Syllabus: Economy Source: SSTV Context: The Insolvency and Bankruptcy Code (IBC) completed nine years of implementation, having resolved debt worth ₹26 lakh crore. About Nine Years of Insolvency and Bankruptcy Code (IBC): Origin and Purpose of IBC (2016) Introduced to replace inefficient debt recovery systems like SARFAESI, DRT, and SICA. Aims to create a time-bound, …
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Facts for Prelims (FFP) Source: Economic Times Context: The Insolvency and Bankruptcy Board of India (IBBI) will create a “common panel” consisting of registered insolvency professionals (IPs). This list will be shared in advance with the adjudicating authority. For appointment as IRP (interim resolution professional), Liquidator, RP (resolution professional) and BT (bankruptcy trustee). The …
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GS Paper 2 Topics Covered: Important statutory bodies. Context: The government has appointed 31 people as judicial, technical and accountant members at the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT). These developments assume significance as they come amid the Supreme Court flagging concerns about vacancies in various tribunals. Background: …
