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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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This platform aims to achieve greater consistency, transparency, and better oversight for all stakeholders, including the National Company Law Tribunals
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The Code, over a brief span of 7 years, has come as a respite to the withering economy as it has provided a more efficient and effective system for resolving distressed entities. Though the Code has witnessed noteworthy changes, the same has come with its share of challenges and opportunities writes Anoop Rawat, Partner, Shardul Amarchand Mangaldas
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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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