bankruptcy code

IPs to act as IRPs, Liquidators, RPs and Bankruptcy Trustees (Recommendation) Guidelines, 2019

Income Tax - Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2019...

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Provision of Section 29A now extends to Section 52 of IBC: NCLAT

Income Tax - NCLAT, recently, vide its order dated 18.11.2019 in the matter of State Bank of India v Anuj Bajpai, has held that the disqualified persons under Section 29A of the Insolvency and Bankruptcy Code, 2016 , are completely and irrevocably barred from having access to the assets of the Corporate Debtor. Details of the Order has been discussed ...

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Financial Service Providers– Under the Umbrella of Insolvency and Bankruptcy Code, 2016

Income Tax - Insolvency and Bankruptcy Code, 2016 contains an enabling provision under Section 227 wherein the insolvency and liquidation process of Financial Service Providers (FSPs) can be initiated. But until 14.11.2019, no FSPs were notified and no mechanism or procedure was provided under the Code in this regard....

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Insolvency and Bankruptcy Law: Explanations to Section 5(8) of IBC

Income Tax - The Insolvency and Bankruptcy Code, 2016 (hereinafter known as the IBC or Code) has been establishing a knowledge-based approach in the Indian legal system. Moreover, since implication, it has also created a practical approach towards the inter-pretational and applicability of various provisions stipulated under the Code. In this arti...

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Dissenting Financial Creditors and Resolution Process under IBC

Income Tax - The resolution plan shall provide for the payment of debts of financial creditors, who do not vote in favour of the resolution plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 […]...

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Teaching experience cannot be classified as experience in management for IP Registration

Income Tax - One needs to discern the predominant nature of duties of a person to determine, if he is having experience in management. Coming to the role of manager vis-à-vis teaching professional, it may be noted that in general, teaching professionals possess a cogent body of knowledge that they impart to students and sometimes are engaged in [&hel...

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18,782 cases filed under Insolvency & Bankruptcy Code

Income Tax - Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […...

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1821 cases filed by homebuyers against builders under IBC

Income Tax - 1,821 cases filed by homebuyers against builders under the Insolvency and Bankruptcy Code As per the information received from National Company Law Tribunal (NCLT), total 1,821 cases filed by homebuyers against builders since June, 2018, under the Insolvency and Bankruptcy Code (IBC) 2016, were pending in NCLT on 30.09.2019. Data regardin...

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Report of Working Group on Group Insolvency

Income Tax - We thank the Insolvency and Bankruptcy Board of India for providing us an opportunity of developing a framework for Group Insolvency under the Insolvency and Bankruptcy Code, 2016. We believe that the framework recommended by the Working Group would take the insolvency reform a step forward....

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IBBI amends 3 Insolvency regulation effective from 23rd July 2019

Income Tax - 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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Provision of IBC overrides GST: NCLT

T. R. Ravichandran, RP Vs Asst. Commissioner (ST) (NCLT) - T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot raise an objection saying since no ...

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Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi) - Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’....

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Single member cannot pass order on matter heard by two Members: NCLAT

Raj Singh Gehlot, Director of Ambience Pvt. Ltd. Vs Vistra ITCL (India) Ltd. & Anr.(NCLAT, Delhi) - The order of ‘admission’ is challenged on the ground that the matter having been heard by two Hon’ble Members and the final order could not have been passed by Hon’ble Member (Judicial)....

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SC sets aside NCLAT order in Essar Steel Insolvency case, ArcelorMittal resolution allowed to continue

Committee of Creditors of Essar Steel India Limited Vs Satish Kumar Gupta & Ors. (Supreme Court) - The resolution plan submitted by ArcelorMittal on 02.04.2018 proposed an upfront payment of INR 35,000 crores towards resolution of the debt of INR 49,213 crores of financial creditors. This was buttressed by a letter of commitment from Credit Agricole Corporate and Investment Bank. From this upfron...

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SC orders IRP to complete CIRP concerning Jaypee Infratech within 90 days

Jaiprakash Associates Ltd & Anr. Vs IDBI Bank Ltd. & Anr. (Supreme Court of India) - We direct the Interim Resolution Professional (IRP) to complete the Corporate Insolvency Resolution Process (CIRP) within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders...

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Clarification-Voting on behalf of creditors in a class in CIRP of Jaypee Infratech Limited

No. IBBI/CIRP/JIL - (06/12/2019) - Several mails have been received by the Board from some financial creditors in a class, namely, homebuyers expressing confusion about the manner of voting in the context of resolution plan in the corporate insolvency resolution process of Jaypee Infratech Limited. It appears that there is ‘interna...

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

Notification No. IBBI/2019-20/GN/REG052 and Press Release No. No. IBBI/PR/2019/31 Dated 28.11.2019 - (27/11/2019) - The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 vide The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (T...

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IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors

Press Release No. IBBI/PR/2019/30 - (20/11/2019) - There are occasions when a corporate debtor (CD) takes a loan guaranteed by another corporate person (corporate guarantor to the CD) or an individual (personal guarantor to the CD). The lender may pursue a remedy against the guarantor or the CD, being principal borrower, when there is a default in r...

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IBBI (Bankruptcy Process For Personal Guarantors To Corporate Debtors) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG051 - (20/11/2019) - Insolvency and Bankruptcy Board of India (Bankruptcy Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 issued by IBBI on 20th November, 2019. Also Read-IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate Debtors INS...

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IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019

Notification No. IBBI/2019-20/GN/REG050 - (20/11/2019) - Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 issued by IBBI on 20th November, 2019. Also Read-IBBI notifies Regulations for Insolvency Resolution and Bankruptcy Proceedings of Personal Guarantors to Corporate ...

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Recent Posts in "bankruptcy code"

Teaching experience cannot be classified as experience in management for IP Registration

One needs to discern the predominant nature of duties of a person to determine, if he is having experience in management. Coming to the role of manager vis-à-vis teaching professional, it may be noted that in general, teaching professionals possess a cogent body of knowledge that they impart to students and sometimes are engaged in [&hel...

Read More
Posted Under: Corporate Law |

Clarification-Voting on behalf of creditors in a class in CIRP of Jaypee Infratech Limited

No. IBBI/CIRP/JIL (06/12/2019)

Several mails have been received by the Board from some financial creditors in a class, namely, homebuyers expressing confusion about the manner of voting in the context of resolution plan in the corporate insolvency resolution process of Jaypee Infratech Limited. It appears that there is ‘internal voting’ / ‘pre-polling’ on certa...

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Provision of IBC overrides GST: NCLT

T. R. Ravichandran, RP Vs Asst. Commissioner (ST) (NCLT)

T. R. Ravichandran, RP Vs The Asst. Commissioner (ST) (NCLT) Section 238 of the Insolvency and Bankruptcy Code having categorically mentioned that IBC will have over riding effect on all other laws which are in contravention to the provisions of the IBC, RI cannot raise an objection saying since no provision has been made in […]...

Read More

18,782 cases filed under Insolvency & Bankruptcy Code

Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […...

Read More
Posted Under: Corporate Law |

IPs to act as IRPs, Liquidators, RPs and Bankruptcy Trustees (Recommendation) Guidelines, 2019

Insolvency Professionals (IPs) to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2019...

Read More
Posted Under: Corporate Law |

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

Notification No. IBBI/2019-20/GN/REG052 and Press Release No. No. IBBI/PR/2019/31 Dated 28.11.2019 (27/11/2019)

The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 vide The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 27....

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Provision of Section 29A now extends to Section 52 of IBC: NCLAT

NCLAT, recently, vide its order dated 18.11.2019 in the matter of State Bank of India v Anuj Bajpai, has held that the disqualified persons under Section 29A of the Insolvency and Bankruptcy Code, 2016 , are completely and irrevocably barred from having access to the assets of the Corporate Debtor. Details of the Order has been discussed ...

Read More
Posted Under: Corporate Law |

Promoter not eligible to file application for Compromise and Arrangement, while he is ineligible U/s. 29A of I&B Code to submit a ‘Resolution Plan’

Jindal Steel and Power Limited Vs Arun Kumar Jagatramka (National Company Law Appellate Tribunal Delhi)

Promoter, if ineligible under Section 29A cannot make an application for Compromise and Arrangement for taking back the immovable and movable property or actionable claims of the ‘Corporate Debtor’....

Read More
Posted Under: Corporate Law | |

Financial Service Providers– Under the Umbrella of Insolvency and Bankruptcy Code, 2016

Insolvency and Bankruptcy Code, 2016 contains an enabling provision under Section 227 wherein the insolvency and liquidation process of Financial Service Providers (FSPs) can be initiated. But until 14.11.2019, no FSPs were notified and no mechanism or procedure was provided under the Code in this regard....

Read More
Posted Under: Corporate Law |

Insolvency and Bankruptcy Law: Explanations to Section 5(8) of IBC

The Insolvency and Bankruptcy Code, 2016 (hereinafter known as the IBC or Code) has been establishing a knowledge-based approach in the Indian legal system. Moreover, since implication, it has also created a practical approach towards the inter-pretational and applicability of various provisions stipulated under the Code. In this arti...

Read More
Posted Under: Corporate Law |

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