Subject/Topic Wise Current Affairs for UPSC Exam

Insolvency and bankruptcy act

NCLT, ITAT get new members

NCLT, ITAT get new members Click here to read about the Insolvency and Bankruptcy Act and National Company Law Tribunal (NCLT) vs NCLAT. The government has appointed 31 people as judicial, technical and accountant members at the NCLT and the ITAT, amid the Supreme Court flagging concerns about vacancies in various tribunals. Click here to read about the Administrative tribunals in India. The National Company Law Tribunal (NCLT) deals with matters mainly related to companies law and insolvency law, while the Income Tax Appellate Tribunal (ITAT) deals with income tax matters. The appointments also come at a time when the Supreme Court…

13 September, 2021 Insolvency and bankruptcy act

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IBBI amends Insolvency rules to improve transparency

IBBI amends Insolvency rules to improve transparency The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016. It is a part of the Insolvency and Bankruptcy Act, of 2016. The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings: A corporate debtor (CD) may have changed its name or registered office address prior to the commencement of insolvency. The stakeholders may find it difficult to relate to the new name or registered office address and consequently fail to participate in the CIRP.…

22 July, 2021 Insolvency and bankruptcy act