News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
IBC operations suspended for another three months
PrintThe Centre on Thursday suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months to protect companies in distress from being dragged into bankruptcy tribunals in view of the crisis.
The ministry of corporate affairs said the suspension of the Code, issued initially for six months, is extended for another three months starting 25 September. The Code has been suspended with effect from 25 March to allow financially-stressed companies to recover without facing an immediate threat of being pushed into insolvency proceedings.
The suspension, which was announced by finance and corporate affairs minister Nirmala Sitharaman on 17 May, had led to heated debates about its desirability with former Reserve Bank of India governor Raghuram Rajan questioning its utility.
Rajan had said suspending fresh bankruptcy cases was unfortunate as it viewed resolution as a punishment and not as a way of restructuring capital structure and ownership, Mint had reported. #casansaar (Source - LiveMint)
The ministry of corporate affairs said the suspension of the Code, issued initially for six months, is extended for another three months starting 25 September. The Code has been suspended with effect from 25 March to allow financially-stressed companies to recover without facing an immediate threat of being pushed into insolvency proceedings.
The suspension, which was announced by finance and corporate affairs minister Nirmala Sitharaman on 17 May, had led to heated debates about its desirability with former Reserve Bank of India governor Raghuram Rajan questioning its utility.
Rajan had said suspending fresh bankruptcy cases was unfortunate as it viewed resolution as a punishment and not as a way of restructuring capital structure and ownership, Mint had reported. #casansaar (Source - LiveMint)
Category : Insolvent Professional | Comments : 0 | Hits : 400
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments