bankruptcy code

Information Utility & lodgment of Default under IBC, 2016

Corporate Law - Vinit Nagar, FCS Under the Insolvency & Bankruptcy Code, 2016 it is always very crucial for the Adjudicating Authority and the Insolvency  Professionals to identify the reasonableness of default, dispute and other financial information of Debtor such as records of its debt, liabilities at the time of his solvency, assets over which t...

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Raising of Threshold For Default for Triggering of CIRP: Critical Analysis

Corporate Law - On 24th march 2020 the Central Government thorough the gazette Notification[1] raised the threshold limit for default as prescribed under Section 4 of IBC, 2016 to from Rupees One Lakh to Rupees One Crore for initiation of insolvency proceeding under the Code....

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Model time-line for Corporate Insolvency Resolution Process

Corporate Law - Corporate Insolvency Resolution Process is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP. The insolvency resolution process (IRP) is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal ...

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Analysis of notification on registration by IRP/RP under GST act

Corporate Law - Analysis of the circular issued by the central government in respect of procedure to be adopted in cases of insolvency resolution Central Government vide Notification No. 11/20 Central Tax dated 21st March 2020 has prescribed special procedure in respect of GST formalities to be complied by Companies which are in the process Insolvency Re...

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Condonation of INC-28 for NCLT order under IBC

Corporate Law - MCA vide its General Circular No. 08/2020 dated 6th march 2020 mandated the filing of NCLT order for CIRP or Liquidation process under the IBC 2016. This circular provides for the mandatorily filing of INC-28 for NCLT order to Registrar of Companies on the part of IRP (Interim Resolution Professional) or RP (Resolution Professional). Furt...

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Mere B.Com cannot be registered as valuer for asset class of “Securities or Financial Assets”

Corporate Law - The application for registration as valuer of the applicant was received by the Authority only on 19th March 2019. There can be no doubt that the applicant must satisfy the eligibility conditions in accordance with the relevant laws prevalent at the time of grant of registration. When the application of the applicant was received by [&hel...

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6th Report on Insolvency and Bankruptcy (Second Amendment) Bill, 2019

Corporate Law - 6th Report of Standing Committee on Finance on the Insolvency and Bankruptcy (Second Amendment) Bill, 2019 STANDING COMMITTEE ON FINANCE (2019-2020) SEVENTEENTH LOK SABHA THE INSOLVENCY AND BANKRUPTCY (SECOND AMENDMENT) BILL, 2019 (MINISTRY OF CORPORATE AFFAIRS) SIXTH REPORT LOK SABHA SECRETARIAT NEW DELHI March, 2020/Phalguna, 1941 (Saka...

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Guidelines for Appointment of IPs under SEBI Regulations

Corporate Law - 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 27th February 2020 The Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to t...

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Cabinet approves Promulgation of IBC (Amendment) Ordinance, 2019

Corporate 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....

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Year End Review -2019 of Ministry of Corporate Affairs

Corporate 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...

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NCLAT releases Flipkart India from Corporate Insolvency Resolution Process (CIRP)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) - Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) we have found that demand notice delivered under Section 8(1) of the Code was not proper and was also incomplete. The Operational Creditor failed to submit any documents to prove in existence of the Operational debt and the amount i...

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NCLAT cannot enter into commercial wisdom of COC & disturb business decision

Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) - Pacific World Shipping PTE Ltd. Vs Dadi Impex Pvt. Ltd. (NCLAT) The main grievance of the Appellant is that the Operational Creditors have been given only token 2% of their claims admitted while the Financial Creditors are given 100% of their claims. The learned Counsel for the Bank has then relied ...

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IBC: Immovable property Lease rent dues are not Operational Debt

Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) - Mr. M. Ravindranath Reddy Vs Mr G. Kishan & Ors. (NCLAT) Whether a landlord by providing lease, will be treated as providing services to the corporate debtor, and hence, an operational creditor within the meaning of Section 5(20) read with Section 5(21) of the ‘Insolvency and Bankruptcy Co...

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Adjudicating authority must look-into issue of fraudulent initiation of proceedings under IBC: SC

Beacon Trusteeship Limited Vs Earthcon Infracon Private Limited & Anr. (Supreme Court) - Considering the provision of Section 65 of the IBC, it is necessary for the Adjudicating Authority in case such an allegation is raised to go into the same. In case, such an objection is raised or application is filed before the Adjudicating Authority, obviously, it has to be dealt with in accordanc...

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No Provision in IBC mandating that Resolution Plan Should Match Liquidation Value

Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) - Maharasthra Seamless Limited Vs Padmanabhan Venkatesh & Ors. (Supreme Court) No Provision in IBC, 2016 which mandated that That Resolution Plan Should Match Liquidation Value No provision in Insolvency and Bankruptcy Code, 2016 or Regulations has been brought to our notice under which the bid of...

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IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG058 - (28/03/2020) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....

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IBBI (Insolvency Professionals) (Amendment) Regulations, 2020

F. No. IBBI/2019-20/GN/REG057 - (28/03/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....

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Threshold limit for initiation of insolvency proceedings raised to Rs. 1 crore

S.O. 1205(E) - (24/03/2020) - MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 – Threshold of default under Section 4, IBC for initiation of insolvency proceedings raised to Rs 1 crore Overview : MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification No.  S.O. 1205(E) dated 24th March 2020, has amended section ...

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IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020

F. No. IBBI/2019-20/GN/REG056 - (24/03/2020) - (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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Clarification on issues under GST for companies under IBC, 2016

Circular No. 134/04/2020-GST - (23/03/2020) - CBIC issues Clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016 vide Circular No. 134/04/2020-GST Dated-23rd March, 2020. Circular No. 134/04/2020-GST CBEC-20/16/12 /2020 -GST Government of India Ministry of Finance Department of Revenue Central ...

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Recent Posts in "bankruptcy code"

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG058 (28/03/2020)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....

Read More

IBBI (Insolvency Professionals) (Amendment) Regulations, 2020

F. No. IBBI/2019-20/GN/REG057 (28/03/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020. (2) They shall come into force on the 28th March, 2020....

Read More

Information Utility & lodgment of Default under IBC, 2016

Vinit Nagar, FCS Under the Insolvency & Bankruptcy Code, 2016 it is always very crucial for the Adjudicating Authority and the Insolvency  Professionals to identify the reasonableness of default, dispute and other financial information of Debtor such as records of its debt, liabilities at the time of his solvency, assets over which t...

Read More
Posted Under: Corporate Law |

NCLAT releases Flipkart India from Corporate Insolvency Resolution Process (CIRP)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT)

Neeraj Jain Vs Cloudwalker Streaming Technologies Pvt. Ltd. (NCLAT) we have found that demand notice delivered under Section 8(1) of the Code was not proper and was also incomplete. The Operational Creditor failed to submit any documents to prove in existence of the Operational debt and the amount in The Operational Creditor also failed t...

Read More
Posted Under: Corporate Law | |

Raising of Threshold For Default for Triggering of CIRP: Critical Analysis

On 24th march 2020 the Central Government thorough the gazette Notification[1] raised the threshold limit for default as prescribed under Section 4 of IBC, 2016 to from Rupees One Lakh to Rupees One Crore for initiation of insolvency proceeding under the Code....

Read More
Posted Under: Corporate Law |

Model time-line for Corporate Insolvency Resolution Process

Corporate Insolvency Resolution Process is a recovery mechanism for creditors. If a corporate becomes insolvent, a financial creditor, an operational creditor, or the corporate itself may initiate CIRP. The insolvency resolution process (IRP) is a one under the Insolvency and Bankruptcy Code, 2016, where the National Company Law Tribunal ...

Read More
Posted Under: Corporate Law |

Threshold limit for initiation of insolvency proceedings raised to Rs. 1 crore

S.O. 1205(E) (24/03/2020)

MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 – Threshold of default under Section 4, IBC for initiation of insolvency proceedings raised to Rs 1 crore Overview : MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification No.  S.O. 1205(E) dated 24th March 2020, has amended section 4 of the Insolvency and Bankruptcy Code,...

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Analysis of notification on registration by IRP/RP under GST act

Analysis of the circular issued by the central government in respect of procedure to be adopted in cases of insolvency resolution Central Government vide Notification No. 11/20 Central Tax dated 21st March 2020 has prescribed special procedure in respect of GST formalities to be complied by Companies which are in the process Insolvency Re...

Read More
Posted Under: Corporate Law |

IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020

F. No. IBBI/2019-20/GN/REG056 (24/03/2020)

(1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

Read More

Clarification on issues under GST for companies under IBC, 2016

Circular No. 134/04/2020-GST (23/03/2020)

CBIC issues Clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016 vide Circular No. 134/04/2020-GST Dated-23rd March, 2020. Circular No. 134/04/2020-GST CBEC-20/16/12 /2020 -GST Government of India Ministry of Finance Department of Revenue Central Board of Indirect Taxes and Customs GST ...

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