Insolvency and Bankruptcy Board of India 

Release of publication “Frequently Asked Questions (FAQs)” on Insolvency and Bankruptcy Code, 2016 (Feb 08,2022)

The Insolvency and Bankruptcy Board of India, in association with the Committee on Insolvency & Bankruptcy Code, Institute of Chartered Accountants of India (ICAI), released a publication titled “Frequently Asked Questions (FAQs)” on Insolvency and Bankruptcy Code, 2016. 
The publication is the revised, enriched version of the publication released by ICAI in 2017, with a view to create awareness and disseminate knowledge about the Code, in easy-to-understand FAQs format. The revised edition covers the developments in the Code and subordinate legislation during the period. 



Supreme Court

SC denies nod to Amazon to file written note in a case filed by Future Retail (Feb 08, 2022)

The Supreme Court on February 08, 2022 did not allow Amazon to file written submission in a case related to  Future Retail's plea for nod to proceed with the National Company Law Tribunal (NCLT) permission of going ahead with Rs 24,731 crore merger deal with Reliance Retail. 
The Supreme Court, which had reserved its order on February 3, was irked over the alleged delayed request of the US-based e-commerce major to file the written note in the case and said that it appeared to be a "luxurious litigation".


Business News

IL&FS to distribute Rs 20,000 cr proceeds to creditors by March end (February 09, 2022)


The board of debt laden Infrastructure Leasing & Financial  Services (IL&FS) has approved a proposal enabling interim distribution of proceeds to the extent of Rs 20,000 crore by March end (2022) to creditors of the group from the resolution of the entities of the group. An affidavit has been filed with National Company Law Appellate Tribunal (NCLAT) by the government on behalf of IL&FS to permit and approve the interim distribution mechanism, post which the proceeds can be transferred to the creditors.

Banking and Finance 

Over 1,45,000 bank fraud complaints in FY21 (Feb 08, 2022)

Fraud complaints registered by the RBI under the various Ombudsman schemes in different categories have risen to 1,45,309 in 2020-21 against 1,35,448 in FY20, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on February 08, 2022. "RBI has informed that on comparing the complaints against ATM/Debit Cards, Credit Cards and Mobile/Electronic Banking during the period from 2019-20 to 2020-21, there is a decline of 13.01%.

Market Summary

Stock Market Indices (as on 09.02.2022)

BSE Sensex                        58465.97(+657.39)
Nifty 50                               17463.80(+197.05

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