Podcast
Questions and Answers
Who headed the Bankruptcy Legislative Reforms Committee (BLRC)?
Who headed the Bankruptcy Legislative Reforms Committee (BLRC)?
T. K. Viswanathan
When was the Insolvency and Bankruptcy Code, 2015 introduced in the Lok Sabha?
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)?
Which ministry created the Bankruptcy Legislative Reforms Committee (BLRC)?
Ministry of Finance
What is the full form of RDDBFI Act, 1993?
What is the full form of RDDBFI Act, 1993?
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When was the report with the draft bill submitted by the Bankruptcy Legislative Reforms Committee (BLRC)?
When was the report with the draft bill submitted by the Bankruptcy Legislative Reforms Committee (BLRC)?
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When did Companies House become an official executive agency?
When did Companies House become an official executive agency?
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What types of companies are incorporated and registered with Companies House?
What types of companies are incorporated and registered with Companies House?
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What are limited companies required to file with Companies House?
What are limited companies required to file with Companies House?
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Under whose authority did Companies House operate from 2016?
Under whose authority did Companies House operate from 2016?
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What did the Joint Stock Companies Act 1844 create?
What did the Joint Stock Companies Act 1844 create?
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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.
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Description
Test your knowledge of the Indian law that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.
