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SUO LAW

RBI likely to make a plan to promote lenders to take defaulters to bankruptcy court

RBI’s February 12, 2018  directive that gave defaulting companies 180 days to agree on a resolution plan with lenders, or to be taken to bankruptcy court to recover debts of Rs 2,000 crore and above, has been struck down by the apex court. Further, the apex lender is weighing a …

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RELAXATION IN INCOME TAX LAWS TO ASSIST START-UPS – A PROPOSAL BY DPIIPT

Keeping “Start-up India Vision 2024” scheme in mind, the Department for Promotion of Industry and Internal Trade put forward a proposal regarding relaxation in income tax laws so as to encourage the fundraising by start-ups. Start-up India was an initiative took by the government to construct a type of system …

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GOVT TO COME UP WITH STEPS TO EASE BUILDER’S REVIVAL PLAN

The government is set to give relaxation to a huge number of homebuyers and bankrupt builders by setting up an explication on passing insolvency resolutions that are slowed down on the grounds that numerous homebuyers did not cast a ballot. This issue came, where the board of creditors controlled by …

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Defaulting account of IL&FS to be declared as NPAs says NCLAT

On May 2 NCLAT came with an order that permitted the banks to declare the accounts of Infrastructure Leasing (IL) & Financial Service (FS) as NPA if they are unable to pay off the debts or unable to meet the payment obligations. Considering the large amount of outstanding debt, NCLAT …

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RBI’s second list out: After 20 months, only 3 assets could make it to Resolution

Only Three out of two dozen companies named by Reserve Bank of India( RBI) in its second list of non-performing assets namely- Ruchi Soya Industries, EPC Construction and ARGL have  reached to be resolved successfully through the corporate insolvency resolution process(CIRP)  since August 2017, when the list is known to have …

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Govt Sets Up Unit to Select Healthcare Startups’ Tech that Reduce Imported Tech Dependency

National Health Protection Scheme or Ayushman Bharat- Pradhan Mantri Jan Arogya (AB-PMJAY) Launched by central government in September 2018 was recognized as the ‘world’s largest government funded healthcare programme’ targeting more than 50 crore beneficiaries. A unit has been set up by National Health Authority (NHA) which promotes innovation reducing …

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China’s war on cost of healthcare to attract India’s biggest drug manufacturer

Sun Pharmaceutical Industries Ltd. is exploring for a partner in China to help it win a larger piece of the world’s second-largest drug market, where the government is on a mission to drive down healthcare costs. There stands a great opportunity which was not factored earlier but will definitely make …

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India Second Most Affected Country Due To Cyber Attacks: Report

India has been the second Country to be the most affected or rather inflicted  by cyber-attacks between the years 2016 to 2018 as per a  new Data Security Council of India (DSCI) report. Furthermore, the average cost for a data breach in India has increased 7.9% since the year 2017, …

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Registration of all motor vehicles stopped

The issuing of certificate of registration (RC) for all categories of motor vehicles has been blocked from 02.05.19 in the country due to not integrating high security registration plate (HSRP) with the ‘Vahan’ database. The National Informatics Centre (NIC) banned access to the Transport Mission Mode Project’s pan-India application ‘Vahan’ …

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Jaypee Infratech insolvency: NBCC gets approvals from govt depts for revised offer

State-owned NBCC Ltd has received approval from government departments on the revised offer to acquire debt-ridden Jaypee Infratech within 7 days after its initial bid was rejected by a lenders’ panel as a result of lack of requisite approvals. The committee of creditors (CoC), in its meeting on 26.04.19 decided …

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