bankruptcy code

25 Supreme Court Judgments on Insolvency and Bankruptcy Code 2016

Corporate Law - Article summarises 25 Landmark Supreme Court Judgments On Insolvency And Bankruptcy Code 2016 SUPREME COURT JUDGMENTS ON INSOLVENCY AND BANKRUPTCY CODE 2016 Sr No Date of Judgment Name Of The Parties Citation/Dt  of Judgment Ratio   1 21-02-2017 Bank Of New York Mellon London Branch. Vs Zenith Infotech Limited AIR2017SC1735   I...

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FAQs on Insolvency and Bankruptcy Code 2016

Corporate Law - The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....

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Analysis of Pioneer Judgment on constitutional validity of status of allottees as financial creditors

Corporate Law - Judgement  dated 9th August, 2019 of the Hon’ble Supreme Court of India in the matter of Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. WP (C) No. 43/2019 and other petitions. While dismissing the various petitions filed by builders and upholding the constitutional validity of status of allottees ...

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Ten recent Judgments on Insolvency and Bankruptcy Code, 2016

Corporate Law - Insolvency and Bankruptcy Code, 2016 I.When the Appellant had Approached Appropriate Forum for Appropriate Remedy in time with continuous cause of action, then the claim is not barred by Limitation. Sanghvi Movers Ltd. v. Tech Sharp Engineers Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 118 of 2019, NCLAT, Date: 23.07.2019 The NCLAT, w...

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Analysis of Insolvency Bankruptcy Code (Amendment) Act, 2019

Corporate Law - The Ministry of Corporate Affairs had notified Insolvency and Bankruptcy Code (Amendment) Act, 2019 dated 06.08.2019. Apart from, bare link, the amendment has been abridged in a concise manner as a ready reference while going through the operational day to day activities. The amendments are read as follows: 1) Amendment in Section 5: Exp...

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IBBI prescribes CPE requirement for IP Professionals

Corporate Law - (a) An IP shall undertake CPE in compliance with these Guidelines to keep his registration valid. (b) Authorisation for assignment shall not be issued or renewed to an IP who fails to comply with these Guidelines. (c) These Guidelines shall not apply to IPs who have completed the age of 65 years....

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IBBI amends 3 Insolvency regulation effective from 23rd July 2019

Corporate Law - IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016...

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Cabinet approves amendments to Insolvency and Bankruptcy Code

Corporate Law - In order to provide relief to money lenders, i.e., banks and financial institutions, the Union Cabinet has given green signal on long awaited amendments to the Insolvency and Bankruptcy Code. This amendment puts red bull’s eye on timelines and maximize the value of an insolvent entity from the resolution plan as a going concern....

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Debt recovery mechanism strengthened with enactment of IBC, 2016

Corporate Law - Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal....

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Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019

Corporate Law - Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) Guidelines, 2019 14th May, 2019 Provisions in the Insolvency and Bankruptcy Code, 2016 Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and ...

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Liquidation order of Amtek Auto Limited- Need to review provisions of IBC 2016

Committee of Creditors of Amtek Auto Ltd. through Corporation Bank. VS Dinkar T. Venkatasubramanian & Ors. (NCLAT, Delhi) - Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order 'As we have noted that more than 270 days have been completed much earlier and...

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Homebuyers’ Rights as Financial Creditors under IBC upheld by SC

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) - Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) Homebuyers’ Rights as Financial Creditors under IBC upheld by Supreme Court A Major Win for Homebuyers! The August 9 verdict of the Supreme Court, validating the amendment in the Insolvency and Ba...

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Can Adjudication of Counter Claim be stayed in Purview of Moratorium Declared on Corporate Debtor?

SSMP Industries Ltd Vs Perkan Foods Processors Pvt Ltd (Delhi High Court) - The Court held that Plaintiff’s and the Defendant’s claim needs to be adjudicated comprehensively by the same forum. Till the defence is adjudicated, there is no threat to the assets of the Plaintiff and the continuation of the counter claim would not adversely impact its assets....

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IBC: Claim not barred by limitation if appellant approaches appropriate forum in time

Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT) - Sanghvi Movers Ltd. Vs. M/s. Tech Sharp Engineers Pvt. Ltd. (NCLAT) If the Appellant had Approached Appropriate Forum for Appropriate Remedy in Time With Continuous Cause of Action, Then The Claim is Not Barred by Limitation FACTS In this case a winding up petition was filed before the Madras High C...

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‘Operational Creditors’ having disputed claim can avail remedy U/s. 60(6) of I&B Code

Standard Chartered Bank Vs Satish Kumar Gupta R.P. of Essar Steel Ltd. & Ors (National Company Law Appellate Tribunal) - During the submissions, Mr. Harish Salve, learned Senior Counsel appearing on behalf of ‘ArcelorMittal India Pvt. Ltd.’ submitted that once a ‘Resolution Plan’ is approved then under Section 31 of the ‘I&B Code’, it is binding on the ‘Corporate Debtor’ and its employees, members, cre...

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IBC (Amendment) Act, 2019 applicable from 16, August, 2019

Notification No. S.O. 2953(E) - (16/08/2019) - MCA notifies that  Insolvency and Bankruptcy Code (Amendment) Act, 2019 comes into force from 16, August, 2019. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 16, August, 2019. NOTIFICATION S.O. 2953(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the I...

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IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Notification No. G.S.R. 571(E) - (14/08/2019) - These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019....

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IBBI issues Forms IP 1 & CIRP 1 to CIRP 6 to be filed by IP, IRP & RP

Circular No. IBBI/CIRP/023/2019 - (14/08/2019) - Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder....

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Insolvency and Bankruptcy Code (Amendment) Act, 2019

Notification No. 26 of 2019 - (05/08/2019) - Insolvency and Bankruptcy Code (Amendment) Act, 2019 received the assent of the President on the 5th August, 2019. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint....

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IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG048 - (25/07/2019) - The salient amendments affected by the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2019 are: (a) The amendments specify the process for withdrawal of applications before constitution of committee of creditors (CoC), a...

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Recent Posts in "bankruptcy code"

Liquidation order of Amtek Auto Limited- Need to review provisions of IBC 2016

Committee of Creditors of Amtek Auto Ltd. through Corporation Bank. VS Dinkar T. Venkatasubramanian & Ors. (NCLAT, Delhi)

Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order 'As we have noted that more than 270 days have been completed much earlier and no case is made to exclude any period, ...

Read More
Posted Under: Corporate Law | |

IBC (Amendment) Act, 2019 applicable from 16, August, 2019

Notification No. S.O. 2953(E) (16/08/2019)

MCA notifies that  Insolvency and Bankruptcy Code (Amendment) Act, 2019 comes into force from 16, August, 2019. GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS New Delhi, the 16, August, 2019. NOTIFICATION S.O. 2953(E).- In exercise of the powers conferred by sub-section (2) of section 1 of the Insolvency and Bankruptcy Code (Amendment...

Read More

IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019

Notification No. G.S.R. 571(E) (14/08/2019)

These rules may be called the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019....

Read More

25 Supreme Court Judgments on Insolvency and Bankruptcy Code 2016

Article summarises 25 Landmark Supreme Court Judgments On Insolvency And Bankruptcy Code 2016 SUPREME COURT JUDGMENTS ON INSOLVENCY AND BANKRUPTCY CODE 2016 Sr No Date of Judgment Name Of The Parties Citation/Dt  of Judgment Ratio   1 21-02-2017 Bank Of New York Mellon London Branch. Vs Zenith Infotech Limited AIR2017SC1735   I...

Read More
Posted Under: Corporate Law |

FAQs on Insolvency and Bankruptcy Code 2016

The Insolvency and Bankruptcy Code, 2016 was enacted with a purpose to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals and align Indian law at par with the best practices being followed Internationally....

Read More
Posted Under: Corporate Law |

Analysis of Pioneer Judgment on constitutional validity of status of allottees as financial creditors

Judgement  dated 9th August, 2019 of the Hon’ble Supreme Court of India in the matter of Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. WP (C) No. 43/2019 and other petitions. While dismissing the various petitions filed by builders and upholding the constitutional validity of status of allottees ...

Read More
Posted Under: Corporate Law |

IBBI issues Forms IP 1 & CIRP 1 to CIRP 6 to be filed by IP, IRP & RP

Circular No. IBBI/CIRP/023/2019 (14/08/2019)

Filing of Forms for the purpose of monitoring corporate insolvency resolution processes and performance of insolvency professionals under the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder....

Read More

Ten recent Judgments on Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Code, 2016 I.When the Appellant had Approached Appropriate Forum for Appropriate Remedy in time with continuous cause of action, then the claim is not barred by Limitation. Sanghvi Movers Ltd. v. Tech Sharp Engineers Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 118 of 2019, NCLAT, Date: 23.07.2019 The NCLAT, w...

Read More
Posted Under: Corporate Law |

Homebuyers’ Rights as Financial Creditors under IBC upheld by SC

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court)

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) Homebuyers’ Rights as Financial Creditors under IBC upheld by Supreme Court A Major Win for Homebuyers! The August 9 verdict of the Supreme Court, validating the amendment in the Insolvency and Bankruptcy Code (IBC), conferring the righ...

Read More

Analysis of Insolvency Bankruptcy Code (Amendment) Act, 2019

The Ministry of Corporate Affairs had notified Insolvency and Bankruptcy Code (Amendment) Act, 2019 dated 06.08.2019. Apart from, bare link, the amendment has been abridged in a concise manner as a ready reference while going through the operational day to day activities. The amendments are read as follows: 1) Amendment in Section 5: Exp...

Read More
Posted Under: Corporate Law |

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