Comments of post budget around IBC by Soumitra Majumdar, Partner, JSA Advocates & Solicitors

This is certainly an interesting move – need to examine the details. One of the ills plaguing IBC is the time blocked in litigations on procedural matters. If an integrated tech platform can offer consistent solutions for clearing this bottle- neck, that in itself can significantly propel the IBC systems. Technology can also help courts expedite their decisions on substantive issues. Further, any efficiencies in reduction of process -costs and uncertainties (like delayed claim filings by tax authorities) through technological innovations, will also directly improve lender recoveries. Together with these, streamlining the prioritisation of commercial claims by government/ its instrumentalities/ departments, would also help resolve a significant number of pending matters.

Comments around employment by Raj Ramachandran, Partner, JSA Advocates & Solicitors

Encouraging new employment generation while lending a fiscal hand of support

The proposal to reimburse employers upto INR 3000 per month for 2 years for employee’s provident fund contributions is an interesting change with the government lending a hand and nudging employers towards new employment generation.

Additionally, the new scheme will provide a month’s wage and contribute to provident fund, applicable to new workforce in formal sectors, thereby encouraging new hires.

Other applicable conditions for the benefits remain to be seen, but definitely a step in the right direction to address a key issue of employment.

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Shiv Yadav

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