Corporate Law : NCLAT held that the CoC may decide to liquidate a corporate debtor under Section 33(2) before inviting resolution plans, with limi...
Corporate Law : This article explains why the Insolvency and Bankruptcy Code places commercial decision-making in the hands of the Committee of Cr...
Corporate Law : The article explains how the NCLAT interpreted Section 66(1) to extend liability beyond company insiders to third parties who know...
Corporate Law : The Supreme Court held that individuals investing for financial returns rather than home ownership cannot invoke Section 7 of the ...
Corporate Law : The High Court held that a company cannot shift its registered office after approval of a resolution plan when appeals against the...
Corporate Law : IBBI has proposed amendments to CIRP, Liquidation, and Personal Guarantor Regulations to improve valuation, clarify RP duties, sim...
Corporate Law : The proposed amendments require comprehensive project-wise disclosures, technical assessments, and mandatory information in resolu...
Corporate Law : The IBBI has announced contractual vacancies for Research Associates and Consultants in law and business management disciplines. T...
Corporate Law : 2026 Guidelines streamline selection of Insolvency Professionals for IRP, RP, Liquidator, and Bankruptcy Trustee roles, ensuring t...
Corporate Law : The amendments replace the consultation committee with CoC oversight, giving creditors greater control over liquidation decisions....
Corporate Law : Bombay HC held that Section 14 IBC moratorium does not prevent deemed conveyance under Section 11 MOFA and restored the society's ...
Company Law : Kerala HC held Rule 55 empowers NCLT to accept additional pleadings, setting aside refusal to entertain further objections in a Se...
Corporate Law : NCLAT held that invoice discounting through the TReDS platform does not convert operational debt into financial debt. The appeal w...
Corporate Law : Supreme Court held that a Section 7 IBC application can proceed despite pending winding-up proceedings where no irreversible stage...
Corporate Law : NCLT admitted the Section 9 petition after holding that campaign-related emails did not constitute a genuine pre-existing dispute....
Corporate Law : The IBBI First Appellate Authority held that although the CPIO failed to respond within the statutory 30-day period under the RTI ...
Corporate Law : IBBI cancelled an IP’s registration over systemic CIRP misuse, flawed valuations, non-disclosures, compliance failures and lack ...
Corporate Law : IBBI has released the Phase 10 syllabus for the Limited Insolvency Examination, effective from October 1, 2026, to reflect evolvin...
Corporate Law : The First Appellate Authority directed the CPIO to dispose of the RTI application after finding it was not decided within the 30-d...
Corporate Law : The Disciplinary Committee found that the Resolution Professional delayed admission of a financial creditor's claim and failed to ...
Hundreds of cases have been settled under Insolvency and Bankruptcy Code, 2016 (I &B) or being battled out. Can we learn lessons from the obvious mistakes committed by some of the better lawyers? I have analyzed many cases under section 7, 8, 9, and 10. Frequent interaction with I&B resuscitates my intellectual curiosity.
Insolvency and Bankruptcy Laws Group jointly with the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has decided to bring out a publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 in the form of a series. The Series 1 is being brought out with this publication.
As such, the Insolvency Code is a piece of legislation, but in its application, it transcends the legal and tends to take socio-economic colors with huge strategic shades. Each case that is filed in the judicial forums, the way the creditors formulate their strategies, the debtors response, the judicial evaluation of each case, everything needs to be seen through laterally, from a strategic management perspective to understand how corporates get into trouble and thereafter need to crawl out of the hole. The story of Lanco is appears to be a never ending tale of twists, twists and some more twists, a story in which the petitioner (not Lanco) itself is on the verge of extinction. It is not uncommon for a CEO to sue his ex company; happens all the time, particularly in the US of A. However, even in the US of A, it is rare to see an ex-CEO filing corporate insolvency of the company where he had built up over a decade. The CIRP petition IB/9/HDB/2017 filed u/s 9 of the Code was decided on 21st Feb 2017 by the Hyderabad NCLT bench. It sought to put Lanco InfraTech Limited into Insolvency in accordance with the provisions of IBC 2016, appoint Interim Resolution Professional, award costs etc.. The petition was filed by KKV Naga Prasad who had worked for various group companies of Lanco InfraTech Ltd, from Jan 2003 till Jan 2014, in various roles, the last being CEO.
The Insolvency and Bankruptcy Board of India (Board) issued a show-cause notice (SCN) dated 18th December, 2018 to Mr. Dinkar T. Venkatasubramanian, Ernst & Young LLP, Golf View Corporate Tower B, Sector 42,Gurugram,Haryana, 122002, who is a Professional Member of the Indian Institute of Insolvency Professional of ICAI and an Insolvency Professional (IP) registered with the Board having registration number IBBI/IPA-001/IP-P00003/2016-17/10011 in respect of authorising E & Y LLP to raise invoices for his fee and other out of pocket expenses for work undertaken by him as an Interim Resolution Professional (IRP) and Resolution Professional (RP) in the matter of JEKPL Private Limited [Company Petition No. 24/Ald/2017] for violation of the provision of section 5 (13) of the Insolvency and Bankruptcy Code, 2
As is the usual practice, many of these customers have taken home loans, and they have to continue paying EMIs on their loans with no delivery date in sight. It has caused a lot of confusion and put many of them in dire straits financially. Banks will continue to demand EMI payments and if these customers default, the lenders can seize other assets to claim their dues.
The mere fact that closure is a real possibility forces managements to get serious with debt monies. The Corporate Finance strategist is set to review her views on the leveraging strategies, as debt may cease to be the soft and easy option. Every corporate who has ended in the Insolvency Process, has gone through cycles of exuberance and despondence, as either it has paid the price of its own mistakes or was a victim of economic cycles. Each legal case is a management case study for the stakeholders and in particular the Insolvency Professional to guide when she is in the trenches attempting to pull out a battered corporate out of insolvency. It has learning for every individual on either side of a corporate debt. And the Beginning of the Journey could not have been any less controversial than what Synergy was. Presenting the complete story of the resolution that could have derailed the most critical reform post Man Mohan Singh.
Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018.
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 small review of their achievements and tribulations from actual court cases drawn from NCLT/NCLAT/Supreme Court.
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.
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 Bank vs. Bhikhabhai Prabhudas Parekh […]
