bankruptcy code

Insolvency and Bankruptcy Code, 2016: Role of Insolvency Professional – A timely review

Corporate Law - With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a...

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Oxygen for Insolvency Resolution

Corporate Law - This series of articles on THE CODE, looks at the elephant from the different perspectives, to understand how the economy is changing at a deep structural level, beyond the inferno of NPAs raging all around us....

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Section 29A of Insolvency and Bankcruptcy 2016: Harsh on Promoters?

Corporate Law - Section 29A of Insolvency and Bankruptcy Code, 2016 is a restrictive provision which impedes any person falling in the negative list from submission of a resolution plan....

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Insolvency Case Study – Alok

Corporate Law - On 26th Feb 2016, Alok Industries communicated to the Stock Exchange, informing them about the Extra Ordinary General Meeting of the Company to be held on 14th March. Among other things the special agenda had items that affected its creditors....

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Moratorium under Insolvency And Bankruptcy Code, 2016

Corporate Law - The Moratorium, as envisaged in the Insolvency and Bankruptcy Code comes into effect immediately after the application under section 7, 9 or 10 of the Code, as the case may be, is admitted by the adjudicating authority. The day the insolvency application is admitted and moratorium is applied is referred to as the 'Insolvency Commencement...

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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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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Corporate Law - Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was introduced in Lok Sabha to to repeal and replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018  Notes on Clauses of Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 Clause 1 of the Bill provides for the short title and commencement. Clause 2 of ...

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Registration certificates given to first set of 16 Registered Valuers

Corporate Law - The Hon'ble Minister of State for Law & Justice and Corporate Affairs, Shri P. P. Chaudhary gave away registration certificates to the first set of 16 registered valuers at an event today at IBBI Office, Mayur Bhawan, Connaught Place, New Delhi. This marked the birth of a very important profession....

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IBC Will Override anything inconsistent contained in any other enactment: SC

Pr. Commissioner of Income Tax Vs Monnet Ispat and Energy Ltd. (Superme Court of India) - Pr. CIT Vs Monnet Ispat and Energy Ltd. (Superme Court of India) Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-Tax Act. We may also refer in this Connection to Dena...

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SC ask IBC and SEBI to join Process in ‘Ponzi scheme’ matter

Anant Kajare Vs. Eknath Aher & Anr.(Supreme Court) - Anant Kajare Vs. Eknath Aher & Anr. (Supreme Court) Battery of lawyers appeared in the high profile alleged ‘Ponzi scheme’ matter. This matter has been travelling to Supreme Court time and again. Previously, SEBI held that the scheme run by Citrus Check inn Limited and Royal Twinkle Star Clu...

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Calcutta HC upheld vires of Sections 7, 8 and 9 of IBC, 2016

Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) - Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) The petitioners have assailed the vires of Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016. Learned Senior Advocate appearing for the petitioners has submitted that, the second respondent is a corporate debtor in ...

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Demand notice of unpaid operational debt can be issued by a lawyer on behalf of operational creditor: SC

Macquarie Bank Limited Vs Shilpi Cable Technologies Ltd. (Supreme Court of India) - The present appeals raise two important questions which arise under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code). The first question is whether, in relation to an operational debt...

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Authorized Representative to File Petition under ‘I&B Code’

Palogix Infrastructure Private Limited Vs. ICICI Bank Limited (NCLAT Delhi) - National Company Law Appellate Tribunal in the matter of Palogix Infrastructure Private Limited Vs. ICICI Bank Limited has promulgated that an Authorized Representative can file petition under Insolvency and Bankruptcy Code, 2016...

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Circular- Notice for Meetings of the Committee of Creditors

Circular No. IBBI/CIRP/016/2018 - (10/08/2018) - The Committee deliberated on who should be on the creditors committee, given the power of the creditors committee to ultimately keep the entity as a going concern or liquidate it. The Committee reasoned that members of the creditors committee have to be creditors both with the capability to assess v...

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Appointment of Authorised Representative for Classes of Creditors under IBC

Circular No. IBBI/CIRP/015/2018  - (13/07/2018) - Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...

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IBC: Appointment of IP as authorised representative for classes of creditors

Circular No. IBBI/CIRP/015/2018 - (13/07/2018) - Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...

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IPE cannot render services as an IP: Only person registered as an IP with IBBI can render services as an IP

Circular No. IBBI/IPE/014/2018 - (06/07/2018) - An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if its sole objective is to provide support services to the insolvency professionals, who are its partners or ...

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IBBI (Insolvency Resolution Process For Corporate Persons) (Third Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG031 - (03/07/2018) - These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018....

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Recent Posts in "bankruptcy code"

Insolvency and Bankruptcy Code, 2016: Role of Insolvency Professional – A timely review

With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a...

Read More
Posted Under: Corporate Law |

Oxygen for Insolvency Resolution

This series of articles on THE CODE, looks at the elephant from the different perspectives, to understand how the economy is changing at a deep structural level, beyond the inferno of NPAs raging all around us....

Read More
Posted Under: Corporate Law |

IBC Will Override anything inconsistent contained in any other enactment: SC

Pr. Commissioner of Income Tax Vs Monnet Ispat and Energy Ltd. (Superme Court of India)

Pr. CIT Vs Monnet Ispat and Energy Ltd. (Superme Court of India) Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-Tax Act. We may also refer in this Connection to Dena Bank vs. Bhikhabhai Prabhudas Parekh [&...

Read More

Governance of Insolvency Professional Agencies and Information Utilities

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....

Read More
Posted Under: Corporate Law |

Section 29A of Insolvency and Bankcruptcy 2016: Harsh on Promoters?

Section 29A of Insolvency and Bankruptcy Code, 2016 is a restrictive provision which impedes any person falling in the negative list from submission of a resolution plan....

Read More
Posted Under: Corporate Law |

Insolvency Case Study – Alok

On 26th Feb 2016, Alok Industries communicated to the Stock Exchange, informing them about the Extra Ordinary General Meeting of the Company to be held on 14th March. Among other things the special agenda had items that affected its creditors....

Read More
Posted Under: Corporate Law |

Moratorium under Insolvency And Bankruptcy Code, 2016

The Moratorium, as envisaged in the Insolvency and Bankruptcy Code comes into effect immediately after the application under section 7, 9 or 10 of the Code, as the case may be, is admitted by the adjudicating authority. The day the insolvency application is admitted and moratorium is applied is referred to as the 'Insolvency Commencement...

Read More
Posted Under: Corporate Law |

Circular- Notice for Meetings of the Committee of Creditors

Circular No. IBBI/CIRP/016/2018 (10/08/2018)

The Committee deliberated on who should be on the creditors committee, given the power of the creditors committee to ultimately keep the entity as a going concern or liquidate it. The Committee reasoned that members of the creditors committee have to be creditors both with the capability to assess viability, as well as to be willing to mo...

Read More

Control and resolution of NPAs

 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...

Read More
Posted Under: Corporate Law |

The UnFair Liquidation Waterfall

How does one make a perfect Insolvency Process? Can it be perfect or do we make do with a less than perfect process. Is the less than perfect process still good enough to deliver results, or does the need for Imperfection create known additional new imperfections in the process....

Read More
Posted Under: Corporate Law |
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