Navigating the Corporate Insolvency Resolution Process Under IBC, 2016

 The CIRP is mandatorily structured as a recovery mechanism, and this can be initiated by a financial creditor, an operational creditor, and a corporate debtor as well, wherein a corporate debtor can file an application of insolvency against itself if it foresees that its business is getting affected.


However, there were still many issues with the insolvency and bankruptcy laws, as they were insufficient and outdated. This triggered the need to have adequate legislation that could bring about a comprehensive reform and that could specifically regulate these aspects. The laws that were enacted are as follows:

  1. Indian Insolvency Act, 1848
  2. The Bankruptcy Act, 1869
  3. The Indian Companies Act, 1913
  4. The Companies Act, 1956
  5. The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)
  6. The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDBFI Act)
  7. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)
  8. The Companies (Amendment) Act, 2013
  9. The Insolvency and Bankruptcy Code, 2016 (IBC)
Want to know more insights about CIRP, visit here- https://uja.in/blog/legal-chronicle/navigating-the-corporate-insolvency-resolution-under-ibc-2016/

Comments

Post a Comment

Popular posts from this blog

Upcoming Tax Changes for 2025

Image
As we approach 2025, various proposed tax changes are on the horizon that could significantly impact individual taxpayers and businesses. While some of these changes are still in the discussion phase, understanding them now can help you plan effectively for the upcoming tax year. Understanding the Basics of International Taxation: - i. Standard Deduction Adjustments One of the anticipated changes is an increase in the standard deduction amounts. While specific figures have yet to be finalized, adjustments are likely based on inflation. This could provide taxpayers with greater relief and simplify the filing process for those who do not itemize. ii. Changes to Tax Brackets The IRS typically adjusts tax brackets annually to account for inflation. Taxpayers should be aware of potential changes in income thresholds for various tax rates, which could impact how much tax you owe based on your income level. iii. Corporate Tax Rates There is ongoing discussion about revisiting corporate tax ra...
Read more

Healthcare Industry in India | UJA Market Report

Image
  The Indian healthcare sector is one of the largest sectors in terms of both revenue and employment. The Indian healthcare industry is experiencing remarkable growth, with private equity and venture capital investments exceeding INR 84.3 billion in the first five months of 2024 alone, reflecting a 220% increase compared to the previous year. The hospital industry in India accounts for 80% of the total healthcare market. With a compound annual growth rate (CAGR) exceeding 8%, India’s hospital industry is projected to reach INR 16,315.6 billion by 2032. During the period from April 2000 to March 2024, the healthcare sectors of hospitals and diagnostic centers, and medical and surgical appliances saw inflows of INR 865 billion and INR 276 billion, respectively. To know more about UJA Market Report, visit here- https://uja.in/blog/market-reports/healthcare-industry-in-india/
Read more

Automotive Sector In India

Image
  The world’s largest two-wheeler manufacturer Third largest heavy truck manufacturer World’s largest manufacturer of tractors World’s second-largest bus manufacturer and fourth-largest manufacturer of cars Seventh largest in commercial vehicle manufacturing Automobile sector contributes 49% to India’s manufacturing GDP India exported ~ 4.8 million automobiles in 2022–23 Indian Government targets 30% of vehicles on the road should be electric by 2030 A total of 3.7 Mn electric vehicles are already registered in India Recent and planned developments in the Indian Automobile Sector. According to  IBEF , In November 2023, Tata Motors inaugurated its state-of-the-art registered vehicle scrapping facility in Chandigarh. In June 2023, Hero MotoCorp revealed plans to invest up to Rs. 1,500 crore in developing premium bikes and EVs in India. In May 2023, Maruti Suzuki India revealed plans to invest over Rs. 40,000 crore to double capacity by 2030. In March 2023, the Central government...
Read more