SMEs can call out big companies for dues, thanks to a tweak in IBC
5 years, 2 months ago

SMEs can call out big companies for dues, thanks to a tweak in IBC

Business Standard  

SMEs can call out big companies for dues, thanks to a tweak in IBC Information utility National e-governance Services will now make public the names of companies which default on payments Premium NeSL has been set up by India’s leading banks and public institutions and is incorporated as a central government company. illustration: Ajay Mohanty Subhomoy Bhattacharjee New Delhi The Insolvency and Bankruptcy Code has provided small enterprises in India the window to force large companies to cough up pending dues. Information utility National e-governance Services will now make public the names of companies which default on payments. The managing director and chief executive officer of NeSL, S Ramann, says it would make banks and other financial institutions that deal with the defaulter company ask questions.

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History of this topic

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC
1 year, 11 months ago

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC

Live Law  

The Ministry of Corporate Affairs, Government of India, has issued a circular inviting comments from the public on the changes proposed to be made in the Insolvency and Bankruptcy Code, 2016. Proposed Amendments In a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC, including the following: Mandatory to admit Section 7 application where …

Fearing action through Insolvency and Bankruptcy Code, defaulters pay up Rs 1.1 lakh crores
6 years, 3 months ago

Fearing action through Insolvency and Bankruptcy Code, defaulters pay up Rs 1.1 lakh crores

Op India  

The Insolvency and Bankruptcy Code has proved to be a game changer for the Indian banks. So far, National Company Law Tribunal has admitted 977 cases where the lenders or the operational creditors filed insolvency action against the defaulters, says a report. The fear of strict action among the defaulters has led to the recovery of 1.1 lakh crore in …

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