Bankruptcy code News

He said that in the budget he tried to take care of every section and has given relief to middle class as well as senior citizens.

Rajan describes how the Reserve Bank of India`s (RBI) repeated attempts to seek a resolution of stressed assets issue met with tepid response from bankers. 

Addressing a CCI-summit on insolvency and bankruptcy here on Saturday, he said the law now sides more with the lenders, as the slew of changes in the existing laws is aimed at speeding up the NPA resolution.

Expressing government's sympathy with the flat buyers, Finance Minister Arun Jaitley said that people who have deposited money with the developers should get possession of their flats. 

About 35 per cent reported tightening of credit standards for large enterprises during the first half of 2017 and about 40 percent expect further tightening in the next six months.

Indian economy is becoming more efficient through five broad themes -- fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.  

The Insolvency and Bankruptcy Board of India on Tuesday sought public comments on the draft regulations for voluntary liquidation.

Providing the first possible avenue to resolve insolvency in a market-determined and time-bound manner, the Insolvency and Bankruptcy Code will help improve ease of doing business as well as develop the debt market, says IBBI Chairperson M S Sahoo.

Proper implementation of the Insolvency and Bankruptcy Code, 2016 can potentially free about Rs 25,000 crore capital locked up as non-performing assets (NPAs), or bad loans, over the next four-five years, Assocham said on Monday.

The World Bank will take on board implementation of the goods and services tax and enactment of the bankruptcy code while preparing the ease of doing business report next year, said its country Director Junaid Ahmad today.

Economic Affairs Secretary Shaktikanta Das on Tuesday expressed hope that the Bankruptcy and Insolvency law would become operational by the end of this year, leading to further ease of doing business.

 The draft bill on resolution of financial firms, which includes an option to bail-in senior creditors, is likely to face political obstacles and will require strong consensus for implementation, Fitch Ratings said today.

Government on Tuesday came out with another set of draft rules, including for liquidation of insolvent corporate persons, under the Insolvency and Bankruptcy Code.

Calling for time-bound implementation of the Insolvency and Bankruptcy Code (IBC) 2016, Finance Minister Arun Jaitley on Tuesday directed senior officials of his ministry to take "immediate action" on the key requirements of the legislation.

Government has started the search process for the chairperson and three whole-time members of the Insolvency and Bankruptcy Board as it moves towards the implementation of a new law to make debt recovery process more effective.

India Inc's business optimism for the July-September period touched an eight quarter high driven by initiatives like the clearance of Bankruptcy Code and reforms in Foreign Direct Investment front, says a report.

Medium-term growth prospect of the Indian economy is improving, and with the GST Bill likely to be passed later in the year, it will only improve further, says an HSBC report.

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The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans.

The insolvency and bankruptcy code is a very positive financial sector reform, especially for the the banking sector, as it will give creditors a legal path for recovering their dues in a time-bound manner, says a Nomura report.