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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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Mint
a day ago
- Mint
Reform push: Insurance amendment bill heads to Parliament; changes to IBC, Companies Act will have to wait
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News18
a day ago
- News18
Delhi Govt Accepts Ordinance To Regulate School Fees, Imposes Strict Penalties
Last Updated: Ashish Sood said that the decision by the Delhi government will play a crucial role in controlling arbitrary fee hikes by 1,677 private schools in Delhi in the future. The Delhi Cabinet on Tuesday approved an ordinance to regulate the fee structure in private schools. This ordinance allows the city government to impose fines of up to Rs 10 lakh on schools and revoke their right to propose fee revisions if they violate norms, reported PTI. During a press conference, Delhi's Education Minister Ashish Sood announced that the cabinet, chaired by Chief Minister Rekha Gupta, approved the ordinance. This decision is based on the proposed Delhi School Education (Transparency in Fixation and Regulation of Fees) Bill, 2025. 'The ordinance will be sent for presidential assent through the Lieutenant Governor. This is a day of happiness for parents whose children study in private schools. It will eventually take the form of a law," Sood said. He mentioned that the decision by the Delhi government will play a crucial role in controlling arbitrary fee hikes by 1,677 private schools in Delhi in the future. The draft ordinance, approved by the cabinet on April 29, imposes strict penalties on schools that arbitrarily increase fees, including the loss of the right to propose fee revisions, the report added. It specifies that if a school charges fees exceeding the allowed norms, it must refund the excess amount within 20 working days. For the first offence, the school will be fined between Rs 1 lakh and Rs 5 lakh. For repeat offences, the penalty will range from Rs 2 lakh to Rs 10 lakh. If the school fails to refund the amount within the stipulated time, the fine will double after 20 days, triple after 40 days, and continue increasing with each 20-day delay. The ordinance also has provisions for penalising repeated violators, the PTI report added. Three committees will be established to oversee the fee regulation process — one at the school level, one at the district level, and a Revision Committee at the highest level. The 'Revision Committee' will be the final authority on disputes or decisions related to school fees. It will be led by the Director of Education and include an eminent educationist, a chartered accountant, the Controller of Accounts, representatives from schools and parents, and a former education official. Its decisions will be binding for three years. The 'District Committee' will be chaired by the District Director of Education, with members including the Deputy Director of Education of the zone, two school principals nominated by the Directorate of Education (DoE), and two parents' representatives also nominated by the DoE. This committee will resolve disputes between school management and the School Level Fee Regulation Committees. Every private unaided school, including those offering Indian and foreign curricula, minority institutions, and those allocated land at concessional rates, must establish a 'School Level Fee Regulation Committee' each academic year by July 15. This committee will be chaired by a school management representative, with the Principal serving as Secretary. Other members will include three teachers, five parents (selected by lot), and one DoE nominee. The committee must include at least one member from the SC/ST/OBC categories and at least two women. Its tenure will last one academic year. Fee-related appeals can first be taken to the District Committee. Any aggrieved party, including parents, school management, or the School Level Committee, can escalate the issue to the Revision Committee, which the government will officially notify. The list of committee members must be displayed within seven working days of formation. The committee must hold a general meeting before August 15 and perform its functions as per the Act. Parents cannot serve on the committee for more than two consecutive years, and a two-year gap is required before being eligible for nomination again. Schools are granted the autonomy to propose fees within a set framework. For the academic year 2025–26, the fees already charged from April 1, 2025, will be treated as the proposed fees. However, any school whose recognition has been suspended, found guilty of violating the Act, or penalised twice in succession under Section 14, will not be allowed to propose any fee hikes. Stay updated with the latest education! Get real-time updates on board exam results 2025, entrance exams such as JEE Mains, Advanced, NEET, and more. Find out top schools, colleges, courses and more. Also Download the News18 App to stay updated! tags : school fee Location : New Delhi, India, India First Published: June 11, 2025, 16:08 IST News education-career Delhi Govt Accepts Ordinance To Regulate School Fees, Imposes Strict Penalties
India Today
a day ago
- India Today
Delhi private schools may face Rs 10 lakh fine for fee violations under new rule
In a significant step aimed at protecting parents from unjustified school fee hikes, the Delhi Cabinet has approved an ordinance that seeks to tighten regulations on private school fees and impose strict penalties for violations. The ordinance, based on the draft Delhi School Education (Transparency in Fixation and Regulation of Fees) Bill, 2025, will now be sent for presidential approval through the Lieutenant the decision, Delhi's Education Minister Ashish Sood said the move is a major victory for parents, especially those with children studying in private unaided schools. This is a landmark day. Once enacted into law, it will prevent schools from hiking fees arbitrarily,' he PENALITIES FOR VIOLATIONSThe ordinance empowers the government to fine private schools up to Rs 10 lakh for non-compliance. For first-time violations, the penalty ranges from Rs 1 to Rs 5 lakh. Repeat offenders could face fines of between Rs 2 and Rs 10 lakh. Additionally, if a school fails to refund excess fees collected in violation of the norms within 20 working days, the penalty amount will double every 20 days of delay. Schools that repeatedly flout regulations may also lose their right to propose future fee hikes, and members of their management could be disqualified from holding key COMMITTEES FOR OVERSIGHTadvertisementTo ensure proper oversight, the ordinance provides for the creation of three-tiered committees at the school, district, and revision levels. The top-tier Revision Committee—headed by the Director of Education—will include government officials, financial experts, and parent representatives, with its rulings binding for three SCHOOL-LEVEL FEE COMMITTEESAll private schools, including those offering international curricula or minority institutions on subsidised land, will be required to establish a School Level Fee Regulation Committee annually by July 15. This committee will include members from both staff and parent communities, with mandates to reflect diversity and FOR FEE PROPOSALS AND RESTRICTIONS ON OFFENDERSThe government clarified that while schools retain the right to propose fees, they must do so within a defined framework. Schools under suspension or repeated penalty will be barred from suggesting any revisions for the academic year.(With PTI inputs)Must Watch
