IBBI amends rules for corporate resolution, voluntary liquidation process

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The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation.


The (IBC) envisages appointment of an authorised representative by the adjudicating authority to represent financial creditors in a class, like allottees under a real estate project, in the Committee of Creditors (CoC).



In this regard, regulations require the interim resolution professional to offer a choice of three insolvency professionals in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.


The latest amendments provide that the three insolvency professionals offered by the interim resolution professional “must be from the State or Union Territory, which has the highest number of creditors in the class as per records of the corporate debtor,” an official release said on Friday.


Further, an authorised representative should seek voting instructions only after circulation of minutes of meeting and vote accordingly.


ALSO READ: Rules amended for faster resolution of MNCs’ tax disputes under MAP


“He shall, however, circulate the agenda, and may seek preliminary

Homegoods to pet supplies: Uber moving into delivery as service offering

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The recovery of the mobility business of has been led by Asia, excluding India, said the ride-hailing giant’s chief executive officer Dara Khosrowshahi.


“Our mobility business, I would describe as a tale of 10,000 cities. Our mobility recovery is clearly dependent on the public health situation in any given area. Asia, excluding India, is in the recovery lead,” said Khosrowshahi during an earnings call on Thursday. “We’ve seen gross bookings of Hong Kong and New Zealand at times exceed pre-Covid highs. European trends have also been encouraging,” he said.


posted revenue of $2.2 billion, declining 29 per cent year-over-year in the second quarter of 2020. The net loss was $1.8 billion as Covid-19 pandemic continues to pound the transportation industry. Mobility revenue declined 67 per cent year-over-year.




Khosrowshahi said the company is adding auto-rickshaws and motorbikes since it expects many riders in emerging markets to shift from public minibuses towards these lower-cost options.


However, the revenue at Eats doubled to $1.2 billion, driven by a huge demand for food delivery as people continue to stay home. The delivery revenue grew 103 per cent year-over-year.

At Least 16 Dead As India Airliner Crashes On Landing

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At least 16 people were killed Friday when a passenger jet overshot and skidded off the runway as it landed in southern India, breaking into two pieces, officials said.

Dozens of people were injured, 15 of them seriously, after the Air India Express Boeing 737 originating from Dubai touched down in Kozhikode in heavy rain.

The airline said more than 190 passengers and crew were on board the plane that, according to the aviation ministry, plunged 10 metres (35 feet) down a slope off the end of the raised so-called table-top runway.

Television footage showed the fuselage of the jet ripped apart and surrounded by emergency personnel working in the dark, spraying the wreckage with water although there was no sign of any fire.

Sakeen K., the district medical officer in the nearby city of Malappuram, said that 16 people had died.

“We are still ascertaining the toll,” she told AFP.

Kozhikode official Seeram Sambasiva said that the two pilots were among the dead.

Senior local policeman Abdul Karim told AFP said that another 15 passengers “have critical injuries. It is still a developing situation.”

“We have at least 89 people, many of them with serious injuries, admitted at different

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