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Nearly a decade into its existence, IBC framework needs to be reimagined
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Raghu Mohan Abhijit Lele
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'A comprehensive law like the IBC is often viewed as a last resort by lenders — an avenue that needs to be explored after exhausting all alternatives. However, this view stems from the lack of a comprehensive vision for the future of a beleaguered borrower,' noted Rajeshwar Rao, deputy governor, Reserve Bank of India (RBI), at a conference on bankruptcy in Ahmedabad (May 6, 2022). His observation — five years after the Insolvency and Bankruptcy Code came into being — was a pointer to the convergence of opinion that outcomes under this architecture have not turned out the way it
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Business Standard
23 minutes ago
- Business Standard
Govt to table 8 new Bills in monsoon session of Parliament starting July 21
For the monsoon session of Parliament, which begins on July 21, the government has listed eight new Bills, including the Jan Vishwas (Amendment of Provisions), Taxation Laws (Amendment), and Minerals (Development and Regulation) Amendment Bills. The session is also set to see the Opposition INDIA bloc parties demand that the government brief Parliament on Operation Sindoor and India's foreign policy, especially with China. They may also seek information on the proposed India-US Bilateral Trade Agreement and US President Donald Trump's repeated claims that he used trade as a bargaining chip to persuade India and Pakistan to end their military conflict. On Tuesday, Congress president Mallikarjun Kharge, who is also leader of the Opposition in the Rajya Sabha, met Rajya Sabha Chairman Jagdeep Dhankhar. 'The Opposition wants a productive Rajya Sabha session from July 21. For that to happen, a number of strategic, political, foreign policy and socio-economic issues that are of great public concern need to be debated and discussed," Kharge said in a post on X after the meeting. The government's 'tentative' list of business for the monsoon session, released by the Lok Sabha and Rajya Sabha secretariats late Monday evening, does not mention a Bill to amend the Insolvency and Bankruptcy Code (IBC) of 2016. The Parliamentary Standing Committee on Finance is currently studying the IBC to recommend to the government ways to make it more robust. In its three meetings on the subject, 'review of working IBC and emerging issues', the panel has tried to understand the perspectives of banks. At its meeting slated for July 29, it will meet representatives of the Reserve Bank of India (RBI). The government is also set to introduce the Geoheritage Sites and Geo-relics (Preservation and Maintenance), National Sports Governance Bill, and National Anti- Doping (Amendment) Bills. According to the government's list of business, the Mines and Minerals Bill will seek to provide for viable recovery of associated critical minerals, inclusion of contiguous area in a lease for optimal and scientific mining of deep-seated minerals and widening the scope of National Mineral Exploration Trust. The Jan Vishwas Bill seeks to foster ease of doing business and to promote ease of living. The Indian Institutes of Management (Amendment) Bill seeks to include IIM Guwahati in the Schedule of the Act. The Geoheritage Sites and Geo-relics (Preservation and Maintenance) Bill seeks to provide for the declaration, preservation, protection and maintenance of geoheritage sites and geo-relics of national importance for geological studies. The National Sports Governance Bill aims to establish institutional capacity and standards for the governance of sports federations. It would also help establish measures for the resolution of sports grievances and sports disputes. In addition to these Bills, Parliament will also consider some of the pending Bills, including the Income-tax Bill, which was referred to a select committee during the Budget session for further scrutiny. The government will also seek Parliament approval for having extended the President's Rule in Manipur.
Time of India
an hour ago
- Time of India
Currency watch: Rupee rises 16 paise to 85.76 against dollar; crude oil slide & weak greenback lift sentiment
The rupee appreciated by 16 paise to settle at 85.76 against the US dollar on Tuesday, helped by a weaker greenback and softer crude oil prices globally. However, persistent foreign fund outflows and uncertainty surrounding the ongoing India-US trade negotiations limited the currency's upward movement, according to forex dealers. At the interbank foreign exchange market, the rupee opened at 85.97 and moved in a tight range between 85.75 and 85.97 during the session. It eventually ended the day at 85.76, recovering from its previous close of 85.92, PTI reported. "The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86," said Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP. He added, "For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50–86.10 with expectations of more flows." Dollar, crude prices ease The dollar index, which tracks the US currency against a basket of six peers, declined 0.11% to 97.97, supporting emerging market currencies. Brent crude, the global oil benchmark, was down 0.43% to $68.91 per barrel in futures trade, reducing pressure on India's import bill. Trade talks and equity flows in focus The gains in the rupee were tempered by ongoing concerns over the outcome of bilateral trade negotiations between India and the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo A team from India's commerce ministry is currently in Washington for the latest round of discussions on the proposed bilateral trade agreement. The four-day meeting began on Monday and is set to conclude on Thursday. M eanwhile, India's merchandise exports held steady at $35.14 billion in June, while the trade deficit narrowed to a four-month low of $18.78 billion, according to government data released Tuesday. On the domestic equities front, both benchmark indices ended in the green. The Sensex rose 317.45 points to close at 82,570.91, and the Nifty advanced 113.50 points to settle at 25,195.80. Foreign institutional investors (FIIs) were net buyers on the day, purchasing equities worth Rs 120.47 crore, according to stock exchange data. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
an hour ago
- The Print
Rupee rises 16 paise against US dollar
An Indian commerce ministry team is in Washington for another round of talks on the proposed bilateral trade agreement (BTA). The four-day talks, which started on Monday, will conclude on Thursday. However, foreign fund outflows, along with uncertainties on the outcome of the ongoing India-US trade talks, capped sharper gains in the local unit, according to forex traders. Mumbai, Jul 15 (PTI) The rupee appreciated 16 paise to close at 85.76 against the US dollar, tracking a weak greenback in the overseas market and a decline in global crude oil prices. At the interbank foreign exchange, the rupee opened at 85.97 against the US dollar and traded in the range of 85.75-85.97 before settling at 85.76, up 16 paise from its previous close. The rupee depreciated 12 paise to close at 85.92 against the US dollar on Monday. 'The Reserve Bank of India has been guarding the rupee at the 86.00 level and on Tuesday also ensured that the rupee opens a tad higher than 86. For tomorrow (Wednesday), we expect the rupee to be in the range of 85.50-86.10 with expectations of more flows,' Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. Brent crude, the global oil benchmark, was down 0.43 per cent to USD 68.91 per barrel in futures trade. The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.11 per cent to 97.97. On the domestic equity market front, the Sensex climbed 317.45 points to settle at 82,570.91, while the Nifty gained 113.50 points to close at 25,195.80. India's exports remained unchanged at USD 35.14 billion in June, while the trade deficit stood at USD 18.78 billion during the month, the latest government data showed on Tuesday. Foreign institutional investors (FIIs) bought equities worth Rs 120.47 crore on a net basis on Tuesday, according to exchange data. PTI TRB BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
