bankruptcy code

Preeminence of Financial Creditors under IBC, 2016

Corporate Law - An ostentatious feature of the Insolvency and Bankruptcy Code, 2016 (‘Code’), is the classification of creditors on the basis of debt. It is highly applaudable as the classification is not restricted to   security [i.e. secured/unsecured creditors] but also covers Financial/ Operational creditors within its ambit....

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Latest Case Law Related to IBC – Oct to Dec 2019

Corporate Law - ORDERS SUPREME COURT Duncans Industries Ltd. Vs. A. J. Agrochem [Civil Appeal No. 5120/2019] The AA rejected an application under section 9 on the ground that the provisions of the Code are not applicable unless the OC seeks consent of the Central Government, in view of section 16G(1)(c) of the Tea Act, 1953, which provides […]...

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IBC Legal and Regulatory Framework

Corporate Law - Central Government Personal Guarantors to Corporate Debtors The Code classifies individuals into three classes, namely, personal guarantors (PGs) to corporate debtors (CDs), partnership firms and proprietorship firms, and other individuals, to enable implementation of individual insolvency in a phased manner. The Central Government, vide ...

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IBC: A Code for Corporate Governance

Corporate Law - A company is an amalgam of many stakeholders. Each stakeholder, however, has a unique objective function, with a distinct set of rights, interests, and level of engagement with the company. Consequently, the interests of one stakeholder may conflict with those of another and / or of the company....

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New Amendment in IBC: No backdoor entry of ex-promoters under liquidation

Corporate Law - The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted with the intention to expedite and simplify the framework for insolvency and bankruptcy in the country. The notion of ‘creditor in control’ instead of ‘debtor in possession’ is candidly observed by the Code. However, there persisted grey areas in the code and they served a...

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Cabinet approves Promulgation of IBC (Amendment) Ordinance, 2019

Corporate Law - The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016....

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Year End Review -2019 of Ministry of Corporate Affairs

Corporate Law - A number of steps to provide Ease of Doing Business to law abiding corporates have been implemented by the Ministry in the recent past, which are as follows : codeIntegrated Incorporation Form - Simplified Proforma for Incorporating Company Electronically (SPICe) introduced which extends 8 services (CIN, PAN, TIN, DIN, Name, EPFO, ESIC an...

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Cabinet approves IBC (Second Amendment) Bill, 2019

Corporate Law - Union Cabinet approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016, through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019.  ...

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Teaching experience cannot be classified as experience in management for IP Registration

Corporate Law - One needs to discern the predominant nature of duties of a person to determine, if he is having experience in management. Coming to the role of manager vis-à-vis teaching professional, it may be noted that in general, teaching professionals possess a cogent body of knowledge that they impart to students and sometimes are engaged in [&hel...

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18,782 cases filed under Insolvency & Bankruptcy Code

Corporate Law - Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […...

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SC held Insolvency & Bankruptcy Code overrides Tea Act,1953

Duncans Industries Ltd. Vs A. J. Agrochem (Supreme Court of India) - Insolvency and Bankruptcy Code, 2016 (IBC) proceedings would have an over­riding effect over the Tea Act, 1953 and even without such consent of the Central Government, the insolvency proceedings under Section 7 or Section 9 of the IBC initiated by the operational creditor should be maintainable....

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Provision of IBC overrides GST: NCLT

T. R. Ravichandran, RP Vs Asst. Commissioner (ST) (NCLT) - T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot raise an objection saying since no ...

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Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi) - Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’....

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Single member cannot pass order on matter heard by two Members: NCLAT

Raj Singh Gehlot, Director of Ambience Pvt. Ltd. Vs Vistra ITCL (India) Ltd. & Anr.(NCLAT, Delhi) - The order of ‘admission’ is challenged on the ground that the matter having been heard by two Hon’ble Members and the final order could not have been passed by Hon’ble Member (Judicial)....

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SC sets aside NCLAT order in Essar Steel Insolvency case, ArcelorMittal resolution allowed to continue

Committee of Creditors of Essar Steel India Limited Vs Satish Kumar Gupta & Ors. (Supreme Court) - The resolution plan submitted by ArcelorMittal on 02.04.2018 proposed an upfront payment of INR 35,000 crores towards resolution of the debt of INR 49,213 crores of financial creditors. This was buttressed by a letter of commitment from Credit Agricole Corporate and Investment Bank. From this upfron...

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Filing of forms in Registry (MCA-21) by IRP, RP or Liquidator

General Circular No. 04/2020 - (17/02/2020) - Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020

Notification No. No. IBBI/2019-20/GN/REG055 - (12/02/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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How to deal with third party assets in custody of financial service providers in Liquidation

S.O. 464(E) - (30/01/2020) - MCA notifies the manner of dealing with the third party assets in custody or possession of financial service providers by the Administrator appointed under Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rule...

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Reg. registration as a valuer in asset class ‘Land and Building’

NA - (27/01/2020) - Applicant had submitted an application under section 247 of the Companies Act, 2013 read with rule 6 (1) of the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) seeking a certificate of registration as a Registered Valuer (RV) in the asset class ‘Land and Building’ (L&B)....

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Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process

No. IBBI/VL/028/2020 - (20/01/2020) - Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017....

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Recent Posts in "bankruptcy code"

Preeminence of Financial Creditors under IBC, 2016

An ostentatious feature of the Insolvency and Bankruptcy Code, 2016 (‘Code’), is the classification of creditors on the basis of debt. It is highly applaudable as the classification is not restricted to   security [i.e. secured/unsecured creditors] but also covers Financial/ Operational creditors within its ambit....

Read More
Posted Under: Corporate Law |

Filing of forms in Registry (MCA-21) by IRP, RP or Liquidator

General Circular No. 04/2020 (17/02/2020)

Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)....

Read More

Latest Case Law Related to IBC – Oct to Dec 2019

ORDERS SUPREME COURT Duncans Industries Ltd. Vs. A. J. Agrochem [Civil Appeal No. 5120/2019] The AA rejected an application under section 9 on the ground that the provisions of the Code are not applicable unless the OC seeks consent of the Central Government, in view of section 16G(1)(c) of the Tea Act, 1953, which provides […]...

Read More
Posted Under: Corporate Law |

IBC Legal and Regulatory Framework

Central Government Personal Guarantors to Corporate Debtors The Code classifies individuals into three classes, namely, personal guarantors (PGs) to corporate debtors (CDs), partnership firms and proprietorship firms, and other individuals, to enable implementation of individual insolvency in a phased manner. The Central Government, vide ...

Read More
Posted Under: Corporate Law |

IBC: A Code for Corporate Governance

A company is an amalgam of many stakeholders. Each stakeholder, however, has a unique objective function, with a distinct set of rights, interests, and level of engagement with the company. Consequently, the interests of one stakeholder may conflict with those of another and / or of the company....

Read More
Posted Under: Corporate Law |

New Amendment in IBC: No backdoor entry of ex-promoters under liquidation

The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted with the intention to expedite and simplify the framework for insolvency and bankruptcy in the country. The notion of ‘creditor in control’ instead of ‘debtor in possession’ is candidly observed by the Code. However, there persisted grey areas in the code and they served a...

Read More
Posted Under: Corporate Law |

IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020

Notification No. No. IBBI/2019-20/GN/REG055 (12/02/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Creditor Haircuts

Insolvency and Bankruptcy Code, 2016 (Code) has been hailed by all stakeholders as a remarkable piece of legislation. The main reason for the popularity of the Code comes from its salient features like: a) Consolidation of all existing insolvency-related laws b) The shift from ‘Debtor in possession’ to ‘Creditor in control’...

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Posted Under: Corporate Law |

Changes in IBBI norms to prevent backdoor entry of ex-promoters in Cos

Lots of loopholes, cracks and ambiguities have come to the fore in IBC’s 3-year journey but prompt action by the IBBI has helped to keep it relevant as the most effective law for insolvent entities. – Kritika Chabbra (Market Analyst, MUDS Management Pvt. Ltd.) Constant Change & Improvement Any law is effective only when it [&h...

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Posted Under: Corporate Law |

How to deal with third party assets in custody of financial service providers in Liquidation

S.O. 464(E) (30/01/2020)

MCA notifies the manner of dealing with the third party assets in custody or possession of financial service providers by the Administrator appointed under Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. MINISTRY OF CORPORATE AFFAIRS N...

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