TaxGuru Newsletter Subscription
Information You Can Rely On.
Corporate Law - Vinit Nagar, FCS Under the Insolvency & Bankruptcy Code, 2016 it is always very crucial for the Adjudicating Authority and the Insolvency Professionals to identify the reasonableness of default, dispute and other financial information of Debtor such as records of its debt, liabilities at the time of his solvency, assets over which t...
Read MoreCorporate Law - On 24th march 2020 the Central Government thorough the gazette Notification[1] raised the threshold limit for default as prescribed under Section 4 of IBC, 2016 to from Rupees One Lakh to Rupees One Crore for initiation of insolvency proceeding under the Code....
Read MoreCorporate Law - Corporate Insolvency Resolution Process is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP. The insolvency resolution process (IRP) is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal ...
Read MoreCorporate Law - Analysis of the circular issued by the central government in respect of procedure to be adopted in cases of insolvency resolution Central Government vide Notification No. 11/20 Central Tax dated 21st March 2020 has prescribed special procedure in respect of GST formalities to be complied by Companies which are in the process Insolvency Re...
Read MoreCorporate Law - MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Furt...
Read MoreCorporate Law - The application for registration as valuer of the applicant was received by the Authority only on 19th March 2019. There can be no doubt that the applicant must satisfy the eligibility conditions in accordance with the relevant laws prevalent at the time of grant of registration. When the application of the applicant was received by [&hel...
Read MoreCorporate Law - 6th Report of Standing Committee on Finance on the Insolvency and Bankruptcy (Second Amendment) Bill, 2019 STANDING COMMITTEE ON FINANCE (2019-2020) SEVENTEENTH LOK SABHA THE INSOLVENCY AND BANKRUPTCY (SECOND AMENDMENT) BILL, 2019 (MINISTRY OF CORPORATE AFFAIRS) SIXTH REPORT LOK SABHA SECRETARIAT NEW DELHI March, 2020/Phalguna, 1941 (Saka...
Read MoreCorporate 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 27th February 2020 The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to t...
Read MoreCorporate 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....
Read MoreCorporate 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...
Read MoreNeeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) - Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) we have found that demand notice delivered under Section 8(1) of the Code was not proper and was also incomplete. The Operational Creditor failed to submit any documents to prove in existence of the Operational debt and the amount i...
Read MorePacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) - Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied ...
Read MoreMr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) - Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Co...
Read MoreBeacon Trusteeship Limited Vs Earthcon Infracon Private Limited & Anr. (Supreme Court) - Considering the provision of Section 65 of the IBC, it is necessary for the Adjudicating Authority in case such an allegation is raised to go into the same. In case, such an objection is raised or application is filed before the Adjudicating Authority, obviously, it has to be dealt with in accordanc...
Read MoreMaharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) - Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) No Provision in IBC, 2016 which mandated that That Resolution Plan Should Match Liquidation Value No provision in Insolvency and Bankruptcy Code, 2016 or Regulations has been brought to our notice under which the bid of...
Read MoreNotification No. IBBI/2019-20/GN/REG058 - (28/03/2020) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....
Read MoreF. No. IBBI/2019-20/GN/REG057 - (28/03/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....
Read MoreS.O. 1205(E) - (24/03/2020) - MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 – Threshold of default under Section 4, IBC for initiation of insolvency proceedings raised to Rs 1 crore Overview : MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification No. S.O. 1205(E) dated 24th March 2020, has amended section ...
Read MoreF. No. IBBI/2019-20/GN/REG056 - (24/03/2020) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....
Read MoreCircular No. 134/04/2020-GST - (23/03/2020) - CBIC issues Clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016 vide Circular No. 134/04/2020-GST Dated-23rd March, 2020. Circular No. 134/04/2020-GST CBEC-20/16/12 /2020 -GST Government of India Ministry of Finance Department of Revenue Central ...
Read MoreNotification No. IBBI/2019-20/GN/REG058 - (28/03/2020) -
F. No. IBBI/2019-20/GN/REG057 - (28/03/2020) -
Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) -
S.O. 1205(E) - (24/03/2020) -
F. No. IBBI/2019-20/GN/REG056 - (24/03/2020) -
Circular No. 134/04/2020-GST - (23/03/2020) -
