On behalf of the entire team of SB Partners, here’s wishing you a very Happy New Year!
In the last quarter, the notable highlight has been the amendment of the Insolvency and Bankruptcy Code, 2016 (“Code”), in terms of which, promoters of stressed companies are not allowed to bid for their own assets. In addition to the aforesaid, the Code is now also made applicable to partnership firms, proprietorship firms, personal guarantors, and other individuals.
In another important development in Insolvency law, the National Company Law Tribunal (“NCLT”) has held that a discretion is given to the Adjudicating Authority to approve the Resolution Plan and that the requirement of obtaining consent of 75% of the Committee of Creditors is not mandatory.
In addition to the foregoing, this issue of ‘Lex Novus’ also focuses on other key regulatory developments in the previous quarter in the spheres of Banking and Finance, Capital Markets and Corporate Laws, which includes the formulation of new rules and regulations such as the Companies (Registered Valuers and Valuation) Rules, 2017, and the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017.
We hope you find this edition of Lex Novus informative and insightful.
Read on for more...