The Ministry of Corporate Affairs (MCA) has notifies the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudication Authority) Rules 2019 (Rules) to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than Banks. These rules fill the legislative lacuna […]
Asset Reconstruction Company (I) Limited (ARCIL) Vs. Koteswara Rao Karuchola & Ors. (NCLAT, NEW DELHI) Company Appeal (AT) (Insolvency) No. 633 of 2018 ISSUE: The issue before the Court was whether a Company against which Money Laundering case has been initiated can be allowed to be the member of the Committee of Creditors. FACTS: A […]
The Union Cabinet approved certain amendments to the Foreign Direct Investment (“FDI”) policy, by way of a press release dated August 28, 2019 (“PR”). Thereafter the department for the promotion of Industry and Internal Trade (DPIIT) has issued Press Note No. 4 of 2019 dated 18th of September 2019 notifying the changes to the foreign […]