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The list of amendments proposed includes ‘pre-packaged’ insolvency for larger firms in the future and a separate framework for real estate insolvency. ....
Another IBC suspension on cards? FinMin begins industry consultations According to industry sources, the Finance Ministry has started consultations with the industrialists and industry officials to understand the impact of second wave on businesses Nevin John | April 19, 2021 | Updated 19:59 IST The last IBC suspension ended on March 24 As the second wave of COVID-19 intensifies across the country, the government is looking to reintroduce mortorium on new cases being tried under Insolvency and Bankruptcy Code (IBC). The government s earlier suspension of bankruptcy action against corporate defaulters expired on March 24 this year. According to industry sources, the Finance Ministry has started consultations with the industrialists and industry officials to understand the impact of second wave on businesses. They also enquired whether reintroducing suspension of IBC would be beneficial at this stage, said an industrialist. ....
Panel recommends changes to Insolvency and Bankruptcy Code through an ordinance: Report The panel, led by Insolvency and Bankruptcy Board of India (IBBI) chairperson MS Sahoo, has invited public comments on the proposed amendments. January 09, 2021 / 10:02 AM IST A panel of experts has suggested changes to the Insolvency and Bankruptcy Code (IBC) through an ordinance, which would enable corporate turnaround plans to be negotiated outside tribunals. The panel said it is the right time to allow pre-packaged resolution schemes, Mint reported. Such schemes are negotiated outside bankruptcy tribunals and later placed before a judiciary for approval. The code may be amended quickly, preferably by an ordinance, to provide for the formal part of pre-pack. The code may make a skeletal provision enabling pre-pack, while the informal part could be left to market practice or guided by self-regulation, guidelines and best practices, the newspaper quoted the panel s ....