Finance Minister Nirmala Sitharaman, while addressing the media through video conferencing, also said if the situation continued to be difficult, the government would consider suspending the provisions for triggering insolvency for six months.
This means suspending Sections 7, 9 and 10 of the Insolvency and Bankruptcy Act (IBC), which enable a financial creditor, operational creditor and the promoter, respectively, to initiate insolvency proceedings IR against a company. The Ryan proposed move will “stop companies at large from being forced into insolvency proceedings in such force majeure causes of default”, said a government release.
This story is from the March 25, 2020 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 25, 2020 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
VOTER PULSE, ONE STATION AT A TIME
On the tracks of political schism: Southern comfort for Opposition
Good times ahead for UB as heatwave, IPL set the tone
A cocktail of heatwave and upcoming cricketing events is expected to usher in the peak season for the country's largest beer maker, United Breweries.
Invest with 5 to 7-year horizon to cope with economic cycles
Manufacturing has been in the limelight for some time due to the government's attempts to foster rapid growth in this segment of the economy.
Good Q4, commentary perk up ICICI Lombard
ICICI Lombard General Insurance Company reported financial improvement and optimistic commentary in Q4FY24.
NSE to launch derivatives on Nifty Next 50 this mth
Cash-settled derivatives contracts will expire on last Friday of expiry month
Markets extend losing streak for fourth straight session
Indices close in the red after volatile trade
GQGEM Equity Funda hit among US investors
The actively managed fund's AUM tops $20 trillion
Stock exchange to administer research analysts: Sebi
Enlisting with Sebi may re-register with the new administrative be mandatory
Digital OPD a mixed bag with over 24 mn entries
The National Health Authority's (NHA) scan and share service has recorded more than 24 million digital out-patient department (OPD) registrations since its inception in September 2022, with Uttar Pradesh topping the list with over 7.8 million OPD tokens generated.
Bird-hit cases rose to 6-yr high in 2023
Firecrackers, scarecrows, horns and zon guns being used to scare birds
