The Indian Space Research Organization conducted a successful maiden test flight of its Reusable Launch Vehicle Technology Demonstrator (RLV-TD) at Sriharikota, marking India's entry into the race to develop reusable space vehicles. The RLV-TD flight test was a "baby step" towards developing a fully reusable space launch vehicle. ISRO had sidelined its RLV program in recent years while focusing on other projects, but has renewed interest due to private companies like SpaceX developing reusable rockets. The successful test positions ISRO to compete with SpaceX and Blue Origin in developing low-cost reusable launch technologies. The RLV-TD is the first step towards India's Two Stage To Orbit reusable spaceplane.
I prepared this ppt on Insolvency and Bankruptcy Code, 2016 to give a brief overview of it. This Code has repealed various Acts and made the insolvency procedure easier.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
I prepared this ppt on Insolvency and Bankruptcy Code, 2016 to give a brief overview of it. This Code has repealed various Acts and made the insolvency procedure easier.
The Insolvency and Bankruptcy Code 2016 - A Step ForwardSumedha Fiscal
The new bankruptcy law isn’t a “magic wand”. The main
challenge will be implementation-adequacy of infrastructure
and skilled pool of insolvency professionals, who will help
with the fast implementation of the law.
CII-Sumedha Fiscal has come out with this knowledge paper
with the objective to touch upon the key aspects of the Code
and lay bare the issues and challenges.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
The presentation seeks to provide deep insight into the Pre-Packaged Insolvency Resolution Process introduced to the Insolvency and Bankruptcy Code, 2016 by way of enactment of Insolvency and Bankruptcy (Amendment) Ordinance, 2021 under Part II Chapter III-A of the Code.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
PPT on Insolvency and Bankruptcy Code, 2016 analysis the jargons, processes, access, limitations, opportunities, etc. A bried comparison with US Bankruptcy Code has also been stated and addressing issues like cross border insolvency amongst others issues. Also, the probe of recently notified transfer of pending proceedings has been made in the presentation.
Insolvency Resolution Process of Guarantors under IBCKaran Valecha
This presentation provides for the insolvency resolution process of guarantors to a corporate debtor. It further takes into account the nature and definition of a contract of guarantee and how the same is treated under the Insolvency and Bankruptcy Code, 2016 pointing out the key case laws on the subject followed by a brief discussion on the constitutional validity of notification enabling CIRP of personal guarantors.
As you may be aware that a new Insolvency and Bankruptcy Code ,2016 has been enacted.
It provides “RESOLUTION OF DEFAULT” in payment to lenders very fast process to settle the matter in 180 days.
The Government as well as RBI are pressing hard to lending Banks to settle their dues through this code.
The lending banks have already started issuing Notice to borrowers to take action to settle their defaulted Accounts.
Under this code Registered Insolvency Professionals (IP) have a pivotal role to Resolve the defaulted Loan.
We are a group of professionals and One of our founder director (Advocate Ashok Juneja) is also Registered as Insolvency Professioal (IP) with Insolvency and Bankruptcy Board of India as Insolvency Professional (IBBI)
Attached is PP on new code.
You are free to contact us if you have any query/ clarification
The presentation seeks to provide deep insight into the Pre-Packaged Insolvency Resolution Process introduced to the Insolvency and Bankruptcy Code, 2016 by way of enactment of Insolvency and Bankruptcy (Amendment) Ordinance, 2021 under Part II Chapter III-A of the Code.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
PPT on Insolvency and Bankruptcy Code, 2016 analysis the jargons, processes, access, limitations, opportunities, etc. A bried comparison with US Bankruptcy Code has also been stated and addressing issues like cross border insolvency amongst others issues. Also, the probe of recently notified transfer of pending proceedings has been made in the presentation.
Insolvency Resolution Process of Guarantors under IBCKaran Valecha
This presentation provides for the insolvency resolution process of guarantors to a corporate debtor. It further takes into account the nature and definition of a contract of guarantee and how the same is treated under the Insolvency and Bankruptcy Code, 2016 pointing out the key case laws on the subject followed by a brief discussion on the constitutional validity of notification enabling CIRP of personal guarantors.
A Structured Overview of Corporate Insolvency Regime in IndiaEquiCorp Associates
With the recent changes in the legal landscape of India, the Insolvency & Bankruptcy Code, 2016 (“Code”) is the biggest and major legal reforms in the recent times, which has curtailed the earlier extensive process of debt recovery and insolvency. The Code has repealed around eleven laws and provides a comprehensive and time bound mechanism to either put a distressed entity on a firm revival path or timely liquidation of assets.
The Adjudication Authority for companies shall be National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) and Supreme Court shall be the highest order of appeal or having jurisdiction to grant any stay or injunction in respect of matters within the domain of the NCLT and NCLAT.
The Insolvency and Bankruptcy Code, 2016 (Code) came into operation w.e.f 28th May, 2016.
It seeks to consolidate the existing framework by by creating a single law for Insolvency and Bankruptcy.
Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts as they are due.
Insolvency can occur when certain things happen, some of which may include: poor cash management, increase in cash expenses, or decrease in cash flow.
Insolvency & bankruptcy code an overviewChirag Gupta
An Overview of Insolvency and Bankruptcy Code, 2016 along with the process for resolution order and bankruptcy order against the debtor and how it will be beneficial for the Banks & Other lending institutions of India.
What is the procedure for corporate insolvency resolution under the IBC.pdfyamunaNMH
A recovery method made available to creditors under the Insolvency and Bankruptcy Code (IBC) is the Corporate Insolvency Resolution Process (CIRP). The concerned creditor or the corporate entity (the debtor) itself may start CIRP in the event that a corporate entity becomes insolvent (unable to repay debt).
Acquisory News Chronicle May 2016 - Article on Insolvency and Bankruptcy Code 2016 – A dawn in the era of Credit Market Laws
Latest Corporate News updates- RBI Bank, MCA, SEBI, Tax, DIPP and others
CORPORATE INSOLVENCY:
COMPANIES ACT 2016
Business is a combination of war and sport!!
- Andre Maurois
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2
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INSOLVENCY –
Insolvency – what does it mean?
Cessation of companies
New Corporate rescue mechanisms
Insolvent companies – what options are available?
1
2
3
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Insolvency is inability to pay debts.
When a company is unable to pay its debts, it may be subject to various insolvency proceedings.
The aim of insolvency approaches is for the insolvency administrator to take over the affairs of the debtor company in order to settle the debts of the creditors and distribute the insolvency proceeds to the rightful persons in accordance with law and equity.
Receivership
Compromise & Arrangement
Reconstruction and amalgamation of companies
Insolvency : Alternative Mechanisms
Corporate recovery plans
Cessation of business
Additional measures –introduced in CA2016
The aim is to help financially distressed companies to allow them to restructure their debts, to remain as a going concern and to avoid winding up.
Corporate Voluntary Arrangement (CVA)
Judicial Management (JM)
Winding up
Members’ voluntary winding up
Creditors’ voluntary winding up
Winding up by Court (compulsory)
Striking off
RECEIVERSHIP
Let’s start by briefly discussing on how lender’s interests are protected
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Receivership
“A company going into receivership would mean that its affairs are being managed by a ‘receiver’ or a ‘receiver and manager’. The company is not in liquidation except that the directors will have to surrender their rights to run the company’s business to the ‘receiver’ or ‘receiver and manager’ as a going concern”.
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INTRODUCTION TO RECEIVERSHIP
When a financial institution / debenture holders provides a financial loan or facility (or other creditors provide credits) to a company, the financial institution would want to have some form of security to recover the debt.
One form of security is through a charge on the immovable property of the company. The charge can take a form of fixed charge or floating charge.
The fixed and floating charge will commonly be set out in the debenture. The terms of the debenture will commonly allow for the appointment of a ‘receiver’ or ‘receiver and manager’ and has duty to realise the charged assets and utilise the proceeds to repay the financial institution.
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RECEIVERSHIP
A company goes into receivership when receiver is appointed by the debenture holder (or trustee) under a power contained in debenture or trust deed, or Court upon application.
The appointment by debenture holder is normally made in the event of a breach by the co of the conditions attached to the debentures.
The powers of the receiver under this form of insolvency administration are usually specified in a contractual agreement between the secured creditor and the company.
9
RECEIVERSHIP
A receivers’ task is to take possession of assets cover ...
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
1. The Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016, which is seen as a “transformational”
legislation that will help improve India’s ranking in the World Bank’s ‘Ease of Doing Business’ index. This would
lead to “friction-free” market processes that will help create jobs.
The Bill has also strengthened workmen rights as well as creditor rights. It has sought to provide a better deal for
workmen in the waterfall (priority of repayment of dues post liquidation).
The Bill ensures that there won’t be any “cherry picking” on the category of persons and that everybody
(workmen, secured creditors etc) will get liquidation proceeds on a pari-passu basis.
The new legislation is “transformational” and could pave the way for much broader and deeper debt markets in the
country. It would reduce the need for “personal guarantees” of promoters while availing bank loans.
The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework
dealing with insolvency of corporates, individuals, partnerships and other entities. It paves the way for much
needed reforms while focusing on creditor driven insolvency resolution.
The Code offers a uniform, comprehensive insolvency legislation encompassing all companies, partnerships and
individuals (other than financial firms). The Government is proposing a separate framework for bankruptcy
resolution in failing banks and financial sector entities.
One of the fundamental features of the Code is that it allows creditors to assess the viability of a debtor as a
business decision, and agree upon a plan for its revival or a speedy liquidation. The Code creates a new
institutional framework, consisting of a regulator, insolvency professionals, information utilities and adjudicatory
mechanisms, that will facilitate a formal and time bound insolvency resolution process and liquidation.
KEY HIGHLIGHTS
1. Corporate Debtors: Two-Stage Process
To initiate an insolvency process for corporate debtors, the default should be at least INR 100,000 (USD
1495) (which limit may be increased up to INR 10,000,000 (USD 149,500) by the Government). The Code
proposes two independent stages:
Insolvency Resolution Process, during which financial creditors assess whether the debtor's business is
viable to continue and the options for its rescue and revival; and
Liquidation, if the insolvency resolution process fails or financial creditors decide to wind down and
distribute the assets of the debtor.
(a) The Insolvency Resolution Process (IRP)
The IRP provides a collective mechanism to lenders to deal with the overall distressed position of a
corporate debtor. This is a significant departure from the existing legal framework under which the
primary onus to initiate a reorganisation process lies with the debtor, and lenders may pursue distinct
actions for recovery, security enforcement and debt restructuring.
The Code envisages the following steps in the IRP:
(i) Commencement of the IRP
A financial creditor (for a defaulted financial debt) or an operational creditor (for an unpaid operational
debt) can initiate an IRP against a corporate debtor at the National Company Law Tribunal (NCLT).
Lok Sabha passed the Insolvency and Bankruptcy Code Bill 2016
2. The defaulting corporate debtor, its shareholders or employees, may also initiate voluntary insolvency
proceedings.
(ii) Moratorium
The NCLT orders a moratorium on the debtor's operations for the period of the IRP. This operates as a
'calm period' during which no judicial proceedings for recovery, enforcement of security interest, sale or
transfer of assets, or termination of essential contracts can take place against the debtor.
(iii) Appointment of Resolution Professional
The NCLT appoints an insolvency professional or 'Resolution Professional' to administer the IRP. The
Resolution Professional's primary function is to take over the management of the corporate borrower and
operate its business as a going concern under the broad directions of a committee of creditors. This is
similar to the approach under the UK insolvency laws, but distinct from the "debtor in possession"
approach under Chapter 11 of the US bankruptcy code. Under the US bankruptcy code, the debtor's
management retains control while the bankruptcy professional only oversees the business in order to
prevent asset stripping on the part of the promoters.
Therefore, the thrust of the Code is to allow a shift of control from the defaulting debtor's management to
its creditors, where the creditors drive the business of the debtor with the Resolution Professional acting
as their agent.
(iv) Creditors Committee and Revival Plan
The Resolution Professional identifies the financial creditors and constitutes a creditors committee.
Operational creditors above a certain threshold are allowed to attend meetings of the committee but do
not have voting power. Each decision of the creditors committee requires a 75% majority vote. Decisions
of the creditors committee are binding on the corporate debtor and all its creditors.
The creditors committee considers proposals for the revival of the debtor and must decide whether to
proceed with a revival plan or liquidation within a period of 180 days (subject to a one-time extension by
90 days). Anyone can submit a revival proposal, but it must necessarily provide for payment of
operational debts to the extent of the liquidation waterfall.
The Code does not elaborate on the types of revival plans that may be adopted, which may include fresh
finance, sale of assets, haircuts, change of management etc.
(b) Liquidation
Under the Code, a corporate debtor may be put into liquidation in the following scenarios:
(i) A 75% majority of the creditor's committee resolves to liquidate the corporate debtor at any time
during the insolvency resolution process;
(ii) The creditor's committee does not approve a resolution plan within 180 days (or within the extended
90 days);
(iii) The NCLT rejects the resolution plan submitted to it on technical grounds; or
(iv) The debtor contravenes the agreed resolution plan and an affected person makes an application to the
NCLT to liquidate the corporate debtor.
Once the NCLT passes an order of liquidation, a moratorium is imposed on the pending legal proceedings
against the corporate debtor, and the assets of the debtor (including the proceeds of liquidation) vest in
the liquidation estate.
3. Priority of Claims
The Code significantly changes the priority waterfall for distribution of liquidation proceeds.
After the costs of insolvency resolution (including any interim finance), secured debt together with
workmen dues for the preceding 24 months rank highest in priority. Central and state Government dues
stand below the claims of secured creditors, workmen dues, employee dues and other unsecured financial
creditors. Under the earlier regime, Government dues were immediately below the claims of secured
creditors and workmen in order of priority.
Upon liquidation, a secured creditor may choose to realise his security and receive proceeds from the sale
of the secured assets in first priority. If the secured creditor enforces his claims outside the liquidation, he
must contribute any excess proceeds to the liquidation trust. Further, in case of any shortfall in recovery,
the secured creditors will be junior to the unsecured creditors to the extent of the shortfall.
2. Insolvency Resolution Process for Individuals/Unlimited Partnerships
For individuals and unlimited partnerships, the Code applies in all cases where the minimum default
amount is INR 1000 (USD 15) and above (the Government may later revise the minimum amount of
default to a higher threshold). The Code envisages two distinct processes in case of insolvencies:
automatic fresh start and insolvency resolution.
Under the automatic fresh start process, eligible debtors (basis gross income) can apply to the Debt
Recovery Tribunal (DRT) for discharge from certain debts not exceeding a specified threshold, allowing
them to start afresh.
The insolvency resolution process consists of preparation of a repayment plan by the debtor, for approval
of creditors. If approved, the DRT passes an order binding the debtor and creditors to the repayment plan.
If the plan is rejected or fails, the debtor or creditors may apply for a bankruptcy order.
3. Institutional Infrastructure
(a) The Insolvency Regulator
The Code provides for the constitution of a new insolvency regulator i.e., the Insolvency and Bankruptcy
Board of India (Board). Its role includes: (i) overseeing the functioning of insolvency intermediaries i.e.,
insolvency professionals, insolvency professional agencies and information utilities; and (ii) regulating the
insolvency process.
(b) Insolvency Resolution Professionals
The Code provides for insolvency professionals as intermediaries who would play a key role in the efficient
working of the bankruptcy process. The Code contemplates insolvency professionals as a class of
regulated but private professionals having minimum standards of professional and ethical conduct.
In the resolution process, the insolvency professional verifies the claims of the creditors, constitutes a
creditors committee, runs the debtor's business during the moratorium period and helps the creditors in
reaching a consensus for a revival plan. In liquidation, the insolvency professional acts as a liquidator and
bankruptcy trustee.
(c) Information Utilities
A notable feature of the Code is the creation of information utilities to collect, collate, authenticate and
disseminate financial information of debtors in centralised electronic databases. The Code requires
creditors to provide financial information of debtors to multiple utilities on an ongoing basis. Such
4. information would be available to creditors, resolution professionals, liquidators and other stakeholders in
insolvency and bankruptcy proceedings. The purpose of this is to remove information asymmetry and
dependency on the debtor's management for critical information that is needed to swiftly resolve
insolvency.
(d) Adjudicatory authorities
The adjudicating authority for corporate insolvency and liquidation is the NCLT. Appeals from NCLT orders
lie to the National Company Law Appellate Tribunal and thereafter to the Supreme Court of India. For
individuals and other persons, the adjudicating authority is the DRT, appeals lie to the Debt Recovery
Appellate Tribunal and thereafter to the Supreme Court.
In keeping with the broad philosophy that insolvency resolution must be commercially and professionally
driven (rather than court driven), the role of adjudicating authorities is limited to ensuring due process
rather than adjudicating on the merits of the insolvency resolution.
CONCLUSION
India currently ranks 136 out of 189 countries in the World Bank's index on the ease of resolving insolvencies.
India's weak insolvency regime, its significant inefficiencies and systematic abuse are some of the reasons for the
distressed state of credit markets in India today. The Code promises to bring about far-reaching reforms with a
thrust on creditor driven insolvency resolution. It aims at early identification of financial failure and maximising the
asset value of insolvent firms. The Code also has provisions to address cross border insolvency through bilateral
agreements and reciprocal arrangements with other countries. The unified regime envisages a structured and
time-bound process for insolvency resolution and liquidation, which should significantly improve debt recovery
rates and revitalise the ailing Indian corporate bond markets.
5. The Indian Space Research Organization joined the race to develop a space vehicle that can fly numerous times
into space like aeroplanes by successfully conducting the maiden test flight of a Reusable Launch Vehicle (RLV) -
Technology Demonstrator at the Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh.
Dr K Sivan the director of the Vikram Sarabhai Space Centre at Thiruvananthapuram where the RLV is being
developed has called the flight test “a baby step” in realizing a completely reusable space launch vehicle.
The development of the RLV despite being on the drawing board at ISRO for a few years now had taken a back
seat as the space agency focused on the GSLV program. The closure of the space shuttle program in the US in
2011 which involves RLV technologies also resulted in the sidelining of the RLV program at ISRO in recent years.
Fresh interest in RLVs has been triggered worldwide by the pioneering efforts of private companies like the Elon
Musk founded SpaceX in the US – in creating cost effective launch vehicles that like aeroplanes can fly hundreds of
times into space during their lifespan. SpaceX has since December 2015 demonstrated twice that apart from the
orbital second stage of a rocket even the booster used in the first stage of launch can be brought back to earth
and then re-used. SpaceX had projected a June 2016 re-launch of a first stage rocket recovered at sea on April 8,
2016. Apart from SpaceX agencies like Europe’s ESA, Japan’s JAXA and private companies like Blue Origin founded
by Amazon founder Jeff Bezos and the Orbital Sciences Corporation are currently trying to develop space launch
vehicles that are fully reusable.
The successful trial launch from Sriharikota puts India’s nascent space programme in direct competition with Elon
Musk’s Space X and Jeff Bezos’s Blue Origin in the field of low-cost, reusable launch vehicles.
The RLV -TD at Sriharikota is the first step in an Indian effort to develop a Two Stage To Orbit (TSTO) fully
reusable vehicle. Though manned space flight is the ultimate goal of RLVs the major advantage of development of
an RLV is the reduction in cost of space launches and space travel itself.
ISRO launches RLV-TD - first step towards reusable space
shuttle made in India