bankruptcy code

Persons Authorised to file Applications under Bankruptcy Code in NCLT

Corporate Law - The National Company Law Appellate Tribunal [NCLAT] Judgment dated Sept. 20, 2017 wherein it has been held that a Power of Attorney [POA] Holder is not authorised to file proceedings under IBC and only an 'Authorised Representative' by the Board of Directors can file the same....

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Whether Company can be Restored if no business conducted since many years

Corporate Law - In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...

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Power of NCLT to accept or reject joint application filed by operational creditor

Corporate Law - Power is given to Operational Creditor’s u/s 8 and 9 to file application against the corporate debtor in case of default in payment. As per language of Section 8 An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in...

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Whether Pendency of proceeding before DRT is Ground of Rejection under IBC

Corporate Law - With the Insolvency and Bankruptcy Code inching in reality, the Debt Recovery Tribunals (DRT) will resolve individual bankruptcy cases, the National Company Law Tribunal will work on corporate insolvency. The reasons for the pile-up of cases varied from legal lacunae to insufficient technical expertise in dealing with such cases. Labour a...

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Personal properties of promoters given as a “Security” to Banks – whether subjected to moratorium under Insolvency and Bankruptcy Code, 2016

Corporate Law - CA Kamal Garg Personal properties of promoters given as a “Security” to the Banks – whether subjected to moratorium under Insolvency and Bankruptcy Code, 2016 Insolvency and Bankruptcy Code, 2016 has giving the debtor an opportunity of admitting his guilt by accepting the fact that default has occurred and he is ready t...

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Tax on any gain to firms under insolvency code under hair cut be waived: ASSOCHAM to Govt.

Corporate Law - ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) ....

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No repealment of Presidency Towns Insolvency Act, 1909’ & Provincial Insolvency Act, 1920

Corporate Law - Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs)....

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RBI Can ask any bank to initiate insolvency resolution process in respect of a default

Corporate Law - Ordinance {Banking Regulation (Amendment) Ordinance, 2017} has been promulgated on 4th May 2017 authorizing RBI to issue directions to any banking company to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) An Ordinance {Banking Regulation (Amendment) Or...

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IBBI invites comments from public on Regulations notified under IBC, 2016

Corporate Law - Insolvency and Bankruptcy Board of India invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject...

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IBBI constitutes Working Group to implement IBC, 2016

Corporate Law - The Insolvency and Bankruptcy Board of India has constituted a Working Group for recommending the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 to deal with insolvency and bankruptcy in respect of (i) Guarantors to Corporate Debtors, and (ii) Individuals having Business, and draftin...

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Suspension of powers of Board of Directors under IBC, Bane or Boon?

M/s. Innoventive Industries Ltd. Vs. Versus Icici Bank & Anr. (Supreme Court) - According to us, once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company. ...

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Petition under IBC 2016 cannot be withdrawn by mutual settlement: NCLT

Re. Parker Hannifin India Private Limited (NCLT Kolkata) - After admission of Petition under IBC 2016, the nature of petition changes to representative suit and the lis does not remain only between Operational Creditor and Operational Debtor. Therefore, Operational Creditor and Operational Debtor alone have no right to withdraw the Petition after admission....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG013 - (16/08/2017) - 1. These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017...

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IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017

Notification No. IBBI/2017-18/GN/REG014 - (16/08/2017) - 1. These regulations may be called the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2017. 2. They shall come into force on the date of their publication in the Official Gazette....

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IBBI Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017

IBBI/2017-18/GN/REG 012 - (14/06/2017) - An insolvency professional shall be eligible to be appointed as a resolution professional for a fast track process of a corporate debtor if he, and all partners and directors of the insolvency professional entity of which he is a partner or director, are independent of the corporate debtor....

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Cabinet clears Bill to deal with crisis in banks, insurers

Press Release No. PIB Release/DL/981 - (14/06/2017) - The Financial Resolution and Deposit Insurance, Bill 2017 when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill....

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IBBI (Inspection and Investigation) Regulations, 2017

Notification No. No. IBBI/2017-18/GN/REG011 - (12/06/2017) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. (2) These regulations shall come into force on the date of their publication in the Official Gazette....

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Recent Posts in "bankruptcy code"

Persons Authorised to file Applications under Bankruptcy Code in NCLT

The National Company Law Appellate Tribunal [NCLAT] Judgment dated Sept. 20, 2017 wherein it has been held that a Power of Attorney [POA] Holder is not authorised to file proceedings under IBC and only an 'Authorised Representative' by the Board of Directors can file the same....

Read More
Posted Under: Corporate Law |

Whether Company can be Restored if no business conducted since many years

In this Flash editorial, the author begins by referring the provisions of section 252 of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar. The main thrust of the article, however, is upon the WHETHER COMPANY CAN BE RESTORE IF NO BUSINESS CONDUCTED SINCE MANY YEARS...

Read More
Posted Under: Corporate Law |

Power of NCLT to accept or reject joint application filed by operational creditor

Power is given to Operational Creditor’s u/s 8 and 9 to file application against the corporate debtor in case of default in payment. As per language of Section 8 An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in...

Read More
Posted Under: Corporate Law |

Whether Pendency of proceeding before DRT is Ground of Rejection under IBC

With the Insolvency and Bankruptcy Code inching in reality, the Debt Recovery Tribunals (DRT) will resolve individual bankruptcy cases, the National Company Law Tribunal will work on corporate insolvency. The reasons for the pile-up of cases varied from legal lacunae to insufficient technical expertise in dealing with such cases. Labour a...

Read More
Posted Under: Corporate Law |

Tax on any gain to firms under insolvency code under hair cut be waived: ASSOCHAM to Govt.

ASSOCHAM has written to the government, seeking a slew of tax reliefs, including exemption from tax on any hair cut taken by the banks in the form of a waiver of interest accrued, for the debt -ridden companies which are sought to be revived under the Insolvency and Bankruptcy Code (IBC) ....

Read More
Posted Under: Corporate Law |

Suspension of powers of Board of Directors under IBC, Bane or Boon?

M/s. Innoventive Industries Ltd. Vs. Versus Icici Bank & Anr. (Supreme Court)

According to us, once an insolvency professional is appointed to manage the company, the erstwhile directors who are no longer in management, obviously cannot maintain an appeal on behalf of the company. ...

Read More

No repealment of Presidency Towns Insolvency Act, 1909’ & Provincial Insolvency Act, 1920

Stakeholders who intend to pursue their insolvency cases may approach appropriate authority/court under the existing enactments, instead of approaching the Debt Recovery Tribunals (DRTs)....

Read More
Posted Under: Corporate Law |

Personal properties of promoters given as a “Security” to Banks – whether subjected to moratorium under Insolvency and Bankruptcy Code, 2016

CA Kamal Garg Personal properties of promoters given as a “Security” to the Banks – whether subjected to moratorium under Insolvency and Bankruptcy Code, 2016 Insolvency and Bankruptcy Code, 2016 has giving the debtor an opportunity of admitting his guilt by accepting the fact that default has occurred and he is ready t...

Read More
Posted Under: Corporate Law |

What is difference between Insolvency and Bankruptcy?

♠ The term insolvency is used for both individuals and organizations. For individuals, it is known as bankruptcy and for corporate it is called corporate insolvency. Both refer to a situation when an individual or company are not able to pay the debt in present or near future and the value of assets held by […]...

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Posted Under: Corporate Law |

Whether “Home Buyer” can initiate Insolvency Process- IBC

In this flash tabloid, the writer initiates by speak of the provisions of Insolvency & Bankruptcy Code, 2016 (hereafter referred as IBC) in relation to treatment of advance amount of Home / Flat buyer against the corporates....

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Posted Under: Corporate Law |
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