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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.
As per the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 the Collector shall pass Rehabilit...
Service of summons on a male member of defendantrsquo;s family is :
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Ensuring the safety, health and welfare of the employees is the primary purpose of the _________________
What is private document?
When principal may revoke agent's authority as per the Contract Act?
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The maximum sentence of imprisonment a Chief Judicial Magistrate can impose is:
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