bankruptcy code

Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code)

Income Tax - Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code) SECTION 55 -58 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, READ WITH IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 CHAPTER II, PART II OF THIS CODE (Procedural Manner) CHAPTER VII, PART II OF THIS CODE (Offence...

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Critical Analysis on Insolvency and Bankruptcy Code, 2016

Income Tax - NCLT i.e. Adjudicating Authority (Section 5(1)) has recently held that after admission of petition, nature of petition changes to representative suit and the lis doesnt remain only between operational creditor and operational debtor. ...

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Review of RBI directive regarding provisioning on debts referred to NCLT under IBC 2016

Income Tax - Code will facilitate early, transparent and fair resolution of liquidity problems. Hence, the position of lenders under the Code is much better compared to earlier laws as discussed above. Therefore, there is no justification whatsoever in RBI directive to banks to create provision of 50% of the outstanding debt at the time of application...

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IBC 2016: A Resolution Mechanism or Recovery Tool or Both

Income Tax - We have a unique law in the name of Insolvency and Bankruptcy Code -2016 in force in whole of India except part 111 shall not extend to the state of Jammu and Kashmir. This Act is called a code and not an Act because it is a compendium of many acts meaning thereby with this code has caused the repeal of many acts...

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Over Riding Effect of IBC Code on Other Acts

Income Tax - In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to section 238 of IBC Code, 2016....

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RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Income Tax - Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

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IBBI invites comments from public on Regulations notified under IBC, 2016

Income Tax - Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject...

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IBBI constitutes Working Group to implement IBC, 2016

Income Tax - The Insolvency and Bankruptcy Board of India has constituted a Working Group for recommending the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 to deal with insolvency and bankruptcy in respect of (i) Guarantors to Corporate Debtors, and (ii) Individuals having Business, and draftin...

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Insolvency Professional without Certificate of Registration?

Income Tax - IBC Code read with the Regulations allow only a person having the required qualification and experience to be enrolled as a member of an IPA and thereafter registered as an IP with the IBBI. Only such a person can act as IP and render services as an IP under the Code. ...

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Insolvency Professionals to act as Interim Resolution Professionals (Recommendation) Guidelines, 2017

Income Tax - Section 16 (3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in case an operational creditor has made an ...

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Petition under IBC 2016 cannot be withdrawn by mutual settlement: NCLT

Re. Parker Hannifin India Private Limited (NCLT Kolkata) - After admission of Petition under IBC 2016, the nature of petition changes to representative suit and the lis does not remain only between Operational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission....

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IBBI Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017

IBBI/2017-18/GN/REG 012 - (14/06/2017) - An insolvency professional shall be eligible to be appointed as a resolution professional for a fast track process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor....

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Cabinet clears Bill to deal with crisis in banks, insurers

Press Release No. PIB Release/DL/981 - (14/06/2017) - The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill....

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IBBI (Inspection and Investigation) Regulations, 2017

Notification No. No. IBBI/2017-18/GN/REG011 - (12/06/2017) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....

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Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017

S.O. 1683(E) - (24/05/2017) - In the Insolvency and Bankruptcy Code, 2016, in the Eighth Schedule, relating to amendment to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, in section 4, in clause (b), after the second proviso, the following provisos shall be inserted, namely:—...

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Govt notifies few provisions related to voluntary liquidation or bankruptcy

S.O. 1570(E) - (15/05/2017) - Central Government hereby appoints the 1st April, 2017 as the date on which the provisions of clause (a) to clause (d) of section 2 of the Code relating to voluntary liquidation or bankruptcy shall come into force....

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Recent Posts in "bankruptcy code"

RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

Read More
Posted Under: Corporate Law |

Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code)

Fast Track Insolvency Process of Corporate Person (Chapter IV of Part II of the Code) SECTION 55 -58 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, READ WITH IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 CHAPTER II, PART II OF THIS CODE (Procedural Manner) CHAPTER VII, PART II OF THIS CODE (Offence...

Read More
Posted Under: Corporate Law |

IBBI invites comments from public on Regulations notified under IBC, 2016

Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject...

Read More
Posted Under: Corporate Law |

Critical Analysis on Insolvency and Bankruptcy Code, 2016

NCLT i.e. Adjudicating Authority (Section 5(1)) has recently held that after admission of petition, nature of petition changes to representative suit and the lis doesnt remain only between operational creditor and operational debtor. ...

Read More
Posted Under: Corporate Law |

Review of RBI directive regarding provisioning on debts referred to NCLT under IBC 2016

Code will facilitate early, transparent and fair resolution of liquidity problems. Hence, the position of lenders under the Code is much better compared to earlier laws as discussed above. Therefore, there is no justification whatsoever in RBI directive to banks to create provision of 50% of the outstanding debt at the time of application...

Read More
Posted Under: Corporate Law |

IBC 2016: A Resolution Mechanism or Recovery Tool or Both

We have a unique law in the name of Insolvency and Bankruptcy Code -2016 in force in whole of India except part 111 shall not extend to the state of Jammu and Kashmir. This Act is called a code and not an Act because it is a compendium of many acts meaning thereby with this code has caused the repeal of many acts...

Read More
Posted Under: Corporate Law |

Over Riding Effect of IBC Code on Other Acts

In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to section 238 of IBC Code, 2016....

Read More
Posted Under: Corporate Law |

Treatment of Real Estate “Advance”- NCLT- Insolvency Code

In this Flash editorial column, the author begins by referring the provisions of Operational & Financial Creditor of Insolvency and Bankruptcy Code, 2016 in relation to Treatment of Advance for Real Estate Project....

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Posted Under: Corporate Law |

Time Limits under IBC are Mandatory

In this Flash editorial column, the author begins by referring the provisions of Insolvency and Bankruptcy Code, 2016 in relation to Times Lines given under IBC Code, 2016....

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Posted Under: Corporate Law |

Mandatory Filing of Certificate from Financial Institution in case of Operational Creditor – NCLT – Insolvency Code

In this Flash editorial, the author begins by referring the provisions of Section 9(3) (c) of IBC, 2016 in relation to Certificate from Financial Institution. Since the code come into effect from December 2016 all the applicants/ creditors have begun to file applications under the Code. ...

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Posted Under: Corporate Law |
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