bankruptcy code

Voluntary Liquidation under Insolvency & Bankruptcy Code (IBC) 2016

Fema / RBI - VOLUNTARY LIQUIDATION OF CORPORATE PERSONS Voluntary Liquidation: voluntary liquidation refers to dissolution of a solvent corporate debtor with the approval of shareholders of the Company. It is a liquidation process with minimum intervention of court. Reasons for voluntary liquidation: When a corporate entity is incorporated for a parti...

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India’s Step towards Cross-Border Insolvency Cases

Fema / RBI - Insolvency and Bankruptcy Code of 2016 has undergone many amendments till date. However, as the code is being brought into practice more and more scope of betterment could be seen. Recently it has been in news that it will undergo an amendment whose bill will be proposed in the upcoming winter session of the Parliament. […]...

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Status of Liability of Personal Guarantors under IBC 2016

Fema / RBI - Status of Liability of Personal Guarantors under the Insolvency and Bankruptcy Code, 2016 (IBC 2016) The law of Insolvency and Bankruptcy has been newly harvested and on account of this, various situations arise day-in and day-out concerning different provisions of this law and their implementation which not only causes ambiguity and conf...

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Information note on Pre-Packed Insolvency Resolution Plan:

Fema / RBI - Before the initiation of PPIRP, the Corporate Debtor has to present the base resolution plan to the financial creditors. It could come from promoters if they are eligible under section 29A of the IBC....

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Section 60(5) IBC- Is there a limitation on jurisdiction of NCLT?

Fema / RBI - INTRODUCTION Section 60 (5) of the Insolvency and the Bankruptcy Code, 2016, talks about the jurisdiction of NCLT to dispose of the matters related to the insolvency concerning the corporate debtor. However, there are other provisions in the code that appears to contradict the provision given under section 60 (5). This issue again came in...

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IPs to act as IRP, Liquidators, RP and Bankruptcy Trustees (Recommendation) Guidelines, 2021

Fema / RBI - Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021...

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IBC, 2016 a “gamechanger reform”: Shri Piyush Goyal

Fema / RBI - Insolvency and Bankruptcy Code (IBC), 2016 a gamechanger reform: Shri Piyush Goyal India’s rank in ‘Resolving Insolvency’ indicator in World Bank’s Ease of Doing Business Report sees a meteoric rise of 84 places, says Shri Goyal IBC an effective deterrent against unscrupulous borrowers: Shri Goyal Minister addresses 5th Foundation...

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Report of Working Group on Tracking Outcomes under IBC, 2016

Fema / RBI - We believe that the framework for measuring outcomes of the IBC recommended by this Working Group would help researchers and policy makers to appreciate the nuances involved in evaluating the outcomes of this new law and guide them to adopt a holistic approach instead of approaching the issue on a piecemeal basis....

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Working on a ‘need basis’ cannot be considered as regular employment for IP Registration

Fema / RBI - Experience letter issued by Parag Milk Foods Ltd. where the applicant is certified to be working on a ‘need basis’ and thus not engaged in a regular and continuous employments. His terms of engagement were non-exclusive, and he was allowed to take other assignment....

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Graduate Insolvency Program Common Entrance Test (GIPCET) 2021

Fema / RBI - The National Law Institute University, Bhopal GRADUATE INSOLVENCY PROGRAM COMMON ENTRANCE TEST (GIPCET) 2021 About National Law Institute University, Bhopal (NLIU) The National Law Institute University, Bhopal (NLIU), was established by the Rashtriya Vidhi Sansthan Vishwavidyalaya Adhiniyam, Act No. 41 of 1997,(substituted by Act No. 06 o...

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Jurisdiction of NCLT cannot be invoked for termination of contract on grounds other than insolvency

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India) - TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and...

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Whether CIRP Initiated can be Against A Company Strike off by ROC?

Elektrans Shipping Pte Ltd. Vs Pierre D’silva (NCLAT Delhi) - Initiation of Corporate Insolvency Resolution Process (CIRP) under section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained even if Company’s name has been struck off by the Registrar of Companies (ROC)....

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Calculating limitation period for proceedings under IBC?

V Nagarajan Vs SKS Ispat and Power Ltd.& Ors. (Supreme Court of India) - V Nagarajan Vs SKS Ispat and Power Ltd.& Ors. (Supreme Court of India) When will the clock for calculating the limitation period run for proceedings under the IBC? The Insolvency and Bankruptcy Code 2016 (‘IBC’) envisages a comprehensive dispute resolution process in Chapter VI. The NCLT is ...

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NCLT admits RBI application for initiating CIRP against Srei Infra

Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT kolkata) - Reserve Bank of India Vs Srei Infrastructure Finance Limited (NCLT Kolkata) 1. The Court convened via video conferencing. 2. This is an application filed by the Reserve Bank of India (Appropriate Regulator) under section 227 read with section 239(2(zk) of the Insolvency and Bankruptcy Code, 2016 (in...

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Power of Attorney authorised by Financial Creditor Can File Application U/s 7 of IBC: SC

Rajendra Narottamdas Sheth & Anr Vs Chandra Prakash Jain (Supreme Court) - Rajendra Narottamdas Sheth & Anr Vs Chandra Prakash Jain (Supreme Court) In the present case, Mr. Praveen Kumar Gupta has been given general authorisation by the Bank with respect to all the business and affairs of the Bank, including commencement of legal proceedings before any court or tribuna...

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Application for initiation of CIRP against Reliance Capital Ltd. filed under IBC 2016

Press Release: 2021-2022/1298 - (02/12/2021) - Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016...

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Limited Insolvency Examination w.e.f 1st March 2022

Press Release No. IBBI/PR/2021/33 - (30/11/2021) - The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st ...

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Filing of list of stakeholders under IBBI (Liquidation Process) Regulations, 2016

Circular No. IBBI/LIQ/46/2021 - (24/11/2021) - IBBI clarifies on issues in Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi –...

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Mr. Sandip Garg takes charge as Executive Director, IBBI

Press Release No. IBBI/PR/2021/31 - (22/11/2021) - Mr. Sandip Garg took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Commissioner (Exemptions), Income Tax, Pune....

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Experience as a proprietor or non-executive director cannot be considered as a substitute of desired experience in management for IP Registration

NA - (18/11/2021) - Experience as a proprietor or non-executive director cannot be considered as a substitute of desired experience in management for IP Registration It is observed that the applicant is providing consultancy and valuation services and is not in full time employment with any It is also observed that Eli...

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Recent Posts in "bankruptcy code"

Application for initiation of CIRP against Reliance Capital Ltd. filed under IBC 2016

Press Release: 2021-2022/1298 02/12/2021

Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016...

Read More

Voluntary Liquidation under Insolvency & Bankruptcy Code (IBC) 2016

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS Voluntary Liquidation: voluntary liquidation refers to dissolution of a solvent corporate debtor with the approval of shareholders of the Company. It is a liquidation process with minimum intervention of court. Reasons for voluntary liquidation: When a corporate entity is incorporated for a parti...

Read More
Posted Under: Corporate Law |

IPs to act as IRP, Liquidators, RP and Bankruptcy Trustees (Recommendation) Guidelines, 2021

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021...

Read More
Posted Under: Corporate Law |

Limited Insolvency Examination w.e.f 1st March 2022

Press Release No. IBBI/PR/2021/33 30/11/2021

The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st March 2022....

Read More

India’s Step towards Cross-Border Insolvency Cases

Insolvency and Bankruptcy Code of 2016 has undergone many amendments till date. However, as the code is being brought into practice more and more scope of betterment could be seen. Recently it has been in news that it will undergo an amendment whose bill will be proposed in the upcoming winter session of the Parliament. […]...

Read More
Posted Under: Corporate Law |

IBC, 2016 a “gamechanger reform”: Shri Piyush Goyal

Insolvency and Bankruptcy Code (IBC), 2016 a gamechanger reform: Shri Piyush Goyal India’s rank in ‘Resolving Insolvency’ indicator in World Bank’s Ease of Doing Business Report sees a meteoric rise of 84 places, says Shri Goyal IBC an effective deterrent against unscrupulous borrowers: Shri Goyal Minister addresses 5th Foundation...

Read More
Posted Under: Corporate Law |

Jurisdiction of NCLT cannot be invoked for termination of contract on grounds other than insolvency

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court of India)

TATA Consultancy Services Limited Vs Vishal Ghisulal Jain (Supreme Court) Facts- The appellant and the Corporate Debtor entered into a Build Phase Agreement followed by a Facilities Agreement. The Facilities Agreement obligated the Corporate Debtor to provide premises with certain specifications and facilities to the appellant for conduct...

Read More

Status of Liability of Personal Guarantors under IBC 2016

Status of Liability of Personal Guarantors under the Insolvency and Bankruptcy Code, 2016 (IBC 2016) The law of Insolvency and Bankruptcy has been newly harvested and on account of this, various situations arise day-in and day-out concerning different provisions of this law and their implementation which not only causes ambiguity and conf...

Read More
Posted Under: Corporate Law |

Filing of list of stakeholders under IBBI (Liquidation Process) Regulations, 2016

Circular No. IBBI/LIQ/46/2021 24/11/2021

IBBI clarifies on issues in Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001 CIRCULAR No. IBBI/LIQ/46/2021 24...

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Information note on Pre-Packed Insolvency Resolution Plan:

Before the initiation of PPIRP, the Corporate Debtor has to present the base resolution plan to the financial creditors. It could come from promoters if they are eligible under section 29A of the IBC....

Read More
Posted Under: Corporate Law |

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