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Insolvency law amendments to ensure greater timeliness: Sitharaman

Thursday, August 1, 2019, 8:42 PM

Amendments to insolvency law are aimed at ensuring greater timeliness for resolution process, which has to be completed in 330 days, and changes are to made in seven sections of the law, Corporate Affairs Minister Nirmala Sitharaman said on Thursday. Sitharaman quoted a Supreme Court judgement to say that with implementation of the Code, there is no longer a defaulter's paradise.
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IBBI working to provide accountable and competent valuers: MS Sahoo

Monday, April 15, 2019, 7:55 PM

Bankruptcy Regulator chairperson MS Sahoo said that the Insolvency and Bankruptcy Board of India (IBBI) is working to provide an accountable and competent valuation professionals. The ministry of corporate affairs had last year notified that beginning from February 1, all valuations under the Companies Act and the Insolvency and Bankruptcy Code (IBC) would have to be conducted by valuers registered with the IBBI.
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PNB fraud case: US bankruptcy court summons Nirav Modi, two aides

Saturday, July 28, 2018, 10:38 AM

The US bankruptcy court has asked Nirav Modi and two of his aides — Mihir Bhansali and Rakhi Bhansali — to appear before it after Punjab National Bank (PNB) and the Ministry of Corporate Affairs (MCA) filed petitions to this effect. Mihir was head of the US arm of Firestar Diamond and Rakhi was a director in the firm.

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