Byju's and BCCI entered into a sponsorship agreement in 2019 through which the Edtech company got exclusive rights to display its trademark on the kit of the Indian cricket team, however, it failed to pay the sponsorship after June 2022.
Go First news: According to the airline, the arbitrator ordered P&W to supply at least 10 serviceable spare leased engines by April 27 and a further 10 spare leased engines per month until December 2023.
The corporate affairs ministry, which is implementing the Insolvency and Bankruptcy Code (IBC), has sought comments on the draft framework till December 15.
The Lok Sabha on Monday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, whereby fresh insolvency proceedings will not be initiated for at least six months starting from March 25 amid the coronavirus pandemic.
Parliament on Thursday passed amendments to the insolvency law that will help ring-fence successful bidders of insolvent companies from risk of criminal proceedings for offences committed by previous promoters.
The Reserve Bank of India (RBI) on Wednesday superseded the board of debt-laden Dewan Housing Finance Corporation Limited (DHFL). The central bank will soon refer DHFL for insolvency proceedings, the RBI said in a statement.
The government is examining suggestion to raise threshold of Rs 1 lakh default to invoke the Insolvency and Bankruptcy Code (IBC) to reduce number of cases in the NCLT, Corporate Affairs Secretary Injeti Srinivas said.
The government plans to give debt waiver for "small distressed borrowers" under the insolvency law framework, according to a senior official.
The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20.
A bench headed by Justice R F Nariman said they have upheld the constitutional validity "in its entirety".
The government said the ordinance would give home buyers due representation in the Committee of Creditors and make them an integral part of the decision making process.
A 14-member Insolvency Law Committee had suggested to the Ministry of Corporate Affairs that home buyers should be treated as financial creditors paving way for their participation in an insolvency resolution process.
While the impact of the reforms has been mixed, the government believes the structural changes it has brought about have put the Indian economy on a sound track.
The Supreme Court stayed an NCLT order directing a management take-over of the firm by a group of directors appointed by the Centre.
According to ICRA, the list has accounts from diverse sectors and a total exposure of about Rs 1.15 lakh crore.
“We are more concerned with home buyers and not the company or those holding fixed deposits,” the top court said, while fixing the hearing for Tuesday.
The ICBC and Export-Import Bank of China are planning to support China Development Bank's insolvency petition against RCom.
The ordinance to amend the Insolvency and Bankruptcy Code put in place safeguards to prevent wilful defaulters from bidding for stressed assets.
Finance minister Arun Jaitley today said that the Cabinet has sought the President's approval to amend the Insolvency and Bankruptcy Code.
The apex court also restrained the directors from alienating the properties of their immediate family members and cautioned that any violation of its directive would hold them liable for criminal prosecution.
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