INSOLVENCY & BANKRUPTCY LAWS

Government preparing to amend insolvency law to reduce time period for resolution process (Dec 18, 2022)

The amendments to the Insolvency and Bankruptcy Code (IBC), which came into force in 2016 for timely resolution of stressed assets, are expected to be introduced in the Budget session of Parliament early next year. 

The corporate affairs ministry's move to amend the law also comes against the backdrop of concerns in various quarters that many of the corporate insolvency resolution processes are taking a longer time due to litigations and other issues despite a stipulated time frame in place.

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SEBI

Sebi enhances vigil on MCX technology transition; High Court issues notices ( DEC 19, 2022)

As top commodity exchange MCX races against time to move its trading technology from erstwhile promoter 63 Moons, regulator Sebi is keeping a close vigil on mock trading sessions and the transition process.

In the meantime, the matter has reached Madras High Court with an investors group seeking a detailed probe by Sebi (Securities and Exchange Board of India) into the exchange with regard to the “integrity and competence of the market software technology” to be adopted by MCX.

While Sebi has sought for weeks’ time to file a counter affidavit, the court on December 8 also issued notices to MCX, MCX Clearing Corporation as well as their CEOs and Chief Technology Officers.

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NCLAT

Jet Airways engineers move SC, claim resolution plan ignores workers’ rights ( DEC 19, 2022)

The National Company Law Tribunal (NCLT) approved the Jalan Kalrock consortium’s resolution plan for Jet Airways in June 2021 to save the airline. The consortium had clarified to NCLT that it does not plan to hire existing experienced staff who waited for more than three and half years for the company to revive.

“The National Company Law Appellate Tribunal (NCLAT) on October 21 ordered the monitoring committee of Jet Airways resolution to calculate dues to workmen and employees within a month and communicate it to the Jalan-Kalrock consortium. The total dues are expected to be about ₹250 crore, but the order has not been complied with," the petition said.

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NEWS AT GLANCE

  • Public Sector Banks recover more than 1.3 Lakh crore rupees from written off loans during last five financial years, informs Nirmala Sitharaman in the Lok Sabha.  
  • Goa Liberation Day being observed today President, Vice President and Prime Minister greet the people. 
  • India and Sri Lanka to start passenger ferry service between Puducherry and Kankesanthurai port in Jaffna district next month.

WORD OF THE DAY 

Ex cathedra - With official authority.

MARKET TODAY (as on 19.12.2022)

BSE SENSEX           61,806.19 INR▲ +468.38 (+0.76%)

NIFTY 50                18,420.45 INR▲ +151.45 (+0.83%)    

1 US Dollar = 82.58 Indian Rupee (Last updated · 19 December at 12:51 pm UTC)

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