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Corporate Law - It is, for the matter of reality, that there is no mandate under the I&B Code which provides that whether the Resolution Plan’s value shall be more than the liquidation value of the Corporate Debtor. It is this perplexing issue that the case of Orchid Pharma Insolvency deals with. Th...
Read MoreCorporate Law - Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under: CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation A...
Read MoreCorporate Law - Before discussing the subject, first understand what limitation is. According to section 2 (j) of limitation act 1963 , it is defined as ““period of limitation” means the period of limitation prescribed for any suit, appeal or application by the Schedule, and “prescribed period” means the period of limitation computed in accorda...
Read MoreCorporate Law - Several companies that are undergoing proceedings under the Insolvency and Bankruptcy Code (IBC) are also facing investigations by the Enforcement Directorate (ED) over alleged money laundering by their promoters. ED, which is an investigative arm of the finance ministry, has claimed that it could attach such assets under the Prevention o...
Read MoreCorporate Law - A couple of years back, the only option available to home buyers was to approach consumer court to proceed against the developer. The enactment of Insolvency and Bankruptcy Code (IBC) in 2016 strengthened the position of homebuyers by expanding the options for redressal of grievances. Initially, when IBC came into force there was no clari...
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 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....
Read MoreNotification No. IBBI/2019-20/GN/REG054. - (15/01/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreCircular No. No. IBBI/LIQ/027/2020 - (09/01/2020) - Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/LIQ/027/2020 9th January, 2020 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to ...
Read MoreOrder No. IBBI/DC/16/2020-21 - (08/01/2020) - As per the information provided by Mr. Rathi, he registered the website with the name www.ibbivaluer.com on 21st March 2019. The website uses the abbreviation ‘ibbi’ as part of domain name i.e. ibbivaluer.com at that time when he did not even pass the examination for registration as a valuer. Th...
Read MorePress Releases No. No. IBBI/PR/2020/01 and Notification No. IBBI/2019-20/GN/REG053 - (06/01/2020) - Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of...
Read MoreNo. IBBI/VL/028/2020 - (20/01/2020) -
Notification No. IBBI/2019-20/GN/REG054. - (15/01/2020) -
Circular No. No. IBBI/LIQ/027/2020 - (09/01/2020) -
Order No. IBBI/DC/16/2020-21 - (08/01/2020) -
Press Releases No. No. IBBI/PR/2020/01 and Notification No. IBBI/2019-20/GN/REG053 - (06/01/2020) -
