Shut down if no profit..!? New order..!

Recession fears around the world are causing companies to cut costs and lay off employees and shut down unprofitable or unprofitable projects. Similarly, the central government has urged India's public sector companies to go to bankruptcy court to close loss-making deals, accelerating the central government's plan to reduce its public sector holdings. According to guidelines issued by the central government on Monday, public sector companies must file for bankruptcy under the Insolvency and Bankruptcy Code (IBC) within three months of the approval of the body of parliamentarians for loss-making units, Reuters reported. The government plans to close loss-making units of companies almost nine months from the date a company seeks permission. Similarly, PSUs can choose to close down their corporate units by approaching the Ministry of corporate Affairs, the current regulation says.
The new norms are expected to be a new impetus to speed up the narendra modi government's move to reduce the central government's presence in government agencies. According to the government, the biggest problem is dealing with ownership of land when closing down a company. So that these land issues do not become a hindrance during the closure of PSUs, the parent companies of the closing companies have been asked to separate the land assets of their subsidiaries. This will speed up the work of the central government. It has also been asked to waive the compensation payable by the state governments for the land leased to the companies.The Prime Minister-led central government has set a target of raising Rs 65,000 crore by privatizing government enterprises in FY2023. As a result, companies are getting ready to be privatized one after the other. A few days ago, it was reported that Container Corp of india and air india have decided to privatize other branches of the company even as the prime minister Modi-led central government has decided to sell the shares of IDBI Bank.Similarly, the indian Renewable Energy Development Agency, an engineering consultancy of the Jal shakti Ministry, Wapcos Ltd, a construction company, and Export Credit Guarantee Corp. of india Ltd. are planning to issue 3 IPOs.

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bankruptcy law

Sowmiya Sriram

15/11/2022 09:41 PM