bankruptcy code

Analysis on Effect of Pre-Packaged Deals Ordinance Vis-À-Vis Sustainable Development Goal 8

Corporate Law - Despite the long-term effects of the 2008 economic crisis and global recession, the number of workers living in severe poverty has decreased significantly over the last 25 years. The middle class now accounts for more than 34% of total jobs in developing countries, a figure that has nearly tripled between 1991 and 2015....

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Prepack Insolvency Resolution Process Regulations notified for MSMEs

Corporate Law - Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...

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Pre-packaged Insolvency Resolution Process by IBC (Amendment) Ordinance, 2021

Corporate Law - Pre-packaged Insolvency Resolution Process by Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Co...

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Petition u/s 7 or 9 of IBC is an Independent Proceedings & is not affected by winding up proceedings

Corporate Law - Hon’ble Supreme Court in the matter of Naveen Chandra Steels Private Limited Vs. SREI Equipment Finance Limited & Ors. has directed vide order dated 01st March, 2021 that a petition either under section 7 or section 9 of the IBC is an independent proceeding which is unaffected by winding up proceedings that may be filed qua the same com...

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Benefits of Acquiring companies under Insolvency Process in IBC 2016

Corporate Law - The companies made default in honouring the financial liabilities to the Banks, Financial Institutions etc, are usually declared as insolvent by the NCLT Order and the Corporate Insolvency Resolution Process starts by appointing the Insolvency Resolution Professional. Such companies are open for sale by the Committee of Creditors (“COC...

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Insolvency Professional: A Key To Resolution

Corporate Law - The Code provides a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in distress. The objective of such reorganisation and resolution is maximisation of value of assets of the persons to promote entrepreneu...

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34 Amendments via IBC (Amendment) Ordinance 2021

Corporate Law - President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 The President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th April 2021. The Cabinet had approved on 31st March 2021 the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through the Insolvency ...

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Panel of Insolvency Professionals for appointment as Administrator

Corporate Law - Panel of IPs prepared in accordance with 'Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 for appointment as Administrator for a period from April 1, 2021 to September 30, 2021....

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Bankrupt Companies after lockdown was imposed due to COVID-19 pandemic

Corporate Law - As per information from Insolvency and Bankruptcy Board of India (IBBI), details for the period from 01.04.2020 to 31.12.2020 of the number of companies declared bankrupt in the country after the lockdown was imposed due to COVID-19 pandemic is as under:...

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Provisional list of IPs for appointment as Administrator

Corporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Provisional list of IPs prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointmen...

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Opportunity of hearing to affected parties is to be given before taking action

Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) - Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some advers...

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Section 7 IBC- Action can be taken against Corporate Guarantor for Loan to Non-Corporate principal borrower: SC

Laxmi Pat Surana Vs Union Bank of India (Supreme Court of India) - Laxmi Pat Surana Vs Union Bank of India (Supreme Court) The fact that the principal borrower had availed of credit/loan and committed default and that the (corporate) guarantor/corporate debtor had offered guarantee in respect of the loan account is not disputed. What is urged by the appellant is th...

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SC explains how NCLT ought to proceed when Section 8, Arbitration Act application is filed

Indus Biotech Private Limited Vs Kotak India Venture (Offshore) Fund (Earlier Known As Kotak India Venture Limited) & Ors. (Supreme Court of India) - Indus Biotech Private Limited Vs Kotak India Venture (Offshore) Fund (Earlier Known As Kotak India Venture Limited) & Ors. (Supreme Court) It is clarified that in any proceeding which is pending before the Adjudicating Authority under Section 7 of IB Code, if such petition is admitted upon the A...

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Operational Creditor should demonstrate its Claim to be treated as Operational Debt under IBC

Kripa Cashew Exports Vs Royals International Trade And Allied Products Pvt. Ltd. (NCLT Kerala) - Kripa Cashew Exports Vs Royals International Trade And Allied Products Pvt. Ltd. (NCLT) In the present case, the first point which arises for consideration is whether the debt falls within the purview of Operational Debt under Section 5 (21) of the I&B Code,2016? To arrive at a decision, this Tr...

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NCLT has limited jurisdiction in approval of resolution plan under IBC: SC

Jaypee Kensington Boulevard Vs NBCC (Supreme Court India) - Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs. NBCC (India) Ltd. & Ors. (Supreme Court ) For what has been discussed and held on the relevant points for determination, our findings and conclusions are as follows: A. The Adjudicating Authority has limited jurisdiction i...

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IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG071 - (09/04/2021) - Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....

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Minimum default amount for pre-packaged insolvency resolution process

Notification No. S.O. 1543(E). - (09/04/2021) - Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code....

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Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021

Notification No. F. No. 30/20/2020 - (09/04/2021) - These rules may be called the Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021. They shall come into force on the date of their publication in the Official Gazette....

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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

Notification NO. 3 OF 2021 - (04/04/2021) - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterpr...

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Handbook on Ethics for Insolvency Professional

Press Release No. IBBI/PR/2021/07 - (19/03/2021) - IBBIa has brought out this ‘Handbook on Ethics’, to stimulate the highest standards of ethics and professionalism among the IPs, together with British High Commission, who facilitated in obtaining inputs on the best practices followed by Insolvency Practitioners in UK....

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bankruptcy code’s Popular Posts

Recent Posts in "bankruptcy code"

Insolvency Professional: A Key To Resolution

01/01/1970

The Code provides a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in distress. The objective of such reorganisation and resolution is maximisation of value of assets of the persons to promote entrepreneu...

Read More
Posted Under: Corporate Law |

Analysis on Effect of Pre-Packaged Deals Ordinance Vis-À-Vis Sustainable Development Goal 8

01/01/1970

Despite the long-term effects of the 2008 economic crisis and global recession, the number of workers living in severe poverty has decreased significantly over the last 25 years. The middle class now accounts for more than 34% of total jobs in developing countries, a figure that has nearly tripled between 1991 and 2015....

Read More
Posted Under: Corporate Law |

Prepack Insolvency Resolution Process Regulations notified for MSMEs

01/01/1970

Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...

Read More
Posted Under: Corporate Law |

IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG071 09/04/2021

Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....

Read More

Minimum default amount for pre-packaged insolvency resolution process

Notification No. S.O. 1543(E). 09/04/2021

Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code....

Read More

Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021

Notification No. F. No. 30/20/2020 09/04/2021

These rules may be called the Insolvency and Bankruptcy (pre-packaged insolvency resolution process) Rules, 2021. They shall come into force on the date of their publication in the Official Gazette....

Read More

Opportunity of hearing to affected parties is to be given before taking action

Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad)01/01/1970

Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some adverse action is being […]...

Read More
Posted Under: Corporate Law | |

34 Amendments via IBC (Amendment) Ordinance 2021

01/01/1970

President promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 The President promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 on 4th April 2021. The Cabinet had approved on 31st March 2021 the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through the Insolvency ...

Read More
Posted Under: Corporate Law |

Pre-packaged Insolvency Resolution Process by IBC (Amendment) Ordinance, 2021

01/01/1970

Pre-packaged Insolvency Resolution Process by Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Co...

Read More
Posted Under: Corporate Law |

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021

Notification NO. 3 OF 2021 04/04/2021

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small and Medium Enterprises Development Act, 2006....

Read More

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