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One of the stages at which the process often gets stalled is at the resolution plan approval stage due to multiple objections to the resolution plan by various stakeholders.
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The National e-Governance Services Limited (“NeSL”) is presently India’s sole registered IU. The IU and their database are being utilized only in a limited manner as below: A) By a circular dated 12 May, 2020, the Adjudicating Authority mandated compulsory inclusion of a Record of Default (“RoD”) issued by the IU for filings under Section 7 of the Code.
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In the 100 days’ agenda of Modi 3.0 regime, included also was an amendment in the IBC Code of 2016 to incorporate mechanisms for cross-border and group insolvencies. While discussing amendments, it would be the appropriate to undertake a mid-term review of implementation and introduce fixes for efficiency in implementation and reduce delays
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Delays In insolvency resolution is detrimental not only to the corporate in distress but to all of its stakeholders as well as potential bidders and their financiers writes Misha, Partner, Shardul Amarchand Mangaldas
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