bankruptcy code

Alternatives to I&B Code: A Restructuring route through Section 230 of Companies Act, 2013

Company Law - In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]...

Read More

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default

Company Law - Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and [&hel...

Read More

Process of Filing Application under Insolvency & Bankruptcy Code, 2016

Company Law - On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process...

Read More

Does NCLT has Power to Direct A Pre-Admission Enquiry?

Company Law - An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...

Read More

IBC Ordinance, 2020-Turn New Challenge into Opportunities for IPs

Company Law - In these days of COVID-19 outbreak, all over the world everyone is seeing the negative impact of this pandemic i.e. global economic slowdown, job losses, loss of human lives etc. These impacts are measured and witnessed through various surveys and reports by respective authorities and governments....

Read More

Need for Institutional Framework for Valuation Professionals

Company Law - Report of the Committee of Experts to Examine the Need for An Institutional Framework for Regulation and Development of Valuation Professionals- VOLUME I –  April 2020. Executive Summary A Profession is a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public ...

Read More

Guideline for appointment of IP as IRP, Liquidators, RP & Bankruptcy Trustees

Company Law - Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to reco...

Read More

Merger control for IRPs: Do acquisitions of distressed firms warrant competition scrutiny?

Company Law - This paper examines the proposal to use green channelling to give automatic approval to Insolvency Resolution Plans (IRP) that meet merger thresholds of the Competition Commission of India (CCI)....

Read More

Guidelines for Funding for Research Studies on Corporate Governance

Company Law - GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS NEW DELHI-110 003 Phone : 011-24698970, Fax : 24698972 NANDITA MISHRA Economic Adviser D.O. No. 361/4/2020-R&A Dated: 29.04.2020 Greetings from Ministry of Corporate Affairs. Hope you are all safe in these unprecedented difficult times that the world is seeing now. Taking matter forw...

Read More

Mere B.Com cannot be registered as valuer for asset class of “Securities or Financial Assets”

Company 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 More

NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) - In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the appli...

Read More

Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal) - The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the App...

Read More

Increase in threshold for initiating CIRP is prospective in effect

Foseco India Limited Vs Om Boseco Rail Products Limited (NCLT Kolkata) - Whether increase in threshold by CG through notification  for initiating CIRP is prospective or retrospective in effect?...

Read More

Apprehension of bias is valid ground to substitute IRP: NCLAT

State Bank of India Vs Metenere Ltd. (NCLAT) - State Bank of India Vs Metenere Ltd. (NCLAT) The fact that the proposed ‘Resolution Professional’ Mr. Shailesh Verma had a long association of around four decades with the ‘Financial Creditor’ serving under it and currently drawing pension coupled with the fact that the ‘Interim Resolution...

Read More

Admission in Balance Sheet – Mere Statutory Compliance or Admission of Debt?

V. Padmakumar Vs. Stressed Assets Stabilisation Fund (SASF) & Anr. (NCLAT) - Recently, a three judge bench of NCLAT in V. Padmakumar vs. Stressed Assets Stabilisation Fund (SAFS) & Anr. considered the issue that ‘whether admission of debt in balance sheet would amount to acknowledgement of debt which would further amount to extension of period of limitation as per Section ...

Read More

Govt notifies ‘SLS Trust’ as financial institution under RDB Act 1993

Notification No. S.O. 2144(E) - (30/06/2020) - Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993). Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:- 2. Definitions...

Read More

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

Notification No. IBBI/2020-21/GN/REG061 - (30/06/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette....

Read More

IBBI ask IP to Pass Limited Insolvency Examination again

Order No. IBBI/DC/26/2020 - (08/06/2020) - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/26/2020 8th June 2020 Order In the matter of Mr. Vijay Kumar Garg, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Sect...

Read More

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020

No. 9 of 2020 - (05/06/2020) - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the...

Read More

IBBI suspends registration of IP for 3 Month for negligence during CIRP

Order No. IBBI/DC/25/2020 - (02/06/2020) - During the personal e-hearing, IP submitted that the errors committed by him during CIRP were bonafide mistakes and not intentional. DC observes that IP displayed a negligent approach during the conduct of CIRP...

Read More

Recent Posts in "bankruptcy code"

Alternatives to I&B Code: A Restructuring route through Section 230 of Companies Act, 2013

In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]...

Read More

NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal)

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the applicant – […]...

Read More

Prospective Application of Notification raising IBC threshold for CIRP

Arrowline Organic Products Pvt. Ltd. Vs Rockwell Industries Limited (National Company Law Tribunal)

The Tribunal held that in the absence of any power of recall or review being available to the Tribunal, the present case at hand does not fall within the confines of Section 420 of the Companies Act, 2013 nor Rule 11 of the NCALT Rules, 2016. As recourse, the Applicant should have approached the Appellate Tribunal under Section 61 of the ...

Read More

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default

Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and [&hel...

Read More

Govt notifies ‘SLS Trust’ as financial institution under RDB Act 1993

Notification No. S.O. 2144(E) (30/06/2020)

Central Government hereby notifies ‘SLS Trust’ as financial institution under sub clause (ii) of clause (h) of section 2 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act, 1993). Extract of Section 2(h) of Recovery of Debts and Bankruptcy Act, 1993 is as follows:- 2. Definitions. – In this Act, unless the contex...

Read More

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

Notification No. IBBI/2020-21/GN/REG061 (30/06/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette....

Read More

Need for Institutional Framework for Valuation Professionals

Report of the Committee of Experts to Examine the Need for An Institutional Framework for Regulation and Development of Valuation Professionals- VOLUME I –  April 2020. Executive Summary A Profession is a disciplined group of individuals who adhere to ethical standards and who hold themselves out as, and are accepted by the public ...

Read More

Process of Filing Application under Insolvency & Bankruptcy Code, 2016

On occurrence of default in repayment of financial debt of a company or LLP, the financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government can file an application for initiating corporate insolvency resolution process...

Read More

Does NCLT has Power to Direct A Pre-Admission Enquiry?

An insolvency application filed by an Operational Creditor U/s 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) can be resisted on the ground that there is an ‘existing dispute‘, the I&B Code does not provide for such a defence for resisting an insolvency application filed in respect of a financial debt U/s 7 [...

Read More

IBC Ordinance, 2020-Turn New Challenge into Opportunities for IPs

In these days of COVID-19 outbreak, all over the world everyone is seeing the negative impact of this pandemic i.e. global economic slowdown, job losses, loss of human lives etc. These impacts are measured and witnessed through various surveys and reports by respective authorities and governments....

Read More

Browse All Categories

CA, CS, CMA (4,807)
Company Law (6,163)
Custom Duty (7,796)
DGFT (4,244)
Excise Duty (4,368)
Fema / RBI (4,245)
Finance (4,457)
Income Tax (33,467)
SEBI (3,528)
Service Tax (3,564)

Search Posts by Date

July 2020
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031