STRATEGIC TRANSFER OF OWNERSHIP OF AIR INDIA COMPLETED

STRATEGIC PARTNER FOR NEELANCHAL ISPAT NIGAM LIMITED SELECTED

PUBLIC ISSUE OF THE LIC EXPECTED SHORTLY

NATIONAL BANK FOR FINANCING INFRASTRUCTURE AND DEVELOPMENT & NATIONAL ASSET

RECONSTRUCTION COMPANY COMMENCED THEIR ACTIVITIES

CENTRE FOR PROCESSING ACCELERATED CORPORATE EXIT (C-PACE) TO BE ESTABLISHED TO QUICKEN WINDING-UP OF COMPANIES

AMENDMENTS IN IBC TO ENHANCE EFFICACY OF THE RESOLUTION PROCESS

“Towards implementation of the new Public Sector Enterprise policy, the strategic transfer of ownership of Air India has been completed”, said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget for 2022-23, in Parliament today. She further said that the strategic partner for NINL (Neelanchal Ispat Nigam Limited) had been selected. Also, the public issue of the LIC was expected shortly. Others too are in the process for 2022-23. 

       Smt. Sitharaman further said that the National Bank for Financing Infrastructure and Development (NaBFID) and National Asset Reconstruction Company had commenced their activities.

Accelerated Corporate Exit

Smt. Sitharaman stated that several IT-based systems had been established for accelerated registration of new companies. She said that now the Centre for Processing Accelerated Corporate Exit (C-PACE) with process re-engineering, would be established to facilitate and speed up the voluntary winding-up of these companies from the currently required 2 years to less than 6 months.  

Insolvency and Bankruptcy Code

The Finance Minister further stated that necessary amendments in the Insolvency and Bankruptcy Code would be carried out to enhance the efficacy of the resolution process and facilitate cross border insolvency resolution.

 

Accelerated corporate exit to shorten voluntary winding-up timelines and support insolvency reforms including cross-border resolution The government completed a strategic transfer of a major national carrier, selected a strategic partner for a state steel enterprise, and expects a large insurer's public issue. New institutions for infrastructure finance and asset reconstruction have commenced. A Centre for Processing Accelerated Corporate Exit (C-PACE) will be set up to shorten voluntary winding-up timelines using IT systems, and amendments to the Insolvency and Bankruptcy Code are proposed to enhance resolution efficacy and facilitate cross-border insolvency.