bankruptcy code

No fresh insolvency filling under IBC for further three months

Corporate Law - The Government has issued a fresh Notification No. S.O. 3265(E) dated 24th September, 2020 extending the suspension of Sections 7, 9 and 10 [meant no fresh insolvency filings could be made by financial creditors, operational creditors, and the corporate debtor itself] of the Insolvency and Bankruptcy Code by another three months. The susp...

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Signing of financial statements of Company under CIRP

Corporate Law - Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of Insolvency and Bankruptcy Code, 2016 (IBC). The default should be minimum Rs. one lakh. The amount can be increased by Central Government but shall not exceed Rs. one crore – proviso to section 4(1). &#...

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GST registration by Insolvency professional

Corporate Law - Government has laid down a special procedure u/s 148 of the CGST Act, through Notification no. 11/2020- Central Tax, dated 21.03.2020 which says that every IRP or RP has mandatorily need to apply for a fresh registration application under GST for each state where the corporate debtor was earlier registered within 30 days of his […]...

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Recovery of GST under IBC provisions

Corporate Law - GST department cannot take shelter under the decision of Electro Steels Limited versus State of Jharkhand as it a special case. Notification for taking fresh registration by the RP/IRP would act as deemed intimation for the revenue confirming the assessee is under insolvency proceedings....

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Appointment of registered valuer & Disciplinary proceedings

Corporate Law - The appointment of registered valuers in the corporate insolvency resolution process by the resolution professional within the time limit is made mandatory. IBBI Circular IBBI/RV/019/2018 (w.e.f. 01.02.2019) specifies that only valuers registered with the IBBI under the Companies (Registered Valuers and Valuation) Rules, 2017 may be appoi...

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Govt Advisory to PSBs to moot action against personal guarantors of corporate debtors

Corporate Law - Department of Financial Services had issued as advisory dated 26.8.2020 to Public Sector Banks that they may consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before NCLT...

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19844 cases pending before NCLT

Corporate Law - As on 31st July, 2020, total 19,844 cases were pending before National Company Law Tribunal (NCLT), including 12,438 cases under Insolvency and Bankruptcy Code (IBC)....

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Guidelines for Appointment of IPs as Administrators under SEBI Regulations

Corporate Law - Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018...

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Guidelines on Use of Caveats, Limitations & Disclaimers by Registered Valuers

Corporate Law - (a) These Guidelines may be called the Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020. (b) These Guidelines shall come into force in respect of valuation reports in respect of valuations completed by Registered Valuers (RVs) on or after 1st October, 2020....

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Pre-qualification experience cannot be considered for Registration as Valuer

Corporate Law - IBBI find that the educational qualifications and experience possessed by the applicant does not adhere to Rule 4 read with Annexure IV of the Rules. With respect to the contention of the applicant that he has enrolled himself for a two year post graduate Master’s in Science (real estate valuation) degree and possess required experience...

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Decree-Holder cannot be treated as a Financial Creditor for CIRP: NCLAT

Sh. Sushil Ansal Vs. Ashok Tripathi (NCLAT) - Sh. Sushil Ansal Vs. Ashok Tripathi (Delhi NCLAT) (i) Respondent Nos. 1 and 2 can no more claim to be allottees of a Real Estate Project after issuance of Recovery Certificate dated 10th August, 2019 by ‘UP RERA’ directing recovery of Rs.73,35,686.43/- due thereunder as arrears of land revenue b...

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SC allows 10 years time to Telecom Companies to pay AGR dues

Union of India Vs Association of Unified Telecom Service Providers of India Etc (Supreme Court) - (i) That for the demand raised by the Department of Telecom in respect of the AGR dues based on the judgment of this Court, there shall not be any dispute raised by any of the Telecom Operators and that there shall not be any re­assessment. (ii) That, at the first instance, the respective Teleco...

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Section 215 of the IBC, 2016 is not mandatory: HC

Univalue Projects Pvt. Ltd. Vs Union of India & Ors. (Calcutta High Court) - Univalue Projects Pvt. Ltd. Vs Union of India & Ors. (Calcutta High Court) a) The NCLT has acted without jurisdiction and exceeded its jurisdiction that is limited within the four corners of Section 424 of the CA, 2013 by passing the impugned order in violation of Section 7(3)(a) of the IBC, 201...

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Analysis of SC judgment in the case of Babulal Vardharji Gurjar

Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court) - Babulal Vardharji Gurjar Vs Veer Gurjar Aluminium Industries Pvt. Ltd. & anr. (Supreme Court) While setting aside the Order dated 14th May, 2019 of the NCLAT in Company Appeal (AT) Insolvency No. 549 of 2018 and Order dated 9th August, 2018 of the National Company Law Tribunal, Mumbai Bench in C...

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Madras HC dismisses plea challenging levy of IBBI on IP Fees

CA. Venkata Siva Kumar Vs IBBI (Madras High Court) - Madras High Court upheld the requirement which mandates that the IP should pay a fee calculated at 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year to the IBBI....

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Limited Insolvency Examination w.e.f 1st January 2021

Press Release No. IBBI/PR/2020/13 - (30/09/2020) - Insolvency and Bankruptcy Board of India (Press Release) No. IBBI/PR/2020/13 30th September 2020 Limited Insolvency Examination w.e.f 1st January 2021 The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regu...

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Suspension of initiation of corporate insolvency resolution process

Notification No. S.O. 3265(E) - (24/09/2020) - Section 10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of nine months or such further period, not exceedi...

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Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020

Notification No. G.S.R. 583(E) - (24/09/2020) - These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020. (2) These rules shall come into force from the date of their publication in the Official Gazette....

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Insolvency and Bankruptcy Code (Second Amendment) Act, 2020

Bill No. 17 of 2020 - (23/09/2020) - (1) This Act may be called the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020. It shall be deemed to have come into force on the 5th day of June, 2020....

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Appointment by RP of unregistered valuer violates IBC, 2016

Order No. IBBI/DC/30/2020 - (18/09/2020) - DC finds that Mr. Dinesh Sood, the RP, has appointed M/s Crest Capital Group Pvt. Ltd., a company which was not a registered valuer, as a valuer for valuation of assets of three CDs, namely M/s BRYS International Pvt. Ltd., Neo Infrastructure Pvt. Ltd. and Ujala Pumps Pvt. Ltd. This conduct of Mr. S...

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Recent Posts in "bankruptcy code"

Limited Insolvency Examination w.e.f 1st January 2021

Press Release No. IBBI/PR/2020/13 (30/09/2020)

Insolvency and Bankruptcy Board of India (Press Release) No. IBBI/PR/2020/13 30th September 2020 Limited Insolvency Examination w.e.f 1st January 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 Bankr...

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Decree-Holder cannot be treated as a Financial Creditor for CIRP: NCLAT

Sh. Sushil Ansal Vs. Ashok Tripathi (NCLAT)

Sh. Sushil Ansal Vs. Ashok Tripathi (Delhi NCLAT) (i) Respondent Nos. 1 and 2 can no more claim to be allottees of a Real Estate Project after issuance of Recovery Certificate dated 10th August, 2019 by ‘UP RERA’ directing recovery of Rs.73,35,686.43/- due thereunder as arrears of land revenue by the Competent Authority. On their [&he...

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Posted Under: Corporate Law | |

No fresh insolvency filling under IBC for further three months

The Government has issued a fresh Notification No. S.O. 3265(E) dated 24th September, 2020 extending the suspension of Sections 7, 9 and 10 [meant no fresh insolvency filings could be made by financial creditors, operational creditors, and the corporate debtor itself] of the Insolvency and Bankruptcy Code by another three months. The susp...

Read More
Posted Under: Corporate Law |

Signing of financial statements of Company under CIRP

Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of Insolvency and Bankruptcy Code, 2016 (IBC). The default should be minimum Rs. one lakh. The amount can be increased by Central Government but shall not exceed Rs. one crore – proviso to section 4(1). &#...

Read More
Posted Under: Corporate Law |

Suspension of initiation of corporate insolvency resolution process

Notification No. S.O. 3265(E) (24/09/2020)

Section 10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of nine months or such further period, not exceeding one year from such date, as may be no...

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Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020

Notification No. G.S.R. 583(E) (24/09/2020)

These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020. (2) These rules shall come into force from the date of their publication in the Official Gazette....

Read More

Insolvency and Bankruptcy Code (Second Amendment) Act, 2020

Bill No. 17 of 2020 (23/09/2020)

(1) This Act may be called the Insolvency and Bankruptcy Code (Second Amendment) Act, 2020. It shall be deemed to have come into force on the 5th day of June, 2020....

Read More

Govt Advisory to PSBs to moot action against personal guarantors of corporate debtors

Department of Financial Services had issued as advisory dated 26.8.2020 to Public Sector Banks that they may consider putting in place a mechanism for monitoring the cases which may require initiation of individual insolvency process before NCLT...

Read More
Posted Under: Corporate Law |

19844 cases pending before NCLT

As on 31st July, 2020, total 19,844 cases were pending before National Company Law Tribunal (NCLT), including 12,438 cases under Insolvency and Bankruptcy Code (IBC)....

Read More
Posted Under: Corporate Law |

GST registration by Insolvency professional

Government has laid down a special procedure u/s 148 of the CGST Act, through Notification no. 11/2020- Central Tax, dated 21.03.2020 which says that every IRP or RP has mandatorily need to apply for a fresh registration application under GST for each state where the corporate debtor was earlier registered within 30 days of his […]...

Read More
Posted Under: Corporate Law |

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