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Corporate Law - this modern legislation is working towards bringing a paradigm shift in the manner of resolution of distressed firms in the country, it is important to note that the practice of recovery of debt from the person of the debtor has been a common practice since the inception of insolvency law....
Read MoreCorporate Law - With the introduction of the Insolvency and Bankruptcy Code, 2016 (Code), the consolidation of fragmented laws relating to reorganisation in distressed situations, insolvency resolution to reconstitute the company's promoters, novate the loan agreements, settle dues of workmen and employees and pay the financial creditors (FCs) and operat...
Read MoreCorporate Law - A brief discussion about the theoretical basis for cross-border insolvency will help us to understand the issue in the proper perspective. According to Irit Mevorach, the theoretical basis for cross-border insolvency veers around three legal theories, namely Universalism, Territorialism and Modified Universalism...
Read MoreCorporate Law - The Fresh Start (FS) Chapter under the personal insolvency provisions in the Insolvency and Bankruptcy Code, 2016 (Code) has generated a fair bit of controversy. Reports in the media seem to have given the impression that this is a 'loan waiver' for all small borrowers....
Read MoreCorporate Law - New personal insolvency laws were designed to maximise the potential to promote efficiency and economic development. However, the design of a personal insolvency law and its impact on efficiency and growth are relatively less explored considering that this law is relatively new and still evolving compared to the law on corporate insolvenc...
Read MoreCorporate Law - We thank the Insolvency and Bankruptcy Board of India for providing us an opportunity of developing a framework for Group Insolvency under the Insolvency and Bankruptcy Code, 2016. We believe that the framework recommended by the Working Group would take the insolvency reform a step forward....
Read MoreCorporate Law - (a) An IP shall undertake CPE in compliance with these Guidelines to keep his registration valid. (b) Authorisation for assignment shall not be issued or renewed to an IP who fails to comply with these Guidelines. (c) These Guidelines shall not apply to IPs who have completed the age of 65 years....
Read MoreCorporate Law - IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016...
Read MoreCorporate Law - In order to provide relief to money lenders, i.e., banks and financial institutions, the Union Cabinet has given green signal on long awaited amendments to the Insolvency and Bankruptcy Code. This amendment puts red bull’s eye on timelines and maximize the value of an insolvent entity from the resolution plan as a going concern....
Read MoreCorporate Law - Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal....
Read MoreGaurav Hargovindbhai Dave Vs Asset Reconstruction Company (India) Ltd.& Anr. (Supreme Court) - NCLT reached the conclusion that since the limitation period was 12 years from the date on which the money suit has become due, the aforesaid claim was filed within limitation and hence admitted the Section 7 application. The NCLAT vide the impugned judgment held, following its earlier judgments, th...
Read MoreJignesh Shah & Anr. Vs Union of India & Anr. (Supreme Court of India) - Winding up petition filed in October 2016 by IL&FS Financial Services Ltd. against La-Fin before the Bombay High Court which was transferred to the NCLT with respect to the alleged default by La-Fin in not complying with its undertaking to buy back 442 lakh equity shares of MCX-SX (a group company o...
Read MoreCommittee of Creditors of Amtek Auto Ltd. Vs Mr. Dinkar T.Venkatasubramanian & Ors. (NCLAT Delhi) - Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order 'As we have noted that more than 270 days have been completed much earlier and...
Read MorePioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) - Judgement dated 9th August, 2019 of the Hon’ble Supreme Court of India in the matter of Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. WP (C) No. 43/2019 and other petitions. While dismissing the various petitions filed by builders and upholding the constit...
Read MoreSSMP Industries Ltd Vs Perkan Foods Processors Pvt Ltd (Delhi High Court) - The Court held that Plaintiff’s and the Defendant’s claim needs to be adjudicated comprehensively by the same forum. Till the defence is adjudicated, there is no threat to the assets of the Plaintiff and the continuation of the counter claim would not adversely impact its assets....
Read MorePress Release No. IBBI/PR/2019/28 - (08/10/2019) - Invitation of public views / suggestions on the Institutional framework for regulation and development of Valuation Professionals The Ministry of Corporate Affairs, vide its Order dated 30th August 2019, has constituted a Committee of Experts to examine the need for an Institutional framework for...
Read MoreNotification No. CIRP-11012/1/2019 - (30/09/2019) - It is observed that a large number of insolvency professionals have filed Forms, which were due on or before 15th September, 2019, in respect of corporate insolvency resolution processes (CIRPs) conducted by them, by close of business today, that is, 30th September, 2019...
Read MoreNo. IBBI/RVO/026/2019 - (16/09/2019) - A list of the provisions of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016 under which valuations are required to be conducted by a registered valuer are given below. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No...
Read MoreNo. IBBI/IU/025/2019 - (07/09/2019) - IBBI approves MCA 21 database of the Ministry of Corporate Affairs and the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) registry as repositories under regulation 21(2)(c)(ii) of the Insolvency and Bankruptcy Board of India (Information Utilities) Re...
Read MoreOrder No. 12/9/2019 - PI - (30/08/2019) - Constitution of a Committee of Experts to examine the need for an Institutional framework for regulation and development of valuation professionals regarding...
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