By: ENS Economic Bureau | New Delhi | Published:June 17, 2017 3:03 am The Insolvency and Bankruptcy Board of India (IBBI) has notified provisions to expedite the resolution process of default cases of small companies and start-ups within 90 days, according to an official statement. Currently, the Insolvency and Bankruptcy Code (IBC), under which the…
The National Company Law Tribunal (NCLT) has admitted 110 cases for corporate insolvency resolution, Insolvency and Bankrupcy Board of India’s Chairperson M.S. Sahoo said on Friday. The default amount ranges from a few lakhs of rupees to Rs 6,000 crore, he said on the sidelines of an event organised here by the Merchants’ Chamber…
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Changes support super tax reform, amend Insolvency Law Reform Act Simon Hoyle has been a finance journalist for more than 25 years a finance journalist because the football and motorsports rounds at The Age were filled when he was awarded a cadetship. He worked on BRW and Personal Investment magazines, and was part of the…
LIVERMORE After more than a years worth of controversy including accusations of fiscal mismanagement, charging tuition to foreign exchange students and child cruelty charges two Livermore charter schools are set to close. The Tri-Valley Learning Corporation board, which managed the charters, directed its attorney on Tuesday to file for Chapter 7 bankruptcy, or a liquidation…
Putting a mechanism in place for ‘the ease of exiting business’ in India, the Ministry of Corporate Affairs today said in Parliament it has laid the ground rules for winding up business for failed ventures, sparing the stakeholders years of mounting losses because of depreciation of assets and a litany of labour disputes. The Insolvency…
The Insolvency and Bankruptcy Board of India (IBBI) on Friday notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The board announced the regulations in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code,…
The government on Friday notified provisions for fast-track resolution of insolvency proceedings. Under this code, insolvency proceedings will be completed in 90 days. The adjudicating authority, which is the National Company Law Tribunal (NCLT), may extend the period of 90 days by a further period of up to 45 days…
The suite of superannuation taxation reforms affecting contributions, CGT relief and transition to retirement income streams have passed through Parliament. Revenue and Financial Services Minister Kelly O’Dwyer said the amendments under the Treasury Laws Amendment (2017 Measures No. 2) Bill will “improve the fairness, sustainability, and flexibility of the superannuation system.” The amendments ensure superannuation…
Written by Sandeep Singh | Updated: June 16, 2017 2:24 am M S Sahoo, chairman of the Insolvency and Bankruptcy Board of India. Related News The Reserve Bank of India (RBI) on Tuesday listed out 12 non-performing asset (NPA) accounts, which account for nearly Rs 1.75 lakh crore of NPAs in the banking system, for…