IBBI has Amended The Regulations For Liquidation:
The Indian Bankruptcy and Bankruptcy Commission (IBBI) amended the liquidation regulations under the Bankruptcy and Bankruptcy Act (IBC).
Highlights:
♦ In order to ensure that the company can not easily identify the supplier under the IBC, the liquidator of the company can distribute or move properties that are not readily realisable to others.
♦ It is appropriate to discuss the above transition or transfer of assets with the stakeholder committee.
♦ The concept of non-liquidate assets includes any assets of the debtors of the business that can not be sold through the options available.
♦ Any or all of the company`s assets in liquidation can be sold by the liquidator and these assets face certain conflicts or are involved in some fraudulent transactions.
IBBI:
IBBI was established in 2016 under IBC. It is responsible for the implementation of IBC. It supervises bankruptcy professionals and professional institutions, professional bankruptcy entities and information utilities. It prepares and implements rules for the bankruptcy settlement and bankruptcy processes of companies and individuals under the Code.
Loan For Delhi-Ghaziabad-Meerut Regional Rapid Transit System Project was Signed:
The Ministry of Housing and Urban Affairs, the National Capital Region Transport Co., Ltd. (NCRTC) and the New Development Bank (NDB) signed a loan agreement to provide 5 Billion dollars in loans.
Highlights:
♦ The Project is an 82.15 km long semi-high-speed railway corridor under construction, connecting Delhi-Ghaziabad-Meerut.
♦ It is one of the three rapid rail corridors planned for the first phase of the Regional Rapid Transit System (RRTS) project of the National Capital Region Transportation Corporation (NCRTC).
♦ The MRT system will provide a fast, reliable, safe and comfortable public transportation system in the national capital area.
♦ High-speed connections will lead to the balanced economic development of the entire region, thereby bringing economic benefits to the entire social class and many development nodes, rather than all economic activities occurring in one place.
♦ This will help reduce traffic congestion and total emissions in the NCR transportation sector.
New Development Bank:
It is a multilateral development bank. The four BRIC countries (Brazil, Russia, India, China and South Africa) were co-founded at the 6th BRIC Summit in Fortaleza, Brazil in 2014. Goal: Support the infrastructure and sustainable development of the BRICS and other emerging economies with insufficient service levels to achieve faster development through innovation and cutting-edge technologies. Headquarters: Shanghai, China. In 2018, the New Development Bank was granted observer status in the United Nations General Assembly.
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