Corporate Law - An ostentatious feature of the Insolvency and Bankruptcy Code, 2016 (‘Code’), is the classification of creditors on the basis of debt. It is highly applaudable as the classification is not restricted to security [i.e. secured/unsecured creditors] but also covers Financial/ Operational creditors within its ambit....
Read MoreCorporate Law - ORDERS SUPREME COURT Duncans Industries Ltd. Vs. A. J. Agrochem [Civil Appeal No. 5120/2019] The AA rejected an application under section 9 on the ground that the provisions of the Code are not applicable unless the OC seeks consent of the Central Government, in view of section 16G(1)(c) of the Tea Act, 1953, which provides […]...
Read MoreCorporate Law - Central Government Personal Guarantors to Corporate Debtors The Code classifies individuals into three classes, namely, personal guarantors (PGs) to corporate debtors (CDs), partnership firms and proprietorship firms, and other individuals, to enable implementation of individual insolvency in a phased manner. The Central Government, vide ...
Read MoreCorporate Law - A company is an amalgam of many stakeholders. Each stakeholder, however, has a unique objective function, with a distinct set of rights, interests, and level of engagement with the company. Consequently, the interests of one stakeholder may conflict with those of another and / or of the company....
Read MoreCorporate Law - The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted with the intention to expedite and simplify the framework for insolvency and bankruptcy in the country. The notion of ‘creditor in control’ instead of ‘debtor in possession’ is candidly observed by the Code. However, there persisted grey areas in the code and they served a...
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 MoreCorporate Law - Union Cabinet approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016, through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. ...
Read MoreCorporate Law - 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 MoreCorporate Law - 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 MoreDuncans Industries Ltd. Vs A. J. Agrochem (Supreme Court of India) - Insolvency and Bankruptcy Code, 2016 (IBC) proceedings would have an overriding effect over the Tea Act, 1953 and even without such consent of the Central Government, the insolvency proceedings under Section 7 or Section 9 of the IBC initiated by the operational creditor should be maintainable....
Read MoreT. 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 ...
Read MoreJindal 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 MoreRaj 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)....
Read MoreCommittee 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...
Read MoreGeneral Circular No. 04/2020 - (17/02/2020) - Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016)....
Read MoreNotification No. No. IBBI/2019-20/GN/REG055 - (12/02/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreS.O. 464(E) - (30/01/2020) - MCA notifies the manner of dealing with the third party assets in custody or possession of financial service providers by the Administrator appointed under Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rule...
Read MoreNA - (27/01/2020) - Applicant had submitted an application under section 247 of the Companies Act, 2013 read with rule 6 (1) of the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules) seeking a certificate of registration as a Registered Valuer (RV) in the asset class ‘Land and Building’ (L&B)....
Read MoreNo. IBBI/VL/028/2020 - (20/01/2020) - Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017....
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General Circular No. 04/2020 - (17/02/2020) -
Notification No. No. IBBI/2019-20/GN/REG055 - (12/02/2020) -
S.O. 464(E) - (30/01/2020) -