Podcast Beta
Questions and Answers
Who headed the Bankruptcy Legislative Reforms Committee (BLRC)?
T. K. Viswanathan
When was the Insolvency and Bankruptcy Code, 2015 introduced in the Lok Sabha?
23 December 2015
Which ministry created the Bankruptcy Legislative Reforms Committee (BLRC)?
Ministry of Finance
What is the full form of RDDBFI Act, 1993?
Signup and view all the answers
When was the report with the draft bill submitted by the Bankruptcy Legislative Reforms Committee (BLRC)?
Signup and view all the answers
When did Companies House become an official executive agency?
Signup and view all the answers
What types of companies are incorporated and registered with Companies House?
Signup and view all the answers
What are limited companies required to file with Companies House?
Signup and view all the answers
Under whose authority did Companies House operate from 2016?
Signup and view all the answers
What did the Joint Stock Companies Act 1844 create?
Signup and view all the answers
Study Notes
Bankruptcy Legislative Reforms Committee (BLRC)
- The BLRC was headed by Dr. K.V. Kamath, who is known for his significant contributions to banking and financial reform in India.
- The report with the draft bill was submitted by the BLRC in November 2015.
Insolvency and Bankruptcy Code, 2015
- The Insolvency and Bankruptcy Code was introduced in the Lok Sabha on December 21, 2015.
- This code aims to streamline the insolvency process and provide a framework for bankruptcy resolution in India.
Creation of BLRC
- The BLRC was created by the Ministry of Finance with the objective of reforming the insolvency framework in India.
RDDBFI Act, 1993
- The full form of RDDBFI Act is the "Recovery of Debts Due to Banks and Financial Institutions Act, 1993".
- This act provided a mechanism for banks and financial institutions to recover debts that are owed to them.
Companies House
- Companies House became an official executive agency on April 1, 2016, streamlining its operations under a formal framework.
- Various types of companies, including public and private limited companies, are incorporated and registered with Companies House.
Filing Requirements for Limited Companies
- Limited companies are required to file annual accounts and confirmation statements with Companies House to maintain compliance and transparency.
Authority of Companies House
- From 2016, Companies House operated under the authority of the Department for Business, Energy, and Industrial Strategy (BEIS).
Historical Context - Joint Stock Companies Act 1844
- The Joint Stock Companies Act 1844 established the framework for creating joint stock companies in the UK, facilitating the incorporation process and expanding business opportunities.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of the Indian law that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.
