Wilful defaulters are considered as entities that do not pay back money despite the ability to do so. The concept of 'Wilful Defaulter' has been explained by the Master Circular issued by RBI (under the Banking Regulation Act, 1949).
SEBI has recently tweaked the 25% Minimum Public Shareholding (MPS) requirement for companies undergoing insolvency process. It also segregated assets as well as liabilities of mutual funds & eased norms governing promoter participation in follow-on public offers.
PayPal has been hit by Rs. 96 Lakh penalty by the Financial Intelligence Unit (FIU) for alleged contravention of the anti-money laundering law and accused of 'concealing' suspect financial transactions and abetting "disintegration" of India's financial system.
A three-month extension of the suspension of insolvency proceedings has been issued by the Corporate Affairs Ministry, in furtherance of the Insolvency and Bankruptcy Ordinance, 2020.
PUFE Transactions are covered under sections 43, 45, 66, and 50 of the Insolvency and Bankruptcy Code, 2016. It lists four types of vulnerable transactions, namely Preferential, Undervalued, Fraudulent, and Extortionate.
MSMEs have to resort to the standard Corporate Insolvency Resolution Process for maximization of value of assets.
FinCEN Files are a set of over 2,100 “Suspicious Activity Reports” (SARs) and other documents, filed by banks with the United States Department of the Treasury’s Financial Crime Enforcement Network.
Section 29A is a restrictive provision and specifically lists down the persons who are not eligible to be resolution applicants. It is relevant to the sale during liquidation, as well as sale outside the liquidation process.