Page 14 - Banking Finance September 2019

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IBBI changes liquidation Govt to hike time-limit to appeal NRC

norms In a bid to provide relief to the residents of Assam who find themselves excluded
from the National Register of Citizens (NRC) to be
In a bid to make the process of liqui- published on August 31, the Union home ministry
dation will amend the citizenship rules to increase the
time- time-limit for filing appeals in foreigners tribunals
bound, to 120 days from the existing 60 days. The deci-
the In- sion was taken at a review meeting on the NRC
solvency chaired by home minister Amit Shah which was attended by Assam Chief Minister
and Bankruptcy Board of India (IBBI) Sarbananda Sonowal and Registrar General of India Vivek Joshi, among others.
has brought some changes in the
process of liquidation. According to “As it may not be possible for all those excluded from final NRC to file the ap-
peal within the prescribed time, MHA will amend the rules to increase the
the new rules, the process must be
present time limit of filing of appeals in FTs from 60 days to 120 days regarding
finished within one year of its com-
mencement. exclusion from the final NRC. The Citizenship (Registration of Citizens and Issue
of National Identity Cards) Rules, 2003, are also being amended accordingly,”
It is stated by the new regulations the home ministry said in a release.
that a compromise between the
stakeholders must happen within 90 It was further decided that in order to facilitate the persons excluded from NRC,
days of the liquidation order. adequate arrangements will be made by the state government to provide full
opportunity to appeal against their non-inclusion. Every individual, whose name
As per the amendments, the finan- does not figure in the final NRC, can represent his/her case in front of the ap-
cial creditors are required to contrib- pellate authority i.e. foreigners tribunals.
ute towards the liquidation costs,
when the company does not have re- President honours Pranab, Nanaji, Hazarika with
sources, which can be later recov-
ered with interest. Bharat Ratna
The government tabled these President Ram Nath Kovind conferred the Bharat Ratna, the country’s highest
amendments to the Insolvency and civilian award, on former President Pranab
Bankruptcy Code in Parliament re- Mukherjee, Bharatiya Jana Sangh leader Nanaji
cently. These mandate completion of Deshmukh, and singer Bhupen Hazarika at a func-
the process within 330 days, after tion held at the Rashtrapati Bhavan. Hazarika and
which the debtor company goes for Deshmukh were given the Bharat Ratna posthu-
liquidation. This is an increase from mously. ‘Pranab Da’, who was President between 2012 and 2017, is the fifth
the existing 270 days. President to receive this award.

14 | 2019 | SEPTEMBER | BANKING FINANCE