In exercise of the powers conferred under sub-section (2) of section 28 read with section 59 of the Prohibition of Benami Property Transactions Act, 1988 (45 of 1988), and in supersession of the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, notification number S.O. 3290(E), dated the 25th October, 2016, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), dated the 25th October, 2016
a) To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times; b) The rating reports, both initial and subsequent, shall disclose both standalone credit rating (i.e., rating without taking into account the effect of PCE) as well as the enhanced credit rating (taking into account the effect of PCE).
The Insolvency and Bankruptcy Code is a transformational piece of legislation as it seeks to establish an ecosystem for handling Insolvency & Bankruptcy issues. The Code received Presidential Assent on 28th May, 2016 when the landmark Bill introduced in the Lok Sabha in November 2015 finally became an Act.
