The Economic Survey has said the Insolvency and Bankruptcy Code (IBC) is facing serious hurdles due to litigation initiated by various parties, adding that there is a need for efficient legal systems. The Survey said the court system remains the single most important way for ex-post resolution and the performance in the area of dispute resolution and contract enforcement in India remains a concern and needs to be focused on. The Survey cited the World Bank’s Ease of Doing Business report (2020), which said it takes 1,445 days to resolve a commercial contract in India as compared to 589.6 days in OECD high income countries and 120 days in Singapore. The report also shows that the cost of litigation in India is around 31 per cent of the claim value. This is significantly higher than in OECD countries (21 per cent) and Bhutan (0.1 per cent).
SC upholds 100-homebuyer threshold for insolvency application against realtors
The threshold is the requirement that there should be at least 100 allottees or 10 per cent of the total allottees, whichever is less, to support an insolvency application against a real estate project
Dipak Mondal | January 19, 2021 | Updated 23:35 IST
The Supreme Court has dismissed the homebuyers plea against the threshold introduced in the Insolvency and Bankruptcy Code (IBC) for them to file insolvency application against a real estate company.
The threshold is the requirement that there should be at least 100 allottees or 10 per cent of the total allottees, whichever is less, to support an insolvency application against a real estate project.
Cyber attacks can plunge India s COVID vaccination drive into pandemonium: experts
Key to the success of the pan-India COVID-19 vaccination drive, scheduled to be launched by PM Narendra Modi on January 16, will be the cybersecurity framework India has readied, experts say
Last month, a threat intelligence task force created by IBM Security X-Force uncovered a global phishing campaign targeting organisations associated with a COVID-19 cold chain. This component of the vaccine supply chain ensures the safe preservation of vaccines in temperature-controlled environments during their storage and transportation. The phishing attack worked like this: The adversary impersonated a business executive from Haier Biomedical, a member company of the COVID-19 vaccine supply chain and qualified supplier for the Gavi vaccine alliance s Cold Chain Equipment Optimisation Platform (CCEOP) programme. Disguised as this employee, the adversary sent phishing e-mails to organisations believed to be mate
Increasing cyber-attacks show why stringent cyber-security laws are need of the hour
While large companies and organisations have the capital and the resources to deploy various technologies and solutions, on an individual level, the threat looms large
Nidhi Singal | January 10, 2021 | Updated 09:03 IST
India is likely to have a robust cybersecurity policy soon
Dr Reddy s, BigBasket and now JusPay, there are just a handful of data breach instances that have been reported over the last quarter, and not to mention the ones that we aren t aware of yet. Surprising it may sound but in 2019, India was amongst world s top 5 cyber-targeted nations along with US, UK, Singapore and Ukraine wherein it held the top position for three months. A growing economy and also an outsourcing hub, India is on the radar of cybercriminals.
Cyber security is becoming big business. Here s why
Illustration by Raj Verma
Grocery is a boring, low-margin business. But that did not prevent cyber criminals from stealing data of 20 million customers of online grocer BigBasket and selling it for a staggering $40,000 or nearly Rs 30 lakh on the dark web. And that too non-financial data such as name, email ID, PIN, contact number, address, date of birth, location, IP address.
BigBasket had thankfully not stored customers financial data such as debit/credit card details. But companies and their customers are not always so fortunate. In 2016, security of close to 3.2 million debit cards issued by major banks, including SBI, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, among others, was compromised. The breach, caused by a malware on an ATM network, resulted in not just financial loss to consumers and banks but also dented people s trust in digital banking.