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The RV has placed on record the computation sheet utilised by him in preparing the valuation report. On perusal of the computation sheet, it can be presumed that the RV has considered certain factors such as year of purchase, source of the market price considered, adjustment value for year of make, etc. to arrive at […]
The sub-regulation (1) and (10) of Regulation 31A of IBBI (Liquidation Process) Regulations, 2016, requires a liquidator to take advice of consultation committee in respect of sale under regulation 32 and such advice shall not be binding on the liquidator: Provided that where the liquidator takes a decision different from the advice given by the […]
DC is of the view that Mr. Mahesh Venkataraman failed in taking proper custody and control of the assets of CD-1 due to which breach of moratorium was done by management of suspended board by operating account with ICICI Bank, and with respect to CD-2, Mr. Venkataraman failed to maintain complete transparency in sharing profile of the professional engaged by him, with CoC.
SC held that once NCLT is satisfied that default occurred, no discretion left with NCLT to refuse admission of Section 7 CIRP application
SC upheld NCLT interim directions, including constitution of CoC for Eco Village Project-II only; the said project to be completed with assistance of ex-management whereas other projects, apart from Eco Village-II, were ordered to be continued as ongoing projects.
DC warns Mr. S. Shivshanker to be more careful in handling pending assignments and he is further directed to undergo pre-registration educational course specified under regulation 5(b) of the IP Regulations from the IPA where he is registered.
The DC takes note of regulation 3(4) of Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017, which provides that a grievance or complaint has to be filed within 45 days of occurrence of cause of action for the grievance or complaint which can be further extended by 30 days with […]
NCLT conclude that in Section 10 proceedings, though there is no mandatory requirement of issuing notice to the Creditor(s) at the pre-admission stage, rather giving notice to the Creditor(s) is a matter of discretion to be exercised on a case-to-case basis on valid grounds.
The DC notes that issue of ratification of pre-CIRP expenses to legal counsel of Bank of Baroda was first discussed by CoC in its 1st meeting dated 03.11.2017 where representatives of other bank objected to include such expenses in IRPC on ground that IRPC should include costs incurred after initiation of the CIRP and not […]
Committee of Creditors may assess whether settlement plan made under Section 12A is preferable to Resolution Plan as approved by it and could deliver a proper order.
