bankruptcy code

Submission of Claims under IBC

Corporate Law - Claims are a very important concept in the IBC regime. The Word ‘Claim’ has been defined in the code under section 3(6) . As per this section, the claim means a right to payment and also right to remedy. So claim comes into picture only if there is a right to payment and if no […]...

IBC v. SARFAESI Act – Interplay and Overlapping

Corporate Law - 1. Introduction The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) was introduced for the consolidation of laws relating to reorganization and insolvency in a time bound manner.[1] This single codified framework has been brought in to unify the erstwhile laws relating to this subject matter, which were spread ...

Summary of Fresh Start Process (Individual & Partnership Firm) under IBC 2016

Corporate Law - Summary of Fresh Start Process (Individual and Partnership Firm) under the Insolvency and bankruptcy code 2016 (IBC, 2016) THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Part III (Chapter II) Fresh Start Process 1.) Who may File Application for Fresh Start in I&B Code 2016? (Section 80) Any Debtor who fulfil following eligibility criteria m...

Summary of Orders related to IBC 2016 passed by IBBI, NCLT, NCLAT, HC & SC

Corporate Law - Summary of Orders related to IBC 2016 passed by IBBI, NCLT, NCLAT, HC & SC during July to September 2020 Orders by Supreme Court M/s Marathe Hospitality Vs. Mahesh Surekha & Ors. [SLP (C) No. 8139/2020] The petitioner filed an appeal before the NCLAT. However, the NCLAT closed its functioning as one of its employees […]...

IBBI Guideline on Use of Caveats, Limitations, & Disclaimers in Valuation Reports

Corporate Law - Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020 The Insolvency and Bankruptcy Board of India has notified guidelines regarding the use of Caveats, Limitations, and Disclaimers in Valuation Reports issued by Registered Valuers (RV). These guidelines shall come ...

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Section-wise Jurisprudence on IBC upto 30.09.2020

Corporate Law - One of the key functions of law is to ensure safety, security, and stability in the society. Law structures economic, social, and political interactions in a secure, stable and effective manner. It thus stipulates the mandate apropos acceptable and unacceptable behaviour in the society writ large. Stated simply, law channels the outcomes ...

Discussion Paper on Engagement of ‘professionals’ in a CIRP

Corporate Law - IBBI Discussion Paper on Engagement of ‘professionals’ in a Corporate Insolvency Resolution Process (CIRP) discusses the issue of engagement of ‘professionals’ by an insolvency professional (IP) in a corporate insolvency resolution process (CIRP) and solicits comments on the same....

IBBI invites EOI for Research Study on Individual Indebtedness & Insolvency

Corporate Law - In four years since the enactment of the Insolvency and Bankruptcy Code, 2016 (Code), the entire ecosystem comprising the Adjudicating Authority (AA), the Insolvency and Bankruptcy Board of India (IBBI), Insolvency Professional Agencies, Insolvency Professionals, Information Utilities, Registered Valuers Organisations and Registered Value...

Initiatives undertaken by Ministry of Corporate Affairs in 2020

Corporate Law - 1. COMPETITION COMMISSION OF INDIA INTRODUCES GREEN CHANNEL ♣ Automatic and faster system of approval of combinations under Green Channel ♣ Under this process, the combination is deemed to have been approved upon filing the notice in the prescribed format. This system would significantly reduce time and cost of transactions. 2. DECRIM...

IBBI Discussion Paper on Voluntary Liquidation Process

Corporate Law - Section 59 under Chapter V of Part II of Insolvency and Bankruptcy Code, 2016 (Code) read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 (Voluntary Liquidation Regulations) provides that a Corporate Person (CP) may initiate voluntary liquidation proceedings if two conditions are met: (a) the CP has no debt or is in a posi...

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Operational Creditors not entitled to same treatment as given to Financial & Secured Creditors

Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) - Pratap Technocrats P Ltd & Ors Vs. Monitoring Committee of Reliance Infratel Ltd & Anr (NCLAT) Brief Facts: The version of appellants says that they were kept unaware of the Corporate Insolvency Resolution Process qua the Corporate Debtor, thus being wholly unaware of the progress of Resolut...

Refusal to accept delivery of notice is deemed acceptance of delivery & service of notice

Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT): Company Appeal (AT) (Insolvency) No. 880 of 2020 - Sri D. Srinivasa Rao Vs. Vaishnovi Infratech Ltd (NCLAT) Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Respondent- ‘Vaishnovi Infratech Ltd.’ (Corporate Debtor) filed by the Appellant- Operational Creditor was rejected by the Adjudicating Authori...

Application u/s 9 of IBC, 2016 is maintainable irrespective of amount of claim

Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) - Aster Technologies Pvt. Ltd. Vs Solas Fire Safety Equipment Pvt. Ltd (NCLAT) Brief Facts: An application was filed under Section 9 of IBC and the Adjudicating Authority issued Notice but none appeared for Respondent. The Adjudicating Authority disposed of by directing the Respondent to settle the is...

An Advocate can issue demand notice on instruction of his client (operational creditor), even though not backed by Board Resolution

Mohit Minerals Ltd Vs. Nidhi Impotrade Pvt Ltd (NCLAT) - Mohit Minerals Ltd Vs. Nidhi Impotrade Pvt Ltd (NCLAT) An Advocate can issue demand notice on the instruction of his client (the operational creditor), even though not backed by the Board Resolution Brief Facts: An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed b...

‘Committee of Creditors’ may consider revised Resolution Plan

Jay Overseas Pvt. Ltd. Vs George Samuel (NCLAT Delhi) - Jay Overseas Pvt. Ltd. Vs George Samuel (NCLAT Delhi) The Learned Counsel are not disputing that Respondent No. 2 is ‘Committee of Creditors’ having 100% voting right. The Learned Counsel for Respondent No. 2 submits that if this Hon’ble Tribunal directs the Respondent No. 2 is ready to consid...

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IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021

Notification No. IBBI/2020-2021/GN/REG068 - These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021....

Accepting assignment as IRP after 31.12.2019 without holding a valid AFA- No misconduct if consent given prior to 1.1.2020

Order No. IBBI/DC/64/2021 - (07/01/2021) - Accepting assignment as IRP after 31.12.2019 without holding a valid AFA- No misconduct if consent given prior to 1.1.2020 The DC finds that an order by the Disciplinary Committee of the IPA dated 1st December 2020 has been passed disposing the SCN issued by IPA dated 31st August 2020 to Mr. Laddha,...

IBBI fines IP Rs. 10000 for professional misconduct

Order No. IBBI/DC/66/2021 - (11/01/2021) - In the matter of Mr. Girish Siriram Juneja, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016...

Professional Misconduct if an IP accepts assignment as RP in CIRP after 31.12.2019 without holding a valid AFA

Order No. IBBI/DC/65/2021 - (11/01/2021) - Professional Misconduct if an IP accepts assignment as RP in CIRP after 31.12.2019 without holding a valid AFA DC finds that an order has been passed against Mr. Bhat on 1st December, 2020 by the Disciplinary Committee of IPA for accepting assignment as RP after 31st December, 2019 without holding a...

IBBI Invites comments on Pre-packaged Insolvency Resolution Process

File No. 30/20/2020-Insolvency Section - (08/01/2021) - Public comments are hereby invited on recommendations of Sub-committee of ILC on Pre-packaged Insolvency Resolution Process. Suggestion/comments, if any, along with brief justification may be submitted online therein at the below mentioned web link by the end of business hours on 22nd January, 2021:...

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