TaxGuru Newsletter Subscription
Information You Can Rely On.
Corporate Law - With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a...
Read MoreCorporate Law - This series of articles on THE CODE, looks at the elephant from the different perspectives, to understand how the economy is changing at a deep structural level, beyond the inferno of NPAs raging all around us....
Read MoreCorporate Law - Section 29A of Insolvency and Bankruptcy Code, 2016 is a restrictive provision which impedes any person falling in the negative list from submission of a resolution plan....
Read MoreCorporate Law - On 26th Feb 2016, Alok Industries communicated to the Stock Exchange, informing them about the Extra Ordinary General Meeting of the Company to be held on 14th March. Among other things the special agenda had items that affected its creditors....
Read MoreCorporate Law - The Moratorium, as envisaged in the Insolvency and Bankruptcy Code comes into effect immediately after the application under section 7, 9 or 10 of the Code, as the case may be, is admitted by the adjudicating authority. The day the insolvency application is admitted and moratorium is applied is referred to as the 'Insolvency Commencement...
Read MoreCorporate Law - The IPAs have responsibility to develop and regulate the profession of IPs. They carry out quasi-legislative, executive and quasi-judicial functions. While they are public utilities and front-line regulators, they must compete with one another in terms of service rendered by their members acting as IPs....
Read MoreCorporate Law - The Gross Advances of Scheduled Commercial Banks (SCBs) increased from Rs.25,03,431 crore as on 31.3.2008 to Rs. 68,75,748 crore as on 31.3.2014, as per the Global Operations Data of the Reserve Bank of India (RBI). As per RBI inputs, the primary reasons for spurt in stressed assets have been observed to be, inter-alia, aggressive lendi...
Read MoreCorporate Law - The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment....
Read MoreCorporate Law - Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was introduced in Lok Sabha to to repeal and replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 Notes on Clauses of Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 Clause 1 of the Bill provides for the short title and commencement. Clause 2 of ...
Read MoreCorporate Law - The Hon'ble Minister of State for Law & Justice and Corporate Affairs, Shri P. P. Chaudhary gave away registration certificates to the first set of 16 registered valuers at an event today at IBBI Office, Mayur Bhawan, Connaught Place, New Delhi. This marked the birth of a very important profession....
Read MorePr. Commissioner of Income Tax Vs Monnet Ispat and Energy Ltd. (Superme Court of India) - Pr. CIT Vs Monnet Ispat and Energy Ltd. (Superme Court of India) Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income-Tax Act. We may also refer in this Connection to Dena...
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 MoreCircular No. IBBI/CIRP/016/2018 - (10/08/2018) - The Committee deliberated on who should be on the creditors committee, given the power of the creditors committee to ultimately keep the entity as a going concern or liquidate it. The Committee reasoned that members of the creditors committee have to be creditors both with the capability to assess v...
Read MoreCircular No. IBBI/CIRP/015/2018 - (13/07/2018) - Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...
Read MoreCircular No. IBBI/CIRP/015/2018 - (13/07/2018) - Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...
Read MoreCircular No. IBBI/IPE/014/2018 - (06/07/2018) - An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if its sole objective is to provide support services to the insolvency professionals, who are its partners or ...
Read MoreNotification No. IBBI/2018-19/GN/REG031 - (03/07/2018) - These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018....
Read More
Pr. Commissioner of Income Tax Vs Monnet Ispat and Energy Ltd. (Superme Court of India) -
Circular No. IBBI/CIRP/016/2018 - (10/08/2018) -
