TaxGuru Newsletter Subscription
Information You Can Rely On.
Corporate Law - India until the introduction of the present Insolvency and Bankruptcy Code 2016 had offered a multi-pronged solution to the problem of recovery of debt/revitalizing the failing business. As many as 13 enactments (such as SARFASEI, RDB Act, SICA, Company law etc.) dealing with insolvency and bankruptcy existed and there was no single law i...
Read MoreCorporate Law - Dr. M. S. Sahoo, Chairperson accompanied by all three Whole Time Members, Ms. Suman Saxena, Dr. Navrang Saini and Dr. (Ms.) Mukulita Vijayawargia appeared before the Joint Committee on “the Financial and Resolution and Deposit Insurance Bill, 2017” on 22 January, 2018 and presented their views on the said Bill....
Read MoreCorporate Law - Hon’ble President on June 06, 2018 gave his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. These Sections shall come into force with immediate effect. An attempt has been made in this document to shed light on the key changes in the insolvency legislation....
Read MoreCorporate Law - Amid financial institutions and other financial and operational creditors being successful in instituting insolvency resolution process against the corporate debtors, the plea of the home buyers for initiating the insolvency resolution process against the corporate debtors, being real estate developers was struck down by NCLT....
Read MoreCorporate Law - Insolvency and Bankruptcy Board of India (IBB) on May 31st, 2018 issued Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018[1] to streamline the procedure for recommendation and appointment of Interim Resolution Professional (IRP) or liquidator....
Read MoreCorporate Law - IBBI releases Discussion Paper on Discharge from Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the Code for comments...
Read MoreCorporate Law - The new IBC (Amendment) Ordinance, 2018 equates an allottee of a real estate project to be a person having a commercial effect of borrowing. He is now treated as financial creditor. He can initiate a corporate insolvency for a resolution against the errant developer. ...
Read MoreCorporate Law - Expression of Interest to be in the Panel under Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018....
Read MoreCorporate Law - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors and make them an integral part of the decision making process...
Read MoreCorporate Law - Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018 31st May, 2018 Provisions in the Insolvency and Bankruptcy Code, 2016 1. 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...
Read MoreAnant Kajare Vs. Eknath Aher & Anr.(Supreme Court) - Anant Kajare Vs. Eknath Aher & Anr. (Supreme Court) Battery of lawyers appeared in the high profile alleged ‘Ponzi scheme’ matter. This matter has been travelling to Supreme Court time and again. Previously, SEBI held that the scheme run by Citrus Check inn Limited and Royal Twinkle Star Clu...
Read MoreAkshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) - Akshay Jhunjhunwala & Anr. Vs Union of India (Calcutta High Court) The petitioners have assailed the vires of Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016. Learned Senior Advocate appearing for the petitioners has submitted that, the second respondent is a corporate debtor in ...
Read MoreMacquarie Bank Limited Vs Shilpi Cable Technologies Ltd. (Supreme Court of India) - The present appeals raise two important questions which arise under the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code). The first question is whether, in relation to an operational debt...
Read MorePalogix Infrastructure Private Limited Vs. ICICI Bank Limited (NCLAT Delhi) - National Company Law Appellate Tribunal in the matter of Palogix Infrastructure Private Limited Vs. ICICI Bank Limited has promulgated that an Authorized Representative can file petition under Insolvency and Bankruptcy Code, 2016...
Read MoreAmod Amladi V/s. Mrs. Sayali Rane & Anr. (NCLAT Delhi) - Article discusses Time Period for Filing of Appeal in National Company Law Appellate Tribunal (NCLAT) against the order of adjudicating authority in the light of Section 62(2) of Insolvency and Bankruptcy Code, 2016 and NCLAT Judgments in the case of Steam Amod Amladi V/s. Mrs. Sayali Rane & Anr and...
Read MoreNA - (19/06/2018) - Pendency of serious criminal proceeding, as noted above, against the applicant adversely impacts his reputation and makes him not a person fit and proper for registration as an IP. In exercise of the powers conferred on the Board under regulation 8(3)(b) of the Regulations, I, therefore, reject the ...
Read MoreInsolvency Section File No. 30/27/2018 - (20/06/2018) - The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs o...
Read MoreCircular No. No. IBBI/IP/013/2018 - (12/06/2018) - When a corporate debtor undergoes corporate insolvency resolution process (CIRP), an Insolvency Professional (IP) is vested with the management of its affairs and he manages its operations as a going concern. He complies with the applicable laws on behalf of the corporate debtor. He conducts the ent...
Read MoreNotification No. 6 of 2018 - (06/06/2018) - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors and make them an integral part of the decision making process...
Read MoreCircular No. RVO/12/ 2018 - (30/05/2018) - Subject to meeting other requirements, an individual is eligible to be a registered valuer under the Companies (Registered Valuers and Valuation) Rules, 2017 (Rules), if he: (i) is a fit and proper person,(ii) has the necessary qualification and experience, (iii) is a valuer member of a Registere...
Read MoreNA - (19/06/2018) -
Insolvency Section File No. 30/27/2018 - (20/06/2018) -
Circular No. No. IBBI/IP/013/2018 - (12/06/2018) -
