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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.
How much has the Rajasthan government allocated for research and training facilities for teachers during 2023-24 under the Teacher Interface for Excell...
Which state/UT recorded the highest voter turnout in the recently concluded Lok Sabha election?
Which of the following statements is/are correct?
1.An increase in GDP can be a result of an increase in demand for goods and services, which can...
Who has become India's number 1 chess player?
Researchers at which of the following institutes developed a low-cost star sensor for astronomy and small CubeSat class satellite missions in March 2023?
Who served as the chairperson of the Experts Committee responsible for preparing material for the Constituent Assembly?
Who built the 'Thousand Pillars Palace' during the Sultanate period?
What is the purpose of the financial inclusion dashboard 'Antardrishti' launched by RBI Governor Shaktikanta Das?
Which one of the following pairs is not correctly matched?
Geographical features: State
Consider the following statements about Green Ammonia:
1. It is produced by using hydrogen from water electrolysis and nitrogen separated from ...