Of the 28 institutions that are owed money, 13 are public sector banks, three are international subsidiaries of public sector banks and three are government-owned entities.
Read more about Games promoters play on Business Standard. If a promoter knows that he can afford not to repay loans and buy back his company in the bankruptcy court at a discount with a reduced debt burden, he has a strong incentive to drive his firm aground
Given the rapid increase in Covid-19 cases, the Railways operated Oxygen Express trains to transport liquid medical oxygen and oxygen cylinders for patients across India, using ‘green corridors’ for expeditious delivery. A ‘green corridor’ is a demarcated, cleared-out special route created for an ambulance or a vehicle to escape traffic congestion and to reach the destination in the shortest possible time.
While ‘green corridors’ have been in use for a few years across cities and states to help transport donated or harvested organs to patients, in these trying times, the same are being used across the nation to enable faster movement of medical equipment and to ensure speedy supply of medical facilities to the patients without any loss of critical time.
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An ordinance was promulgated to amend the Insolvency and Bankruptcy Code (IBC) on April 4, according to a notification The government has amended the insolvency law to provide for a pre-packaged resolution process for micro, small and medium enterprises.
An ordinance was promulgated to amend the Insolvency and Bankruptcy Code (IBC) on April 4, according to a notification.
The latest move comes less than two weeks after the suspension of certain IBC provisions ended. The suspension wherein fresh insolvency proceedings were not allowed for a year starting from March 25, 2020 was implemented amid the coronavirus pandemic disrupting economic activities.
As per the ordinance, it is considered necessary to urgently address the specific requirements of Micro, Small and Medium Enterprises (MSMEs) relating to the resolution of their insolvency, due to the unique nature of their businesses and simpler corporate structures.