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MSME: Centre promulgates IBC amendment ordinance to allow pre-packaged insolvency for MSMEs

Synopsis
A pre-packaged resolution essentially translates to a company preparing a restructuring plan with its creditors before initiating insolvency proceedings. This helps to cut down the time and costs in the overall process.
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In June 2020, the government promulgated an ordinance that suspended initiation of new insolvency proceedings for defaults.
The Central Government has promulgated Insolvency and Bankruptcy Code (Amendment) Ordinance 2021 to allow pre-packaged insolvency process for MSMEs.
The Ordinance, in essence, has amended the Insolvency and Bankruptcy Code 2016 and allows the Central Government to notify such pre packaged process for defaults of not more than Rs 1 crore.
The government had been looking to offer a pre-packaged resolution framework for stressed companies under the IBC. A pre-packaged resolution essentially translates to a company preparing a restructuring plan with its creditors before initiating insolvency proceedings. ....

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Gunmen attack Imo Prison, Police SCID, set free 2,000 inmates

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Reports from Owerri, the Imo state capital said about 2,000 inmates of the Nigerian Correctional Service (NCS) were set free by unknown gunmen in the early hours of Monday.
The gunmen also attacked the nearby office of the State Criminal Investigation Department (SCID) of the state police command, also freeing suspects there.
The attackers burnt almost all the vehicles parked at the command headquarters and freed all the suspects in almost all the cells at the SCID.
It was learnt that the gunmen operated in over 10 vehicles, and also attacked soldiers stationed at Umuorji along Owerri–Onitsha Expressway.
The attackers were said to have had a free rein during the operation that lasted about two hours and said to have started between 1 am and 2 am on Monday. ....

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Atlanta Journal-Constitution offers correction after printing Biden's lies about GA election law bill

Karen TownsendPosted at 1:01 pm on April 3, 2021
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The Atlanta Journal-Constitution (AJC) issued a correction on a story that made some false claims about Georgia’s election law reform legislation. The newspaper made the mistake of printing Democrat talking points, specifically remarks made by President Biden, instead of the truth. AJC originally falsely reported that voting hours had been cut in the bill and failed to note that early voting days had been added for general elections while shortening the time for early voting in primary run-offs.
The newspaper printed the correction at the end of a story on liberal filmmaker and actor Tyler Perry. Perry owns a large production company in the Atlanta area. ....

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Gov. Ralph Northam encourages directing coal tax credit savings to UVa-Wise

Gov. Ralph Northam wants the legislature to give its word that in exchange for eliminating the controversial coal tax credits that benefit Southwest Virginia, it will invest the savings in the University of Virginiaâs College at Wise.
The General Assembly passed legislation in February that would phase out and eventually eliminate the costly coal tax credits, which provided a financial lift to the economically struggling region. A critical report from the legislatureâs watchdog agency found that the credits â among the stateâs largest â generated economic losses for the state and very few jobs.
The Southwest delegation and other stakeholders in the region have feared scrapping the credits could lead to money leaving the region at a time when it needs even more to reboot an economy that is still working to transition away from the coal industry. ....

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Marijuana possession and cultivation could be legal by July

Marijuana possession and cultivation could be legal by July
(FILE) (Source: WAFB)
By Sam Fowler | April 1, 2021 at 6:32 PM EDT - Updated April 1 at 9:31 PM
RICHMOND, Va. - Virginia Governor Ralph Northam amended legislation to accelerate the legalization of marijuana possession and home cultivation in the state to July as opposed to 2024.
“Virginia will become the 16th state to legalize marijuana - and these changes will ensure we do it with a focus on public safety, public health and social justice,” Northam stated in a release.
The governor proposed changes to House Bill 2312 and Senate Bill 1406, which passed earlier this year during the Virginia General Assembly’s special session. The bills legalized marijuana possession and sales by January 1, 2024, but marijuana legalization advocates and Democratic lawmakers lobbied to push up the date for possession. ....

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