Change IBC to suit interests of small industries: Opposition
New Delhi/UNI: The entire Opposition, including the Congress, said in the Rajya Sabha on Thursday that the Insolvency and Bankruptcy Code (IBC) Bill should be changed to suit the interests of small industries, to create employment opportunities in the country and encourage economic activity.
Insolvency and Bankruptcy Code improved resolution processes in India: Economic Survey
New Delhi/IBNS: The Economic Survey 2019-20 highlighted that the Insolvency and Bankruptcy Code (IBC) has improved resolution processes in India compared to the earlier measures.
IBBI signs pact with Int'l Finance Corporation for implementation of IBC
New Delhi, Mar 7 (UNI) The Insolvency and Bankruptcy Board of India (IBBI) has signed a cooperation agreement with the International Finance Corporation (IFC), a Member of the World Bank Group (WBG) to build capacity of the insolvency professionals and its agencies for the the effective implementation of the Insolvency and Bankruptcy Code, 2016.