• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Advertisement
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Economy

Normalcy restored for IBC

March 26, 2021
in Economy
Reading Time: 2 mins read
0
Normalcy restored for IBC
63
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook

In News: The Insolvency and Bankruptcy Board of India Chairperson, MS Sahoo, on 24th March 2021 said “normalcy” has been restored with respect to resolution of stress under the insolvency law, with the expiry of suspension of fresh proceedings.

About Normalcy restored for IBC

  • Certain provisions under the Code, which provides for time-bound and market-linked resolution of stressed assets, were suspended with effect from March 25 last year in the wake of the pandemic significantly impacting business activities. The suspension, which was in place for one year, ended on March 24.
  • suspension of fresh proceedings was for six months starting from March 25. The same was extended twice for three months each — one till December 24, 2020 and then till March 24, 2021.
  • The corporate affairs ministry had suspended Section 7, 9 and 10 to provide relief for companies hit by the pandemic.
  • Sections 7, 9 and 10 deal with initiation of corporate insolvency resolution process by a financial creditor, operational creditor and corporate debtor, respectively.

IBBI (Insolvency and Bankruptcy Board of India) Chairperson M S Sahoo three things are clear now.

  • First, the Supreme Court cleared the haze around moratorium on loans. 
  • Second, the suspension on initiation of corporate insolvency proceedings in respect of COVID-19 defaults expired on Wednesday. 
  • Third, the COVID-19 has become ‘new normal’ for business.
  • Thus, normalcy is restored as regards resolution of stress under the Code.

The Insolvency and Bankruptcy Board of India (IBBI)

  • Established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016. 
  • Responsible for implementation of the Code. 
  • The Insolvency and Bankruptcy Code consolidates and amends the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner. 
  • It includes 10 representatives i.e. representatives from Reserve Bank of India, Ministry of Finance, law and corporate affairs.
  • The IBBI board includes:
    • Chairman
    • Three members from the government
    • One member from RBI
    • Five members are nominated by the Central Government of which three function as full time members.

Insolvency and Bankruptcy Code (IBC)

  • Insolvency and Bankruptcy Code (IBC) is the new bankruptcy law which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
  • IBC, 2016 will override other existing laws on matters pertaining to Insolvency and Bankruptcy.

Additional Link:https://journalsofindia.com/homebuyers-under-insolvency-and-bankruptcy-codeibc/

Source: The Hindu and Quint
Tags: News PaperPrelims

Related Posts

G-sec Acquisition Programme (G-SAP 1.0)

G-sec Acquisition Programme (G-SAP 1.0)

April 9, 2021
Copyright (Amendment) rules, 2021

Copyright (Amendment) rules, 2021

April 9, 2021
Indian energy exchange (IEX)

Indian energy exchange (IEX)

April 9, 2021
Jute and Bamboo Industry

Jute and Bamboo Industry

April 8, 2021
Production-Linked incentive Scheme for White goods and high efficiency Solar Photovoltaic Modules

Production-Linked incentive Scheme for White goods and high efficiency Solar Photovoltaic Modules

April 8, 2021
Opium Cultivation in India

Opium Cultivation in India

April 8, 2021
Accommodative Monetary Policy

Accommodative Monetary Policy

April 8, 2021
Special Liquidity Facility

Special Liquidity Facility

April 8, 2021
Lead Bank Scheme

Lead Bank Scheme

April 8, 2021
Digi Yatra Initiative

Digi Yatra Initiative

April 8, 2021
Please login to join discussion
April 2021
MTWTFSS
 1234
567891011
12131415161718
19202122232425
2627282930 
« Mar    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Uncategorized

Browse by Tags

AIR Down to Earth GS-1 GS-2 GS-3 GS-4 India & the world Kurukshetra Mains news News Paper PIB Prelims PRS India RSTV Science Reporter Survey Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Uncategorized

Browse by Tag

AIR Down to Earth GS-1 GS-2 GS-3 GS-4 India & the world Kurukshetra Mains news News Paper PIB Prelims PRS India RSTV Science Reporter Survey Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In