National
Cabinet clears ordinance for changes to Bankruptcy Code
New Delhi, Nov 22 (IANS) The Union Cabinet on Wednesday approved an ordinance to introduce certain changes to the Insolvency and Bankruptcy Code (IBC), Finance Minister Arun Jaitley announced.
Following a cabinet meeting, Jaitley told reporters here that the cabinet has forwarded the ordinance to effect the changes for the President’s assent and, as such, details could not be revealed at this time.
“Some changes have been proposed to the Insolvency and Bankruptcy Code and since these are being done by ordinance, we cannot give the details of the proposals that the cabinet has recommended to the President,” he said.
Official sources here said the ordinance will be presented in the forthcoming winter session of Parliament, which will be held in December-January.
The IBC, being implemented by the Corporate Affairs Ministry, became operational in December 2016 and provides for a time-bound insolvency resolution process.
The changes proposed are expected to help streamline the process of selecting buyers for stressed assets. For instance, currently the Code does not specify the type of buyers who can bid for stressed assets of companies that are undergoing bankruptcy proceedings.
Commenting on the development, Deloitte India Partner Kalpesh Mehta said the amendment will make the insolvency resolution process more robust and make things difficult for unscrupulous promoters.
“The implementation of this amendment would block failed promoters from regaining control of the companies facing insolvency proceedings under the Insolvency and Bankruptcy Code,” Mehta said in a statement.
It would also curb promoters of companies identified for insolvency proceedings from preparing to bid for the stressed assets of the same companies,” he added.
The government announced earlier this month that insolvent corporates seeking a resolution plan under the new law will now be subject to more stringent tests regarding creditworthiness and credibility by the Insolvency and Bankruptcy Board of India (IBBI).
The IBBI has strengthened its due diligence framework by making amendments to the Insolvency and Bankruptcy Code, 2016, a Corporate Affairs Ministry statement said here.
“Now prior to approval of a resolution plan, the resolution applicants, including promoters, will be put to a stringent test with respect to their creditworthiness and credibility by the Committee of Creditors,” it said.
“Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Resolution Process, 2016, impose a greater responsibility on the resolution professionals and the Committee of Creditors in discharging their duties,” it added.
The revised regulations make it obligatory to provide information about the corporate applicant, including details of antecedents “in terms of convictions, disqualifications, criminal proceedings, categorisation as wilful defaulter as per RBI guidelines, debarment imposed by (markets regulator) SEBI, if any, and transaction, if any, with the corporate debtor in the last two years”.
“The Resolution Professional has to also submit details in respect of transactions observed or determined, if any, covered under Section 43 (Preferential Transactions); Section 45 (Undervalued Transactions); Section 50 (Extortionate Credit Transactions); Section 66 (Fraudulent Transactions) under Insolvency and Bankruptcy Code, 2016,” it added.
–IANS
bc/vd
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
