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Company Law - In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]...
Read MoreCompany Law - Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and [&hel...
Read MoreCompany Law - On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process...
Read MoreCompany Law - An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...
Read MoreCompany Law - In these days of COVID-19 outbreak, all over the world everyone is seeing the negative impact of this pandemic i.e. global economic slowdown, job losses, loss of human lives etc. These impacts are measured and witnessed through various surveys and reports by respective authorities and governments....
Read MoreCompany Law - Report of the Committee of Experts to Examine the Need for An Institutional Framework for Regulation and Development of Valuation Professionals- VOLUME I – April 2020. Executive Summary A Profession is a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public ...
Read MoreCompany Law - Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to reco...
Read MoreCompany Law - This paper examines the proposal to use green channelling to give automatic approval to Insolvency Resolution Plans (IRP) that meet merger thresholds of the Competition Commission of India (CCI)....
Read MoreCompany Law - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NEW DELHI-110 003 Phone : 011-24698970, Fax : 24698972 NANDITA MISHRA Economic Adviser D.O. No. 361/4/2020-R&A Dated: 29.04.2020 Greetings from Ministry of Corporate Affairs. Hope you are all safe in these unprecedented difficult times that the world is seeing now. Taking matter forw...
Read MoreCompany Law - The application for registration as valuer of the applicant was received by the Authority only on 19th March 2019. There can be no doubt that the applicant must satisfy the eligibility conditions in accordance with the relevant laws prevalent at the time of grant of registration. When the application of the applicant was received by [&hel...
Read MoreIn re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) - In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the appli...
Read MoreArrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal) - The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the App...
Read MoreFoseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification for initiating CIRP is prospective or retrospective in effect?...
Read MoreState Bank of India Vs Metenere Ltd. (NCLAT) - State Bank of India Vs Metenere Ltd. (NCLAT) The fact that the proposed ‘Resolution Professional’ Mr. Shailesh Verma had a long association of around four decades with the ‘Financial Creditor’ serving under it and currently drawing pension coupled with the fact that the ‘Interim Resolution...
Read MoreV. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. (NCLAT) - Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section ...
Read MoreNotification No. S.O. 2144(E) - (30/06/2020) - Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993). Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:- 2. Definitions...
Read MoreNotification No. IBBI/2020-21/GN/REG061 - (30/06/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette....
Read MoreOrder No. IBBI/DC/26/2020 - (08/06/2020) - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/26/2020 8th June 2020 Order In the matter of Mr. Vijay Kumar Garg, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Sect...
Read MoreNo. 9 of 2020 - (05/06/2020) - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the...
Read MoreOrder No. IBBI/DC/25/2020 - (02/06/2020) - During the personal e-hearing, IP submitted that the errors committed by him during CIRP were bonafide mistakes and not intentional. DC observes that IP displayed a negligent approach during the conduct of CIRP...
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In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) -
Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal) -
Notification No. S.O. 2144(E) - (30/06/2020) -
Notification No. IBBI/2020-21/GN/REG061 - (30/06/2020) -
