NEW DELHI: The government will strengthen the framework of the National Company Law Tribunal (NCLT) and implement systems such as e-courts along with alternate methods of debt resolution, Finance Minister Nirmala Sitharaman said on Monday. Besides, the government will also introduce special framework for micro, small and medium enterprises (MSMEs), which have been facing stress … Read more
MUMBAI: With the insolvency law entering the fifth year, a leading resolution agency has emphasised the need for focusing on efficiency to ensure time-bound resolution as it averaged 440 days for resolving 277 cases approved by the NCLT as on September 2020. An Alvarez & Marsal India report on Thursday called upon all IBC stakeholders … Read more
NEW DELHI: A majority of Rajya Sabha Opposition members Saturday supported a Bill granting interim relief to businesses from insolvency proceedings, even as some expressed fears over its possible misuse, and urged the government to also help the poor during the crisis. The Upper House passed by a voice vote the Insolvency and Bankruptcy Code … Read more
By Raghuram RajanThe Covid-19 pandemic will create, perhaps, the most significant economic challenge for India in my memory. It does not help that GoI has allowed legacy problems to fester, leaving us ill-prepared to face the pandemic. One such problem is bad bank loans, euphemistically called ‘non-performing assets’ (NPAs).In his insightful new book, The Quest … Read more
Reserve Bank Governor Shaktikanta Das on Saturday advocated the creation of a ‘resolution corporation’ with legislative backing for resolution and revival of stressed financial firms. The government in August 2017 had introduced the Financial Resolution and Deposit Insurance (FRDI) Bill in Parliament which, among other things, proposed setting up of a resolution corporation. However, after … Read more