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IBBI allows RPs to invite resolution plans for individual asset sales
In a move aimed at resolving insolvencies of large corporate debtors and conglomerates, the Insolvency and Bankruptcy Board of India (IBBI) has allowed resolution professionals to invite resolution plans not only for the company as a whole but also for the sale of one or more of its assets.
The latest amendments to the IBBI regulations for the insolvency of corporate debtors state: 'The resolution professional may, with the approval of the committee, invite expression of interest for submission of resolution plans for the corporate debtor as a whole, or for sale of one or more of the assets of the corporate debtor, or for both.'
The IBBI notification dated 26 May also provides that the committee of creditors may direct the resolution professional to invite providers of interim finance to attend as observers, though without voting rights.
'These changes were necessary to address inefficiencies, improve transparency, and protect creditor interests amid evolving economic challenges, as the previous framework struggled with delays and inequitable outcomes. Now, the process should become more flexible and creditor friendly,' said Sonam Chandwani, managing partner, KS Legal & Associates.
The Ministry of Corporate Affairs is also expected to introduce an IBC amendment Bill in the upcoming monsoon session of Parliament.

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Indian Express
6 hours ago
- Indian Express
Today in Politics: Modi government completes first year in third term, 11th overall
The Narendra Modi-led NDA government at the Centre will mark its first anniversary in the third term and 11th overall on Monday. In its 11th year in power, the BJP went back to the drawing board to recraft its political and governance outreach and regained momentum by notching up surprisingly big wins in a string of Assembly polls as the burst of fresh optimism in the main Opposition Congress and other INDIA bloc parties following last year's Lok Sabha polls fizzled out. If the BJP turned the tide in Haryana and Maharashtra, two states where it suffered reverses in the Lok Sabha polls, on the back of its welfare measures and social engineering associated with regional leadership, it also finally wrested Delhi after 26 years, eclipsing its adversary Arvind Kejriwal of the Aam Aadmi Party (AAP) on his home turf. The BJP now appears set to make a fresh political charge after recouping the ground lost in the national polls a year back while the Opposition is back to its disjointed self, with the Congress searching for an elusive and emphatic state poll win in a state. BJP rivals like West Bengal Chief Minister Mamata Banerjee-led TMC and Kejriwal have drifted away from the Congress and the likes of Shiv Sena (UBT) and NCP (SP) stare at an uncertain future. Despite the reduced majority, the Modi government has gone about with pushing ahead with the contentious part of its agenda. The support it received from the TDP, JD(U) and Chirag Paswan-led LJP (RV) in the passage of the Waqf (Amendment) Bill in Parliament, despite some voices of concern among them over its provisions, underscored the BJP's unchallenged dominance following its assembly poll wins. The government has also gone ahead with the push to its 'One Nation One Election' bills, which are being scrutinised by a Joint Committee of Parliament, despite lacking the two-thirds majority required for the approval of the constitutional amendment measure. Shivraj Singh Chouhan in Telangana Union Minister for Agriculture and Farmers Welfare Shivraj Singh Chouhan is scheduled to visit 'Viksit Krishi Sankalp Abhiyan' (VKSA) programme sites in Ranga Reddy district of Telangana on Monday. The visit intends to facilitate interaction with farmers and provide strategic guidance to enhance the campaign's impact, an official release said. During the visit, the minister will interact with the farmers in Mansanpally and Ramachandraguda villages of the district. About 1,500 farmers and farm women from across Telangana are expected to participate in the scientist-farmer interaction session to gain insights into sustainable practices, improved technologies, and integrated approaches to agriculture and aquaculture, it said. An exhibition will also be organised to showcase innovations and products by Telangana KVKs and ICAR institutes of Hyderabad. – With PTI inputs


Time of India
3 days ago
- Time of India
Trump-Musk spat spills onto social media: Blow-by-blow account of how the tiff unfolded
The bromance between the world's richest person and the world's most powerful politician is up in flames. And you can simply head to their social media handles for a front-row seat. Elon Musk bid farewell to the White House only last week, and even then uncertainty loomed over whether he had actually left. The Tesla chief executive had said he would remain a friend and advisor to US President Donald Trump as he stepped away from the Department of Government Efficiency (DOGE), tasked with trimming government expenses. Soon after his pivot away from the Trump administration, Musk bashed Trump's 'Big, Beautiful Bill', stating it would cause fiscal deficit to spike trillions of dollars. Trump-Musk spat: A social media timeline It started with Musk reposting yesterday an X post on the bill from the Christian news satire site The Babylon Bee, captioned: 'Congress Warns Failure to Pass Spending Bill Might Delay Destruction of the Country' Live Events — TheBabylonBee (@TheBabylonBee) Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Musk made a direct swipe at the president, reposting a 2013 tweet from Trump criticising Republicans for raising the debt ceiling. — elonmusk (@elonmusk) Musk reported another one of Trump's old tweets, which stated that no member of Congress should be eligible for re-election if the nation's budget is not balanced. — elonmusk (@elonmusk) Meanwhile, Trump was meeting German Chancellor Friedrich Merz in the Oval Office. He stated that Musk is upset because the bill withdraws EV subsidy. He claimed that the Tesla chief knew this. — psychodelic_me2 (@psychodelic_me2) Meanwhile, Musk changed tack to praise Trump for scrapping the high-speed rail project in California, calling it a sensible move. — elonmusk (@elonmusk) He briefly turned his attention ot the bill, backing the EV and solar incentive cuts, 'even though no oil & gas subsidies are touched (very unfair!!)'. — elonmusk (@elonmusk) But he soon went back to criticising Trump, denying the President's claim that the billionaire knew the workings of the bill. — elonmusk (@elonmusk) Musk claimed that without his support, "Trump would have lost the election, Dems would control the House and the Republicans would be 51–49 in the Senate." Notably, a recent report claimed that he was consuming drugs on the campaign trail, which Musk has denied . — elonmusk (@elonmusk) He followed with a post showing Teslas lined up in front of the White House, tagging Trump with the caption 'Remember this?' — elonmusk (@elonmusk) Trump's retaliation came hard and heavy. In a post on the Truth Social, the US President stated that Musk was 'wearing thin' and was asked to leave. The US president said the easiest way to save money would be to terminate government subsidies and contracts granted to Musks companies. Musk said the remark about wearing thin and asked to leave was an 'obvious lie'. — elonmusk (@elonmusk) He reposted a comment on how withdrawing government contracts to Musk would be detrimental to the International Space Station. — elonmusk (@elonmusk) Things got personal, as Musk said it's time to 'drop a really big bomb'. He claimed that the files related to financier Jeffrey Epstein were being withheld because they carried Trump's name. — elonmusk (@elonmusk) He said SpaceX would decommission the Dragon spacecraft, which carries people and supplies to the International Space Station. — elonmusk (@elonmusk) Meanwhile, Tesla shares took a beating, falling 14% in their biggest decline since March. Later in the evening, Musk signalled willingness to call a truce, and that SpaceX would not decommission Dragon. — elonmusk (@elonmusk) Also Read: Musk-Trump breakup puts billions in SpaceX contracts at risk, jolting US space program
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Business Standard
3 days ago
- Business Standard
PF withdrawal decoded: Timelines, common delays, how to ensure smooth claim
Withdrawing your Provident Fund (PF) should ideally be a straightforward process, but in reality, many employees face avoidable delays. Here's a breakdown of how PF withdrawal works, why delays happen, and what you can do to avoid them. How Long Does It Take to Get Your PF? If your KYC is verified and your employer has updated your exit date, the EPFO usually processes your PF claim within 7–15 working days. But often, claims get delayed due to small but critical issues—like mismatched Aadhaar or bank details, or your employer not completing the exit formalities online. "The typical timeline for receiving Provident Fund (PF) withdrawal proceeds, upon successful submission of a claim, ranges between seven to fifteen working days, provided all Know Your Customer (KYC) credentials are duly verified and the employer has confirmed the exit date. However, in practice, delays are frequently encountered due to discrepancies in the employee's Aadhaar, bank account details, or the employer's failure to update the exit status on the Employees' Provident Fund Organisation (EPFO) portal. Under Paragraph 69 of the Employees' Provident Funds Scheme, 1952, the disbursal of PF is to be effected upon due verification, and any unjustified delay in settlement may be challenged before the Regional Provident Fund Commissioner or escalated through the EPFO grievance redressal mechanism," said Sonam Chandwani, Managing Partner at K S Legal Associates. Which Forms Are Required? Form 19 – For final settlement of PF. Form 10C – For EPS (pension scheme) withdrawal if you're below 58 years. Form 10D – For monthly pension if you're 58 or older. Form 15G / 15H – For TDS exemption if your withdrawal is above ₹50,000 and you meet eligibility criteria. "One of the primary procedural difficulties encountered by claimants relates to the determination of the appropriate form to be used, particularly in distinguishing between Form 10C and Form 10D. Claimants often struggle with understanding whether they are eligible for a lump-sum withdrawal or a monthly pension, or whether the exit formalities have been duly completed by the employer. Moreover, confusion persists in relation to the applicability of Form 15G or 15H for TDS exemption, especially in the absence of adequate explanation on the EPFO portal. These procedural ambiguities are exacerbated by the lack of structured legal guidance and the limited responsiveness of the employer or field office concerned," said Chandwani. Why Do PF Claims Get Delayed or Rejected? Exit Date Not Updated: Employers often forget or delay updating the exit date on the EPFO portal. KYC Mismatch: Discrepancies in Aadhaar, PAN, or bank details. Unverified Bank Accounts: Your bank account must be linked and verified with your UAN. E-nomination Not Done: EPFO has made e-nomination mandatory; claims are blocked if this step is skipped. Incorrect Form Use: Many struggle with whether to use Form 10C or 10D, especially for pension-related claims. DSC Approval Pending: Employer's digital signature not provided or delayed. "In many instances, employers default in their obligations under Section 5 of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, by not fulfilling exit formalities despite cessation of employment. Such failures often result in the rejection of claims, although employees may seek recourse by filing a complaint against the employer or by raising the issue before the EPFO authorities," Chandwani added. Compliance Checklist Before You Apply Aadhaar, PAN, and bank account verified and linked to your UAN E-nomination completed on the EPFO portal Employer has updated your exit date Appropriate form chosen based on age and eligibility No mismatch in IFSC codes or file formats during upload Claim filed after rent-free period if applicable EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether. Technical difficulties during the uploading of documents remain a persistent concern for applicants. Common issues include portal errors during Aadhaar authentication, incorrect or incompatible file formats, file size limitations, and IFSC code mismatches with the bank account number provided. In cases where employer Digital Signature Certificate (DSC) approval is necessary, delays are encountered due to the employer's non-responsiveness or administrative inefficiency. Although these challenges are procedural in nature, they often culminate in the denial or undue delay of statutory entitlements under Paragraph 69 of the PF Scheme. Common Technical Issues Aadhaar verification errors File upload problems due to size or format IFSC code mismatches Portal crashing or not reflecting updated employer status What to Do If Your Claim Is Delayed or Rejected First step: Raise a grievance through the EPFO Grievance Portal Escalation: Approach the Regional PF Commissioner Legal Route: If all else fails, you can file a writ petition in the High Court under Article 226 for enforcement of your statutory rights. Further compliance checks are triggered under the Income Tax Act for TDS purposes. Incomplete fulfilment of these pre-requisites commonly leads to rejection of the application. It is pertinent to note that the EPFO has made e-nomination compulsory, and failure to complete the same often results in the portal disallowing the submission of the claim altogether.