bankruptcy code

Liquidation process for Corporate Persons

Corporate Law - The provisions dealing with the liquidation of corporate persons are imbibed in the chapter III of the part II of the Insolvency and Bankruptcy code....

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Analysis of 4 recent NCLT Ruling on Insolvency Bankruptcy Code, 2016

Corporate Law - Article explains following 4 FAQs based on recent NCLT Rulings- 1. Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? 2. Whether non-cooperation of suspended management and non –availability of assets in Company can be an ground for initiation of Liquidation ...

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Synopsis on Sarfaesi Act Vs Insolvency and Bankruptcy code, 2016

Corporate Law - Introduction Introduction of INSOLVENCY AND BANKRUPTCY CODE, 2016 has done away with overlapping provisions contained in The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI ACT) 2002. Let’s distinguish between both Acts. SARFAESI Act The Securitisation and Reconstruction of Fina...

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Insolvency and Bankruptcy Board of India- Few things to know

Corporate Law - The present situation of IL&FS is similar to “Lehman Brothers crisis” that happened way back in 2008.In the present time what has happened in IL&FS cannot be undone but the need of the hour is to find recourse for IL&FS....

Read More

Insolvency Code – Crime & Punishment

Corporate Law - The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

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Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

Corporate Law - 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 a...

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IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Corporate Law - IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   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 to the conditions that the r...

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IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

Corporate Law - On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

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Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016

Corporate Law - Insolvency and Bankruptcy Laws Group jointly with the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has decided to bring out a publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 in the form of a series. The Series 1 is being brought out with this publication....

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Governance of Insolvency Professional Agencies and Information Utilities

Corporate Law - The IPAs have responsibility to develop and regulate the profession of IPs. They carry out quasi-legislative, executive and quasi-judicial functions. While they are public utilities and front-line regulators, they must compete with one another in terms of service rendered by their members acting as IPs....

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Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT Delhi) - National Company Law Appellate Tribunal (NCLAT) held that Corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code (IBC), 2016....

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Limitation Act applicable to applications filed U/s. 7 & 9 of IBC since its Inception: SC

B.K. Educational Services Private Limited Vs Parag Gupta And Associates (Supreme Court of India) - It is thus clear that since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted....

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Priority of Tax Dues In Liquidation?

Leo Edibles & Fats Limited vs TRO (Andhra Pradesh High Court) - The manner of distribution of the assets of a company during liquidation is fraught with ambiguity and settlement of such claims arising out of it has inconvenienced the parties concerned since the advent of the Insolvency and Bankruptcy Code, 2016 (Code). ...

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270 Days Time Limit to Complete Insolvency Resolution Process Mandatory: SC

Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India) - Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India)  Any person who wishes to submit a resolution plan, if he or it does so acting jointly, or in concert with other persons, which person or other persons happen to either manage or control or be promoters of...

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Insolvency & Bankruptcy Code-Home buyers: Most outstanding judgement – reduction of voting share

Nikhil Mehta & Sons (HUF) & Ors vs M/s AMR Infrastructure Ltd (NCLT, New Delhi) - In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decisi...

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IBBI: Draft Specimen of Information Memorandum, Evaluation Matrix & Resolution Plan

No. IBBI/PR/2018/33 - (26/11/2018) - IBBI invites Suggestions and Comments on Draft Specimen: a. Information Memorandum b. Evaluation Matrix c. Request for Resolution Plans, and d. Resolution Plan....

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IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Notification No. No. IBBI/2018-19/GN/REG038 - (22/10/2018) - IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   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 regulati...

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IBBI (Liquidation Process) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG037 - (22/10/2018) - No. IBBI/2018-19/GN/REG037 These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018....

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Valuation under Insolvency and Bankruptcy Code, 2016

Notification No. IBBI/RV/019/2018 - (17/10/2018) - It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made thereunder....

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IBBI Committee instructs IP to undergo pre-registration educational course

Order No. No. IBBI/DC/10/2018 - (15/10/2018) - Mr. Gupta to undergo the pre-registration educational course specified under regulation 5(b) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 from his Insolvency Professional Agency to improve his understanding of the Code and the regulations made thereund...

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Recent Posts in "bankruptcy code"

Liquidation process for Corporate Persons

The provisions dealing with the liquidation of corporate persons are imbibed in the chapter III of the part II of the Insolvency and Bankruptcy code....

Read More
Posted Under: Corporate Law |

Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

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 a...

Read More
Posted Under: Corporate Law |

IBBI: Draft Specimen of Information Memorandum, Evaluation Matrix & Resolution Plan

No. IBBI/PR/2018/33 (26/11/2018)

IBBI invites Suggestions and Comments on Draft Specimen: a. Information Memorandum b. Evaluation Matrix c. Request for Resolution Plans, and d. Resolution Plan....

Read More

Analysis of 4 recent NCLT Ruling on Insolvency Bankruptcy Code, 2016

Article explains following 4 FAQs based on recent NCLT Rulings- 1. Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? 2. Whether non-cooperation of suspended management and non –availability of assets in Company can be an ground for initiation of Liquidation ...

Read More
Posted Under: Corporate Law |

Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT Delhi)

National Company Law Appellate Tribunal (NCLAT) held that Corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code (IBC), 2016....

Read More
Posted Under: Corporate Law | |

Synopsis on Sarfaesi Act Vs Insolvency and Bankruptcy code, 2016

Introduction Introduction of INSOLVENCY AND BANKRUPTCY CODE, 2016 has done away with overlapping provisions contained in The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI ACT) 2002. Let’s distinguish between both Acts. SARFAESI Act The Securitisation and Reconstruction of Fina...

Read More
Posted Under: Corporate Law |

Insolvency and Bankruptcy Board of India- Few things to know

The present situation of IL&FS is similar to “Lehman Brothers crisis” that happened way back in 2008.In the present time what has happened in IL&FS cannot be undone but the need of the hour is to find recourse for IL&FS....

Read More
Posted Under: Corporate Law |

Insolvency Code – Crime & Punishment

The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

Read More
Posted Under: Corporate Law |

IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Notification No. No. IBBI/2018-19/GN/REG038 (22/10/2018)

IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   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 to the conditions that the r...

Read More

IBBI (Liquidation Process) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG037 (22/10/2018)

No. IBBI/2018-19/GN/REG037 These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018....

Read More

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