bankruptcy code

Insolvency Professionals- IBBI FAQs

Corporate Law - As per the Insolvency and Bankruptcy Code (IBC), 2016 an insolvency professional (IP) means a person: a. enrolled with an insolvency professional agency (IPA) as its member and, b. registered with Insolvency and Bankruptcy Board of India (the Board) as an insolvency professional (IP)....

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Provisional list of IPs prepared for Appointment as Administrators under SEBI Law

Corporate Law - Provisional list of IPs prepared in accordance with' Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations,2018.' ...

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Insolvency and Bankruptcy Law In Various Countries

Corporate Law - The term Insolvency is used for individuals as well as organisation/corporate. If insolvency is not resolved, it leads to Bankruptcy in case of individual and liquidation in case of corporate....

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Exigency for an Ideal Economy- Insolvency and Bankruptcy Code, 2016

Corporate Law - Insolvency and Bankruptcy Code, 2016 consolidates existing laws relating to insolvency of corporate entities and individuals into a single legislation. The Code has unified the law relating to enforcement of statutory rights of creditors and streamlined the manner in which a debtor company can be revived to sustain its debt without exting...

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Insolvency and Bankruptcy Code: “Kuch Shabdh Aarth”

Corporate Law - The Insolvency and bankruptcy code, 2016 was notified and came into execution since December 2016. The code at its entry stage repealed the existing legislations which had become outdated and unfruitful with the passage of time. The code is not an easy legislation as the drafters have really worked hard to create a master piece […]...

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IBBI invites comment on Application to Adjudicating Authority Rules, 2016

Corporate Law - Comments are invited on the Insolvency and Bankruptcy Code, 2016 (Code) and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.(AA Rules)...

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IBBI clarifies on news item ‘Banks Recoveries from IBC Cases Falling’

Corporate Law - IBBI/CIRP/4065 16th April, 2019 To The Editor, Economic Times 3rd Floor, Times of India Building Opposite CST Railway Station Dr. D. N. Road Fort, Mumbai — 400001 Dear Editor, This has reference to the article titled: “Banks’ Recoveries from IBC Cases Falling” in ‘The Economic Times’ dated 16th April, 2019....

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Panel of Insolvency Professionals for appointment as Administrator

Corporate Law - Panel of Insolvency Professionals [prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.‘] for appointment as Administrator for a period from 10th April 2019 to 30th September 2019. Download ...

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Provisional list of IPs prepared for Appointment as Administrators under SEBI Law

Corporate Law - Provisional list of IPs prepared in accordance with' Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations,2018.' ...

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IBBI is not for realisation of bad loans, Refutes misleading media report

Corporate Law - IBC Code segregates commercial aspects from judicial aspects of an insolvency proceeding and empowers and facilitates the stakeholders and the Adjudicating Authority to take decisions in their respective domain. ...

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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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Former Directors of Corporate Debtor entitled to Resolution Plans to be discussed at COC meetings:SC

Vijay Kumar Jain Vs Standard Chartered Bank & Ors. (Supreme Court of India) - The members of the suspended Board of Directors of the corporate debtor who wish to meaningfully participate in meetings held by the committee of creditors are entitled to get a copy of insolvency resolution plans from the resolution professional along with the notice of meetings. ...

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IBC: Municipal Corporation cannot seal property of Corporate Debtor during CIRP moratorium period : NCLT

Asset Reconstruction Company (India) Pvt Ltd Vs Shivam Water Treaters Pvt Ltd (NCLT, Mumbai) - This is the case, where despite moratorium order, Municipal Authorities have sealed the Corporate Office/Registered Office of the Corporate Debtor. Section 238 of the IBC, 2016 provides the overriding effect. Moratorium order has been passed under Section14 of the IBC on 15.10.2018. After that Munic...

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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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Insolvency Professionals to pay 0.25% of professional fee to IBBI

Insolvency Professional to pay to IBBI, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Secon...

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Syllabus for Limited Insolvency Examination w.e.f. 1st July, 2019

No. IBBI/PR/2019/09 - (30/03/2019) - Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st July, 2019....

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Guidelines for Appointment of Insolvency Professionals as Administrators under SEBI Rules

File No. IP-12011/1/2019-IBBI - (26/03/2019) - Guidelines for Appointment of Insolvency Professionals as Administrators under the Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Insolvency and Bankruptcy Board of India 7′ Floor, Mayur Bhawan, Connaught Pl...

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IBBI rejects Registration as IP for Pendency of criminal proceedings

NA - (20/03/2019) - As per regulation 4(g) of the Regulations, no individual shall be eligible to be registered as an IP if he is not a fit and proper person. Among others, integrity, reputation and character are considered to determine if an individual is a fit and proper person. I have perused the provisions of secti...

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Recent Posts in "bankruptcy code"

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 suspension. He shall, however, continue to conduc...

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IBBI invites comment on Application to Adjudicating Authority Rules, 2016

Comments are invited on the Insolvency and Bankruptcy Code, 2016 (Code) and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.(AA Rules)...

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Posted Under: Corporate Law |

Insolvency Professionals- IBBI FAQs

As per the Insolvency and Bankruptcy Code (IBC), 2016 an insolvency professional (IP) means a person: a. enrolled with an insolvency professional agency (IPA) as its member and, b. registered with Insolvency and Bankruptcy Board of India (the Board) as an insolvency professional (IP)....

Read More
Posted Under: Corporate Law |

IBBI clarifies on news item ‘Banks Recoveries from IBC Cases Falling’

IBBI/CIRP/4065 (16/04/2019)

IBBI/CIRP/4065 16th April, 2019 To The Editor, Economic Times 3rd Floor, Times of India Building Opposite CST Railway Station Dr. D. N. Road Fort, Mumbai — 400001 Dear Editor, This has reference to the article titled: “Banks’ Recoveries from IBC Cases Falling” in ‘The Economic Times’ dated 16th April, 2019....

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Posted Under: Corporate Law |

Insolvency Professionals to pay 0.25% of professional fee to IBBI

Insolvency Professional to pay to IBBI, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30th of April every year, along with a statement in Form E of the Second Schedule;”...

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Panel of Insolvency Professionals for appointment as Administrator

Panel of Insolvency Professionals [prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.‘] for appointment as Administrator for a period from 10th April 2019 to 30th September 2019. Download ...

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Posted Under: Corporate Law |

Provisional list of IPs prepared for Appointment as Administrators under SEBI Law

Provisional list of IPs prepared in accordance with' Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations,2018.' ...

Read More
Posted Under: Corporate Law | ,

IBBI is not for realisation of bad loans, Refutes misleading media report

IBC Code segregates commercial aspects from judicial aspects of an insolvency proceeding and empowers and facilitates the stakeholders and the Adjudicating Authority to take decisions in their respective domain. ...

Read More
Posted Under: Corporate Law |

IBC takes 300 days, BIFR took 5-8 yrs; IBBI not submitted any affidavit

This has reference to an article appearing in the Business Standard dated 1st April, 2019, titled IBC takes 300 days, BIFR took 5-8 yrs; IBBI Chief....

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Posted Under: Corporate Law |

Syllabus for Limited Insolvency Examination w.e.f. 1st July, 2019

No. IBBI/PR/2019/09 (30/03/2019)

Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st July, 2019....

Read More

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