Blanket suspension of Insolvency and Bankruptcy Code (IBC) for a period of six months may extend

The government of India promulgated an ordinance to suspended initiation of fresh insolvency proceedings for a period of six months to shield companies impacted by the outbreak of Covid-19.  Ministry of Finance has announced that the Insolvency & Bankruptcy Code (“IBC”) proceedings under Section 7, 9 and 10 would be suspended for a period of…

Who is required to register security interests with CERSAI after the SARFAESI amendment 2019?

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(SARFAESI Act 2002) provide for Enforcement of Security Interest for the realization of the dues without the intervention of Courts or Tribunals for recovery of NPAs by banks under various laws. In 2016 NBFC is included under the definition of the financial institution through…

What is Emergency Credit Line Guarantee Scheme –ECLGS?

Emergency Credit Line Guarantee Scheme (ECLGS) which is also known as Guaranteed Emergency Credit Line (GECL) scheme is a 100% collateral free fund-based working capital term loan extended by the banks, NBFCs and Financial Institutions (FIs) to Business entities /MSMEs including borrowers of MUDRA loans constituted as Proprietorship, Partnership, a registered company, trusts, and Limited…