The Reserve Bank of India has introduced a revised framework in
relation to the resolution of stressed assets withdrawing all
extant instructions in this regard, such as SDR, S4A and CDR.
Background
The RBI has by its notification dated 12 February 2018
(Notification) released a revised restructuring
framework (Framework) for resolving stressed
assets and has withdrawn, with immediate effect, all its existing
instructions in relation to the resolution of stressed assets
including the 'Corporate Debt Restructuring'
scheme', 'Strategic Debt Restructuring'
scheme and the 'Scheme for Sustainable Structuring of
Stressed Assets'. The Framework currently applies to
scheduled commercial banks (excluding regional rural banks) and
All-India Financial Institutions being the
Export-Import Bank of India, National Bank for Agriculture and
Rural Developmen
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities.
The Insolvency and Bankruptcy Code, 2016 (IBC) has consolidated and amended the laws relating to reorganization and insolvency of corporate persons, partnership firms and individual firms.
Recently, NCLAT faced a situation in State Bank of India v. Mr. V. Ramakrishnan and Ors. [Company Appeal (AT) Insolvency no. 213 of 2017], where the State Bank of India had appealed...
Insolvency, explained simply, refers to an individual or an entity's inability to pay debts due from it. The recent and most illustrious enactment by the Parliament, the Insolvency and Bankruptcy Code, 2016 encompasses this wide-ranging arena of insolvency and bankruptcy.
The prohibition contained in section 14 of the Insolvency and Bankruptcy Code 2016, ("the Act") against the initiation and continuation of legal proceedings...
The moratorium in terms of Insolvency and Bankruptcy Code, 2016 (‘IBC') means a period wherein no judicial proceedings for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential contracts can be instituted or continued against the Corporate Debtor.
The Hon'ble Calcutta High Court on February 2, 2018, upheld the validity of Section 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016 in the case of Akshay Jhunjhunwala & anr. v. Union of India.
In proceedings with regards to the provisions of the Insolvency and Bankruptcy Code, 2016 the Bombay High Court has passed a landmark judgement ruling that an application under IBC may be made even in cases where ...