bankruptcy code

Whether a Trade Union become an Operational Creditor under IBC

Corporate Law - Whether a Trade Union Become an Operational Creditor Under The Insolvency and Bankruptcy Code (IBC) An operational creditor is defined under Section 5(20) of the IBC to mean “any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred“. In order to ascertain...

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Insolvency Professional: ‘New’ Legal Compliance Manager!

Corporate Law - Almost two years and a half have passed and the The Insolvency and Bankruptcy Code, 2016 (IBC) has shown that the legislature wants no stone unturned to resolve the debt stuck in the NPA. It is also interesting to note that the progress has been stupendous. But, the protagonist of the show ‘Insolvency Professional ’(IP)has […]...

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Changing Positions of ‘Home-Buyers’ Under Insolvency and Bankruptcy Code, 2016: Marred with Uncertainty

Corporate Law - Changing Positions of ‘Home-Buyers’ Under Insolvency and Bankruptcy Code, 2016: Marred with Uncertainty A Glance At The Predicament Of Real-Estate Sector Delay in completion of under-construction apartments has become a common phenomenon in contemporary India. The records indicate that out of 782 construction projects in India...

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Accounting for Business Combination pursuant to IBC, 2016

Corporate Law - In terms of Regulation 37(c) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016, a resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to...

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Role of Operational Creditor in Corporate Insolvency Resolution Process

Corporate Law - Role of Operational Creditor in Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016– Article explains Who is an operational creditor, Application under Section 8 & 9., Appointing Insolvency Resolution Professional under Section 16, Procedure following Appointment, Right to Representation, Right...

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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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Discussion on Amendments to IBBI (Insolvency Professionals) Regulations, 2016

Corporate Law - Insolvency and Bankruptcy Board of India 12th May, 2019 Discussion Paper Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the...

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Draft amendments to (Information Utilities) Regulations & Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations

Corporate Law - IBBI Discussion Paper on Amendments to (i) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017; and (ii) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016....

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Draft Corporate Insolvency Resolution Process and Regulations

Corporate Law - Discussion Paper on Corporate Insolvency Resolution Process along with Draft RegulationsThis discussion paper assimilates the suggestions received on public portal, suggestions by mail /letters, suggestions received in round tables and the emerging jurisprudence....

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Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors), Rules, 2019

Corporate Law - Invitation of Public Comments on the draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors), Rules, 2019. Government of India Ministry of Corporate Affairs File No. 30/21/2018- Insolvency Section Dated: 8th May, 2019 Invitation of Public Comments on the d...

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Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) - Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund an...

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RBI’s circular directing bank to take recourse to IBC is ultra vires to section 35AA

Dharani Sugars And Chemicals Ltd. Vs Union of India & Ors. (Supreme Court of India) - Hon'ble Supreme Court held that RBI Circular directing bank to take recourse to Insolvency and Bankruptcy Code (IBC)  is ultra vires to Section 35AA of the Banking Regulation Act....

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Application U/s 7 of IBC 2016 cannot be Admitted after Settlement between Parties : NCLAT

Gaurav Pandey Vs Eternity Investment Services Pvt. Ltd. & Anr. (National Company Law Appellate Tribunal) - Gaurav Pandey Vs Eternity Investment Services Pvt. Ltd. & Anr. (National Company Law Appellate Tribunal, Delhi) 30.11.2018 On 16th November, 2018 when the matter was taken up, the following order was passed : “Apart from other issues raised in the appeal it is contended by learned senior coun...

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Statutory dues for taxes is Operational Debt: NCLAT

Pr. Director General of Income Tax Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) - Pr. DGIT Vs M/s. Synergies Dooray Automotive Ltd. & Ors. (NCLAT, Delhi) ‘Operational Debt’ in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporat...

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Comprehending Underpinnings of Insolvency and Bankruptcy Code, 2016

Swiss Ribbons Pvt. Ltd. vs UOI (Supreme Court) - Insolvency & Bankruptcy Code 2016 paves way for a consolidated and un-bifurcated exhaustive law for insolvencies and bankruptcies applicable to corporate persons, firms and individuals. ...

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Understanding Insolvency and Bankruptcy Code, 2016

Press Release No. IBBI/PR/2019/16 - (09/06/2019) - Hon’ble Mr. Justice M. M. Kumar, President, National Company Law Tribunal (NCLT) released a publication titled ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’, jointly prepared by the Insolvency and Bankruptcy Board of India and Vidhi Centre fo...

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IBBI reject application for registration as IP as applicant was not having requisite experience in managerial capacity

As per regulation 5 (c) (iii) of the Regulations, an individual is eligible for registration as an IP, if he has fifteen years of experience in management, after receiving a bachelor’s degree from a university established or recognised by law. After seeking and considering the details of employmen...

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Temporary Surrender and Revival of Professional Membership of Insolvency Professional

No. IBBI/IP/021/2019 - (02/05/2019) - Temporary surrender of professional membership creates inconveniences where the IP is:(a) conducting a process - corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy - under the Code;(b) is acting as an authorised representative represent...

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IBBI invites comments on Regulations notified under IBC, 2016

No. IBBI/PR/2019/10 - (20/04/2019) - Insolvency and Bankruptcy Board of India (IBBI) invites comments from public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016 (IBC, 2016)....

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IBBI suspends registration of IP for two years

Order No. IBBI/DC/16/2019 - (17/04/2019) - (i) The registration of Mr. Sanjay Ruia as an Insolvency Professional, having Registration No. IBBI/IPA-00 1/IP-P00353/20 17-2018/10654, shall be suspended for two years; (ii) Ruia shall not seek or accept any process or assignment or render any services under the Code during the period of suspensio...

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Recent Posts in "bankruptcy code"

Whether a Trade Union become an Operational Creditor under IBC

Whether a Trade Union Become an Operational Creditor Under The Insolvency and Bankruptcy Code (IBC) An operational creditor is defined under Section 5(20) of the IBC to mean “any person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred“. In order to ascertain...

Read More
Posted Under: Corporate Law |

Insolvency Professional: ‘New’ Legal Compliance Manager!

Almost two years and a half have passed and the The Insolvency and Bankruptcy Code, 2016 (IBC) has shown that the legislature wants no stone unturned to resolve the debt stuck in the NPA. It is also interesting to note that the progress has been stupendous. But, the protagonist of the show ‘Insolvency Professional ’(IP)has […]...

Read More
Posted Under: Corporate Law |

Understanding Insolvency and Bankruptcy Code, 2016

Press Release No. IBBI/PR/2019/16 (09/06/2019)

Hon’ble Mr. Justice M. M. Kumar, President, National Company Law Tribunal (NCLT) released a publication titled ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’, jointly prepared by the Insolvency and Bankruptcy Board of India and Vidhi Centre for Legal Policy....

Read More

Changing Positions of ‘Home-Buyers’ Under Insolvency and Bankruptcy Code, 2016: Marred with Uncertainty

Changing Positions of ‘Home-Buyers’ Under Insolvency and Bankruptcy Code, 2016: Marred with Uncertainty A Glance At The Predicament Of Real-Estate Sector Delay in completion of under-construction apartments has become a common phenomenon in contemporary India. The records indicate that out of 782 construction projects in India...

Read More
Posted Under: Corporate Law |

Workmen dues cannot be a part of liquidation estate assets: NCLT

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench)

Alchemist Asset Reconstruction Co. Ltd. Vs. Moser Baer India Limited (NCLT Delhi, Principal Bench) Under Section 36(4) (a) (III), the expression ‘liquidation estate’ has been defined and it is clarified that all sums due to any workman or employee from the provident fund, pension fund and gratuity fund, were not to constitute ...

Read More
Posted Under: Corporate Law | |

Accounting for Business Combination pursuant to IBC, 2016

In terms of Regulation 37(c) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016, a resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to...

Read More
Posted Under: Corporate Law |

Role of Operational Creditor in Corporate Insolvency Resolution Process

Role of Operational Creditor in Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016– Article explains Who is an operational creditor, Application under Section 8 & 9., Appointing Insolvency Resolution Professional under Section 16, Procedure following Appointment, Right to Representation, Right...

Read More
Posted Under: Corporate Law |

IBBI reject application for registration as IP as applicant was not having requisite experience in managerial capacity

As per regulation 5 (c) (iii) of the Regulations, an individual is eligible for registration as an IP, if he has fifteen years of experience in management, after receiving a bachelor’s degree from a university established or recognised by law. After seeking and considering the details of employment of the applicant, the Board felt that ...

Read More

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

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 ...

Read More
Posted Under: Corporate Law |

Discussion on Amendments to IBBI (Insolvency Professionals) Regulations, 2016

Insolvency and Bankruptcy Board of India 12th May, 2019 Discussion Paper Amendments to the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016. The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the...

Read More
Posted Under: Corporate Law |

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