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Lockdown period to be excluded from timeline for resolution process

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bankrupty insolvency bill

New Delhi, March 29 : In a major relief for companies going through insolvency under the Insolvency and Bankruptcy Code (IBC), the IBBI on Sunday said that the period of lockdown will not be counted within the timeline for resolution process.

In a notification, the IBBI announced the insertion of regulation ’40C’, a special provision related to timeline of Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The notification said that as per the regulation, “The period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the timeline for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process.”

It said that the regulation would immediately come into effect.

This is another major relief for the corporate world amid the coronavirus crisis. Among other recent changes under the IBC, Finance Minister Nirmala Sitharaman last week said that the threshold for default under the IBC has been raised to Rs 1 crore from the current Rs 1 lakh.

She also assured that the government will keep a watch on the situation and if the situation remains the same beyond April 30, the government may consider suspending Sections 7, 9, and 10 of the Insolvency and Bankruptcy Code (IBC) for six months. This will prevent companies from being forced into insolvency proceedings in such force majeure causes of default.

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Turkey to resume business operation amid COVID-19 normalization

Bars and night clubs will remain to be closed, and the restriction on the movements of those aged over 65 and under 18 will continue.

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Turkey Covid Lockdown

Istanbul, June 1 : Many businesses across Turkey prepared to resume their operations for the first time after over two months of closure amid a slowdown in the COVID-19 pandemic.

Restaurants, cafes, parks, beaches, daycare centers, kindergartens, libraries, sports facilities, swimming pools, and museums will be operational as of June 1 as part of the new normalization process which was announced on May 28 by Turkish President Recep Tayyip Erdogan after a cabinet meeting on Sunday, Xinhua news agency reported.

Following the announcement, the Health Ministry prepared a guide in particular for the eating and drinking industry at which it explained the new rules in a detailed way.

The guide said that the distance between the tables should be 1.5 meters in all directions and 60 centimeters between the chairs to ensure the social distancing rule, and the hygiene rules should be strictly followed to combat COVID-19.

Several restaurants in Turkey’s biggest city Istanbul on Sunday disinfected their facilities and redesigned their seating arrangements in line with the ministry’s guide.

Under the new measures, restaurants will only accept customers with facial protective masks, and the clients will be allowed to take off their masks only during eating.

Turkey will also lift restrictions on domestic travels as of midnight on Sunday, and public personnel will return to their jobs on Monday.

Turkey’s national flag carrier Turkish Airlines announced on its website that it would start its domestic operations with a limited number of flights departing from Istanbul to four major cities, including the capital Ankara, and western Izmir province, as of Monday.

The carrier will begin to fly to other cities on June 4 and launch its international flights on June 10, it added.

Meanwhile, bars and night clubs will remain to be closed, and the restriction on the movements of those aged over 65 and under 18 will continue.

The death toll from the coronavirus in Turkey has climbed to 4,515 and the number of confirmed cases totaled 163,103, according to the figures announced by the Health Ministry on Saturday.

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Centre to sell stake in certain pharma PSUs: Goyal

He said the market players should look at large untapped markets in Eastern Europe and Russia.

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Piyush Goyal

New Delhi, May 31 : Commerce Minister Piyush Goyal on Sunday said that the Union government has decided to disinvest in certain pharmaceutical public sector units (PSU).

During an interaction with industry leaders of the pharmaceutical sector, he invited the Indian companies to use PSUs for ‘plug and play’ model of manufacturing.

According to an official statement, Goyal also said that India should become a self-reliant country in the supply of active pharmaceutical ingredients (APIs) as early as possible with the government taking steps in that direction in line with Prime Minister Narendra Modi’s vision of ‘Aatmanirbhar Bharat’.

He assured the industry of full government support in the industry’s expansion, diversification and strengthening.

Mentioning the Centre’s initiatives to make the country self-sufficient in terms of APIs, he said that the government has already approved the scheme on promotion of bulk drug parks for financing common infrastructure facilities in three bulk drug parks.

Also, Production Linked Incentive Scheme for promotion of domestic manufacturing of critical KSMs or drug intermediates and APIs in the country has been given a go ahead, he added.

During his interaction, Goyal lauded the pharma industry for making India proud, by rising to the occasion during the Covid crisis. He said that India has been recognised as the ‘Pharmacy of the World’ as over 120 countries got some essential medicines, during the last two months, including 40 of them getting them in the form of grant, free of cost.

The minister said that the anti-dumping investigation process has been expedited and assured that in case of ongoing bilateral free trade agreements, if any roadblock or unfair competition is being noticed, the government may be informed and prompt remedial action will be taken.

He said the market players should look at large untapped markets in Eastern Europe and Russia.

Calling upon a collaborative route in the R&D efforts, the minister said the academicians, universities, ICMR and private sector should join hands.

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Govt must tell forward plan to the country: Congress

Applicable from Monday, June 1, the fresh order issued by the Ministry of Home Affairs (MHA) spoke of the expanded fresh guidelines a day ahead of the end of lockdown 4.0.

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Randeep Surjewala

New Delhi, May 31 : On the last day of the lockdown 4.0, the Congress has questioned the government on its strategy and plan to control the coronavirus infection, exit route out of the lockdown to revive the economy and a way forward.

Chief Spokesperson of the Congress, Randeep Surjewala said, “Today, we witnessed biggest ‘Single Day Spike’ in #COVID19 infection of 8,380. Total Infection at 1,82,490.”

He asked, “The fifth Lockdown begins tomorrow and Congress posed 4 questions to the government — What is the Govt strategy? Have the Lockdowns failed? Is there a blueprint to fight Corona? Any plan out of economic havoc?”

The party has been questioning the persistent lockdown without any exit plan which was implemented on March 25.

The Centre on Saturday took an exit step from the 68-day nationwide lockdown, declaring that the restrictions will be limited to only containment zones up to June 30 and that the prohibited activities will be opened in a phased manner in areas outside these zones.

Applicable from Monday, June 1, the fresh order issued by the Ministry of Home Affairs (MHA) spoke of the expanded fresh guidelines a day ahead of the end of lockdown 4.0.

The nationwide lockdown was imposed on March 25 with the announcement of the restrictions by Prime Minister Narendra Modi to contain the spread of COVID-19 pandemic. The lockdown was extended thrice earlier.

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