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Finance Ministry: Gov’t to Prioritize Debt Management, Economic Growth

Government will prioritise debt management, domestic revenue mobilisation, and economic transformation in the next financial year. This revelation was made by the State Minister for Finance (General Duties), Hon. Henry Musasizi, while justifying the motion on the National Budget Framework Paper for Financial Years 2025/26- 2029/20. Musasizi revealed that the preliminary resource envelope stands at…

Pre-Existing Dispute Between Financial Creditor And Corporate Debtor Doesn’t Bar Petition U/S 7 Of IBC: NCLT

The National Company Law Tribunal, New Delhi bench comprising Chief Justice (Retd.) Ramalingam Sudhakar (President) and Avinash K. Srivatava (Technical Member) has held that a pre-existing dispute between the Financial Creditor and Corporate Debtor does not bar a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to be entertained. The Tribunal…

IBC resolution plans take 582 days on average, liquidation process takes 499 days: Survey

According to the survey, the NCLT reported adjudicating 34,690 cases out of 35,501 cases filed, achieving a 98% adjudication rate as of July 2024. However, 2,593 cases are still awaiting admission, and 4,723 cases remain pending after admission. As of September 2024, 30 courts and 16 benches (of NCLT) were functioning headed by the President, and 31 each of judicial and technical members,…

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