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To make surety bond business more attractive, the government is going to make relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee). The surety is a company that provides the financial guarantee to the obligee (usually a government entity) that the principal (business owner) will fulfil their obligations. The Ministry of Corporate Affairs is looking into concerns raised by the insurers that they should have resort to recovery on par with the banks as forwarded by the Department of Financial Services under the finance ministry. Thus, relevant changes would be made in IBC to provide financial creditor status to the insurer under the resolution process.
The Competition Commission of India (CCI) has approved the merger of Fincare Small Finance Bank with AU Small Finance Bank. As per the terms of scheme o...
What is the theme of the 13th National Seed Congress held in Uttar Pradesh?
What is the new Minimum Support Price (MSP) of raw jute for the 2025-26 marketing season?
Who won the men’s singles final of the Indonesia Open 2025?
According to the latest data released by the Reserve Bank of India (RBI), credit card spending hit Rs 1.4 trillion in May for the first time.Which bank ...
Under the Setu Bandhan Scheme, how many bridge projects have been approved in Arunachal Pradesh for the fiscal year 2023-24, with a cumulative cost of �...
What is the objective of the Ministry of Culture and Indian Navy's MoU to revive the 2000-year-old 'stitched shipbuilding method'?
Which of the following private sector firm as inked a partnership with Adani Capital to offer customized financial solutions for its customers in the sm...
Which of the following statements best describes the significance of the ground-breaking ceremony for the Airbus H125 final assembly line in India?
Which private player has built India's first spy satellite, set to be launched in April?