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.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the umbrella law for insolvencies and reorganizations in India. Although, insolvency proceedings are considered a debt recovery tool. However, it has only been enacted for reorganization and insolvency resolution of the corporate debtor.
Limitation Act, 1963 applies to the proceedings under the Insolvency and Bankruptcy Code, 2016 in the matters relating to the initiation of the corporate insolvency resolution process(CIRP) based on time-barred debt.
IBC is fueling mergers and acquisition transactions in India. Learn about IBC and how it is changing the M&A landscape in the country.