Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

IBC (Amendment) Ordinance, 2021

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4th April, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises.
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) today to enable operationalisation of PPIRP.
The PPIRP Regulations detail the Forms that stakeholders are required to use, and the manner of carrying out various tasks by them as part of the PPIRP.

These provide details and manner relating to:

Eligibility to act as resolution professional, and his terms of appointment;
Eligibility of registered valuers and other professionals;
Identification and selection of authorised representative;
Public announcement and claims of stakeholders;
Information memorandum;
Meetings of the creditors and committee of creditors;
Invitation for resolution plans;
Competition between the base resolution plan and the best resolution plan;
Evaluation and consideration of resolution plans;
Vesting management of corporate debtor with resolution professional;
Termination of PPIRP.

Source: PIB

Join Our Telegram

World bank logistic performance index 2023

World bank logistic performance index 2023

28 Apr, 23
SHARE

India is now ranked 38th out of 139 nations in the Logistic Performance Index (LPI) 2023 of the World Bank. From its previous rankings of 44th in 2018 and 54th in 2014, this is a notable improvement. Earlier, the Logistics Ease Across Different States (LEADS) Report 2022 was published by the Ministry of Commerce and Industry. About Logi

Smuggling of Gold

28 Apr, 23
SHARE

Airports discovered more than 63% of this illegal gold. The Department of Revenue Intelligence recently conducted the Golden Dawn Operation across India, seizing 101.7 kg of illegal gold valued at Rs 51 crore. Despite the fact that India receives a legal import of about 800-1,000 tonnes of gold each year, the illicit market is thought to be

India-Thailand Relations

27 Apr, 23
SHARE

Both parties expressed satisfaction with the ongoing bilateral defence cooperation at the 8th India-Thailand Defence Dialogue, which was held in Bangkok, Thailand. Cultural ties and mutual cooperation that have been shaped by thousands of years of lasting historical and cultural ties characterise India and Thailand relations. Highlight

Translocation of Elephants

27 Apr, 23
SHARE

The Kerala government's appeal of the order of the Kerala High Court is rejected by the Supreme Court. The Kerala government's appeal against the Kerala High Court's directive to move Arikomban (Wild Elephant), the "rice tusker" of Munnar, to the Parambikulam tiger reserve was recently dismissed by the Supreme Court.

Global Buddhist Summit

26 Apr, 23
SHARE

Global Buddhist Summit In order to improve diplomatic and cultural ties with other nations, the Ministry of Culture recently organised the First Global Buddhist Summit 2023 in collaboration with the International Buddhist Confederation (IBC). About the summit "Responses to Contemporary Challenges: Philosophy to Praxis" is