bankruptcy code

Law on Withdrawal of Winding Up Petition

Company Law - This article focusses on the development and current position of the legal proposition of withdrawal of the winding up petition under the 3 phases of Company Law in India- the Companies Act,1956; Companies Act,2013 and the Insolvency and Bankruptcy Code,2016, along with what the Supreme Court of India recently held on the constitutionalit...

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Two years of insolvency and Bankruptcy Code (IBC)

Company Law - The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...

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Applicability of IBC proceedings in Struck off Companies

Company Law - Can Corporate Insolvency Resolution Process be initiated against a company which has been struck off under Section 248 of the Companies Act, 2013?...

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Liquidation process for Corporate Persons

Company 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

Company 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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Letter to newly registered IPs for attending NCLT proceedings

Company Law - It is, therefore, essential that an IP is familiar with the processes and procedures followed for filing and submission before the NCLT. In furtherance of this, at the request of the IBBI, the NCLT has kindly agreed to allow a newly registered IP to attend and observe the proceedings of NCLT for five days. ...

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IBBI Syllabus of Valuation Exam for Asset Class- Plant & Machinery

Company Law - Syllabus of Valuation Examination for Asset Class- Plant and Machinery with effect from 1st April 2019 Insolvency and Bankruptcy Board of India No. IBBI/PR/2018/39 31st December, 2018 Press Release The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th Octob...

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Provisional list of IPs prepared in accordance with Insolvency Professionals

Company Law - Provisional list of IPs prepared in accordance with Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018....

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

Company 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

Company 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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SC order on resolution plan for Kamineni Steel & Power

K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India) - K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India) In the present case, however, we are concerned with the provisions of I&B Code dealing with the resolution process. The dispensation provided in the I&B Code is entirely different. In terms of Section 30 of the I&B ...

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NCLAT approves Revised Resolution Plan for Binani Cement by UltraTech Cement

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) - Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Lim...

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SC upheld Constitutional Validity of various provisions of Insolvency & Bankruptcy Code

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) - Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) The Insolvency Code is a legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations ha...

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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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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"

Law on Withdrawal of Winding Up Petition

This article focusses on the development and current position of the legal proposition of withdrawal of the winding up petition under the 3 phases of Company Law in India- the Companies Act,1956; Companies Act,2013 and the Insolvency and Bankruptcy Code,2016, along with what the Supreme Court of India recently held on the constitutionalit...

Read More
Posted Under: Corporate Law |

SC order on resolution plan for Kamineni Steel & Power

K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India)

K. Sashidhar Vs Indian Overseas Bank & Ors. (Supreme Court of India) In the present case, however, we are concerned with the provisions of I&B Code dealing with the resolution process. The dispensation provided in the I&B Code is entirely different. In terms of Section 30 of the I&B Code, the decision is taken collectively...

Read More

NCLAT approves Revised Resolution Plan for Binani Cement by UltraTech Cement

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi)

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Limited, gist of which noticed earlier and ...

Read More
Posted Under: Corporate Law | |

Letter to newly registered IPs for attending NCLT proceedings

It is, therefore, essential that an IP is familiar with the processes and procedures followed for filing and submission before the NCLT. In furtherance of this, at the request of the IBBI, the NCLT has kindly agreed to allow a newly registered IP to attend and observe the proceedings of NCLT for five days. ...

Read More
Posted Under: Corporate Law |

SC upheld Constitutional Validity of various provisions of Insolvency & Bankruptcy Code

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India)

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) The Insolvency Code is a legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations having failed, ‘trial‘ […]...

Read More

Two years of insolvency and Bankruptcy Code (IBC)

The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...

Read More
Posted Under: Corporate Law |

IBBI Syllabus of Valuation Exam for Asset Class- Plant & Machinery

Syllabus of Valuation Examination for Asset Class- Plant and Machinery with effect from 1st April 2019 Insolvency and Bankruptcy Board of India No. IBBI/PR/2018/39 31st December, 2018 Press Release The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th Octob...

Read More
Posted Under: Corporate Law |

Provisional list of IPs prepared in accordance with Insolvency Professionals

Provisional list of IPs prepared in accordance with Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018....

Read More
Posted Under: Corporate Law |

Applicability of IBC proceedings in Struck off Companies

Can Corporate Insolvency Resolution Process be initiated against a company which has been struck off under Section 248 of the Companies Act, 2013?...

Read More
Posted Under: Corporate Law |

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 |

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