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These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017.
Clarification has been sought by stakeholders as to whether approval of shareholders/ members of the corporate debtor/ company is required for a resolution plan at any stage during the process for its consideration and approval as laid down under sections 30 and 31 of the Insolvency and Bankruptcy Code, 2016
Part II of Insolvency and Bankruptcy Code, 2016 deals with insolvency resolution and liquidation for corporate persons. The actual work will be mostly handled by ‘resolution professional’ under supervision of NCLT
The Insolvency and Bankruptcy Code 2016 (Code), which became law in May 2016, is looked upon by both the business and the professionals with a lot of expectations. It is natural that like many new things, this code too is to settle down and it is one of its kinds.
Central Government hereby delegates the powers and functions vested in it under section 247 of the said Act to the Insolvency and Bankruptcy Board of India, subject to the condition that the Central Government may revoke such delegation of powers or it may exercise the powers under the said section, if in its opinion such a course of action is necessary in the public interest.
The Insolvency and Bankruptcy Code, 2016 (the Code) passed by the Lok Sabha on 5th May 2016 seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation through a formal insolvency resolution process (IRP)
This article makes a critical analysis of Insolvency and Bankruptcy Code, 2016 (IBC in short) by highlighting the key parts of the Code and assess its likely impact on the Indian debt market and what does the new Code contain and how effective will it be in promoting the efficient and timely resolution of insolvent entities?
IBBI invites public comments on (i) Draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017, and (ii) Draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017 by 31st October, 2017.
This article discusses the filing of insolvency resolution application against Corporate Debtor under Insolvency and Bankruptcy Code, 2016 (IBC in short).
Whether Corporate Debtor can bar the NCLT to accept the petition of Operational Creditor by raising a dispute on the Demand Notice