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Corporate Law - Despite the long-term effects of the 2008 economic crisis and global recession, the number of workers living in severe poverty has decreased significantly over the last 25 years. The middle class now accounts for more than 34% of total jobs in developing countries, a figure that has nearly tripled between 1991 and 2015....
Read MoreCorporate Law - Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...
Read MoreCorporate Law - Pre-packaged Insolvency Resolution Process by Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Co...
Read MoreCorporate Law - Hon’ble Supreme Court in the matter of Naveen Chandra Steels Private Limited Vs. SREI Equipment Finance Limited & Ors. has directed vide order dated 01st March, 2021 that a petition either under section 7 or section 9 of the IBC is an independent proceeding which is unaffected by winding up proceedings that may be filed qua the same com...
Read MoreCorporate Law - The companies made default in honouring the financial liabilities to the Banks, Financial Institutions etc, are usually declared as insolvent by the NCLT Order and the Corporate Insolvency Resolution Process starts by appointing the Insolvency Resolution Professional. Such companies are open for sale by the Committee of Creditors (“COCâ...
Read MoreCorporate Law - The Code provides a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in distress. The objective of such reorganisation and resolution is maximisation of value of assets of the persons to promote entrepreneu...
Read MoreCorporate Law - President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 The President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th April 2021. The Cabinet had approved on 31st March 2021 the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through the Insolvency ...
Read MoreCorporate Law - Panel of IPs prepared in accordance with 'Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 for appointment as Administrator for a period from April 1, 2021 to September 30, 2021....
Read MoreCorporate Law - As per information from Insolvency and Bankruptcy Board of India (IBBI), details for the period from 01.04.2020 to 31.12.2020 of the number of companies declared bankrupt in the country after the lockdown was imposed due to COVID-19 pandemic is as under:...
Read MoreCorporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Provisional list of IPs prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointmen...
Read MoreRajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) - Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some advers...
Read MoreLaxmi Pat Surana Vs Union Bank of India (Supreme Court of India) - Laxmi Pat Surana Vs Union Bank of India (Supreme Court) The fact that the principal borrower had availed of credit/loan and committed default and that the (corporate) guarantor/corporate debtor had offered guarantee in respect of the loan account is not disputed. What is urged by the appellant is th...
Read MoreIndus Biotech Private Limited Vs Kotak India Venture (Offshore) Fund (Earlier Known As Kotak India Venture Limited) & Ors. (Supreme Court of India) - Indus Biotech Private Limited Vs Kotak India Venture (Offshore) Fund (Earlier Known As Kotak India Venture Limited) & Ors. (Supreme Court) It is clarified that in any proceeding which is pending before the Adjudicating Authority under Section 7 of IB Code, if such petition is admitted upon the A...
Read MoreKripa Cashew Exports Vs Royals International Trade And Allied Products Pvt. Ltd. (NCLT Kerala) - Kripa Cashew Exports Vs Royals International Trade And Allied Products Pvt. Ltd. (NCLT) In the present case, the first point which arises for consideration is whether the debt falls within the purview of Operational Debt under Section 5 (21) of the I&B Code,2016? To arrive at a decision, this Tr...
Read MoreJaypee Kensington Boulevard Vs NBCC (Supreme Court India) - Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors. (Supreme Court ) For what has been discussed and held on the relevant points for determination, our findings and conclusions are as follows: A. The Adjudicating Authority has limited jurisdiction i...
Read MoreNotification No. IBBI/2021-22/GN/REG071 - (09/04/2021) - Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....
Read MoreNotification No. S.O. 1543(E). - (09/04/2021) - Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code....
Read MoreNotification No. F. No. 30/20/2020 - (09/04/2021) - These rules may be called the Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021. They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification NO. 3 OF 2021 - (04/04/2021) - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterpr...
Read MorePress Release No. IBBI/PR/2021/07 - (19/03/2021) - IBBIa has brought out this ‘Handbook on Ethics’, to stimulate the highest standards of ethics and professionalism among the IPs, together with British High Commission, who facilitated in obtaining inputs on the best practices followed by Insolvency Practitioners in UK....
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Notification No. IBBI/2021-22/GN/REG071 - 09/04/2021
Notification No. S.O. 1543(E). - 09/04/2021
Notification No. F. No. 30/20/2020 - 09/04/2021
Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) - 01/01/1970
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Notification NO. 3 OF 2021 - 04/04/2021
