10th August 2K20
Ø Defence reforms to steer India towards self reliance, boost indigenous production: Industry
Ø 'Up to $54-bn remittance loss for Asia-Pacific'
Ø BSNL to enhance data speed in A&N Islands
Ø IBBI lists out potential red flags for RPs
Ø IndusInd Bank acquires 7.82% stake in Eveready
Ø India attractive proposition for UK businesses exploring alternative to China: UKIBC
Ø 81% SMEs confident of recovery post Covid, 57% have no cash reserve: Survey
Ø Invoking self-reliant India, govt bans import of 101 defence items
Ø Saudi Aramco half-year profits plunge 50% due to Covid-19 pandemic impact
Ø NCLAT says no to insolvency proceedings against Gujarat Ambuja Exports
Ø Lupin, Sun Pharma recalling products in the US market, says USFDA
Ø PM Modi launches ₹1-lakh crore Agriculture Infrastructure Fund
Ø RIL’s financial services assets spike; indicate big plans are in the works
Ø Aurobindo Pharma enters Covid-19 vaccine race
Ø Renault India ramps up dealer network amid Covid-19 fight
Ø Spanish court declares IL&FS transport arm ‘insolvent’
Ø Asia-Pacific may see $31.4-54.3 bn remittance losses due to Covid-19: ADB
Ø HNIs' holding in Indian companies rises to ten-quarter high in Q1
Ø Huawei to stop smartphone chip production due to US sanctions
Ø Oil giant Aramco sticks with dividend even as profit crashes
Ø Govt proposes separate emission norms for agri machinery
Ø Airtel, Vodafone Idea priority plans: TRAI to give decision within 2 weeks of telcos reply
Ø India attracts $22 billion FDI during COVID-19: Amitabh Kant
Ø UltraTech expects subdued performance as economy slows down
Ø Telecom operators revenue growing strongly defying coronavirus, says Fitch
Ø India must focus on protecting economy not on what rating agencies think: Rajan
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✒️ Supreme Court has held that the mere fact that crime is heinous and that release of prisoner would send a negative message not relevant factors to deny probation
✒️ Jammu and Kashmir High Court has issued notices to the Union Ministry of Home Affairs and Union Territory Administration on a Petition challenging 100% domicile reservation in public employment, prevalent in the Union Territory.
✒️ Karnataka High Court has stayed the private complaint registered against a Judicial Magistrate First Class, under Sections 166, 205, 120 (A) 211, 219, 499 and 34 of the Indian Penal Code, 1860.
✒️ Kerela High Court has held that no bar on filing anticipatory bail applications in triple talaq cases , but should plead reasons for not approaching Magistrate.
✒️ Kerela High Court has held that Sec 57 of Transfer of property Act permits Court to declare a property free of encumbrance even against will of Encumbrancer.
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If Corporate Debtor is an MSME, even if the promoters/directors have been declared as wilful defaulters, they can apply under the provisions of Section 230 of the Companies Act, 2013 as they are exempted from Section 29A of IBC, 2016 – Ravindranath Narayana Rao Vs. Maruthanayagam Kathiresh – NCLT Chennai
Case Citation: [2020] ibclaw.in 59 NCLT
NCLT held that since the Corporate Debtor is an MSME, even if the promoters- directors have been declared as 'wilful defaulters', they can apply under the provisions of Section 230 of the Companies Act, 2013 as they are exempted from Section 29A of IBC, 2016. Even after the declaration of initiation of liquidation proceedings, the promoters- directors still have a chance to tender definite plan for taking over the company as a going concern or under the provisions of Section 230 of the Companies Act, 2013. The Regulation 2B of the IBBI (Liquidation Process) Regulations, 2016 contemplates that a period of 90 days has to be provided for completion of a Scheme of compromise or arrangement from the date of the order of liquidation, during which period the prospective Resolution Applicant can very well submit his Scheme under Section 230 of the Companies Act, 2013.
https://ibclaw.in/if-corporate-debtor-is-an-msme-even-if-the-promoters-directors-have-been-declared-as-wilful-defaulters-they-can-apply-under-the-provisions-of-section-230-of-the-companies-act-2013-as-they-are-exemp/
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⚫Invoking the PM Atmanirbhar Bharat initiative, the Ministry of Defence announced a phased, year-wise embargo on the import of 101 items of defence equipment. As an equipment type comes under the import embargo, the military will be required to buy it from Indian defence manufacturers.
⚫PM will present a new outline for a self-reliant India in his address to the nation from the ramparts of the Red Fort on August 15.The various depts and ministries of the Govt are working seriously to implement Modi's initiative for a self-reliant India and that it is an attempt to give a fresh dimension to Mahatma Gandhi's push for 'Swadeshi'.
⚫Overseas investors remained net buyers in Indian markets by investing a net of Rs 7,842 crore in equities and Rs 485 crore in the debt segment crore in the first week of August amid better than expected results by big Indian co's.
⚫The flood situation in Bihar remained grim as 87,000 more people were affected by the deluge. The total number of flood-affected people in the state has risen to 74 lakh, while deaths caused due to the deluge stood at 23.
⚫With a record single day increase of 64,399 cases, India's Covid tally mounted to 2.15 million, while the death toll climbed to 43379 with 861 new fatalities being reported in a day.
⚫Nearly 3,800 central security force personnel have so far infected by the Covid-19 disease in almost all the states in the region.
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