bankruptcy code

Resolution vs. Liquidation: The Real Spirit of Insolvency and Bankruptcy Code, 2016

Corporate Law - Revival of the stressed company may be the primary objective of the Code, but official data show that more companies have gone for liquidation in the new regime so far than the resolution as lenders have failed to endorse any viable plan for their revival. According to the data available on the IBBI website, till the end of June 2018, tot...

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Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016

Corporate Law - Introduction  The Provisions of voluntary winding up have been removed from the Companies Act, 2013 and are now governed by the IBC, 2016. Ministry of Corporate Affairs vide notification dated 30th March, 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate persons...

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I&B Code 2016, section 21: Member of Committee of Creditors – a serious discussion

Corporate Law - Insolvency and Bankruptcy Code, 2016, experts say, emanated from the noble hearts of the rulers who decided to help those who gave their life savings/assumption of unlimited liabilities based on the beautiful pictures and glib lectures of mostly young kids on flats, villas or dream like palaces but on a razor thin margin of reality. I fee...

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Personal Guarantors and Moratorium under IBC

Corporate Law - There was ongoing debate with regards to interpretation of Section 14, Insolvency and Bankruptcy Code that whether moratorium will apply to personal Guarantors as various High Court and NCLAT gave conflicting decision. The Article analysed the same lacuna and states how the law is now settled by the Apex Court Pronouncement....

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German Insolvency Law, with latest reforms

Corporate Law - Germany introduced the Bankruptcy Act, 1877 ranking itself as one of the topmost industrial nations which allowed its industries to opt for bankruptcy, if needed. After a long period, in 1999, with twenty years of discussions, hearings and meetings, Insolvency Statute replaced the relevant acts in erstwhile West Germany as well as the Eas...

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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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Control and resolution of NPAs

Corporate Law -  The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lendi...

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IBC: Financial Creditors realized claims of approx Rs. 47426 crore

Corporate Law - The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment....

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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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Income Tax cannot be recovered during Liquidation Process under IBC

Leo Edibles & Fats Limited Vs The Tax Recovery Officer (Central) (Andhra Pradesh HC) - Leo Edibles & Fats Limited Vs TRO (Central) (Andhra Pradesh HC) Section 178 of the Act of 1961 is titled ‘Company in liquidation’. Under sub-section (1) thereof, the liquidator of a company which is being wound up, or a person who is appointed as a Receiver of the assets of such company has ...

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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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IBBI amends 3 Insolvency Regulations

Press Release No. IBBI/PR/2018/29 - (11/10/2018) - IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board ...

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Salient amendments in IBBI (Insolvency Professionals) Regulations, 2016

Press Release No. IBBI/PR/2018/30 - (11/10/2018) - a. An insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30thof April every year;...

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IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG35. - (11/10/2018) - Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018....

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Recent Posts in "bankruptcy code"

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 thereunder, before accepting any assignment unde...

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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....

Read More

IBBI amends 3 Insolvency Regulations

Press Release No. IBBI/PR/2018/29 (11/10/2018)

IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulat...

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Salient amendments in IBBI (Insolvency Professionals) Regulations, 2016

Press Release No. IBBI/PR/2018/30 (11/10/2018)

a. An insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30thof April every year;...

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IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG35. (11/10/2018)

Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018....

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IBBI (Information Utilities) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG34 (11/10/2018)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2018....

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IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG33 (11/10/2018)

Eligibility for registration. No person shall be eligible for registration as an insolvency professional agency unless it is a company registered under section 8 of the Companies Act, 2013 ...

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IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG036 (11/10/2018)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2018. (2) They shall come into force on the date of publication in the Official Gazette....

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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). ...

Read More

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