IBBI

I&B Code 2016, section 21: Member of Committee of Creditors – a serious discussion

Corporate Law - Insolvency and Bankruptcy Code, 2016, experts say, emanated from the noble hearts of the rulers who decided to help those who gave their life savings/assumption of unlimited liabilities based on the beautiful pictures and glib lectures of mostly young kids on flats, villas or dream like palaces but on a razor thin margin of reality. I fee...

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Relief for MSME’s under Insolvency and Bankruptcy Code

Corporate Law - The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 has brought relief to the Micro Small and Medium Enterprises by relaxing the provisions of section 29A in their favour. It is one of the most significant amendments under the Insolvency and Bankruptcy Code and has a wide impact on the whole insolvency resolution regime....

Read More

Insolvency Case Study – Synergy – An Explosive Controversial Beginning

Corporate Law - 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...

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Insolvency and Bankruptcy Code, 2016: Role of Insolvency Professional – A timely review

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...

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Section 29A of Insolvency and Bankcruptcy 2016: Harsh on Promoters?

Corporate 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....

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IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

Corporate Law - On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

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Governance of Insolvency Professional Agencies and Information Utilities

Corporate 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....

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IBC: Financial Creditors realized claims of approx Rs. 47426 crore

Corporate 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....

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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Corporate 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 ...

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Registration certificates given to first set of 16 Registered Valuers

Corporate 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....

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Under RTI act petitioner cannot elicit answer to his queries or ask for any ‘opinion’ or ‘advice’

Mr. Ankit Garg Vs CPIO, Insolvency and Bankruptcy Board of India (Insolvency And Bankruptcy Board of India) - RTI Act does not cast on the public authority any obligation to answer queries in which the petitioner attempts to elicit answer to his queries with prefixes as why, what when and whether. The petitioner’s right extends only to seeking information as defined in section 2(f) either by pointing the ...

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Whether POA Holder Can File Application Under IBC, 2016

Shriram EPC Limited Vs. Rio Glass Solar SA (NCLAT Delhi) - The 'I&B Code' is a complete Code by itself. The provision of the Power of Attorney Act, 1882 cannot override the specific provision of a statute which requires that a particular act should be done by a person in the manner as prescribed thereunder. Therefore, we hold that a 'Power of Attorney Hold...

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IBBI Circular on Voting in Committee of Creditors

Circular No. IBBI/CIRP/018/2018 - (14/09/2018) - A dissenting financial creditor means a fmancial creditor who voted against the resolution plan or abstained from voting for the resolution plan, approved by the CoC. In this background, an issue has been raised whether a financial creditor...

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IBBI suspends IP from practicing for forming LLP with the word IBBI in name

Order No. IBBI/DC/09/2018 - (06/09/2018) - The Insolvency and Bankruptcy Board of India (Board) issued a show-cause notice dated 23rd March, 2018 (SCN) to Mr. Kapil Goel, 205, Naurang House, 21 KG Marg, New Delhi – 110001. Mr. Goel is a Professional Member of the Indian Institute of Insolvency Professionals of ICAI and an Insolvency Profes...

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IPE shall inform IBBI about Cessation / Joining as Director / Partner

Circular No. IBBI/IPE/017/2018                                                  - (31/08/2018) - t is directed that an IPE shall inform the Board: - (a) within seven days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director; and (b) forthwith and in any case, not later than 7th September, 2018, if it has failed to inform any ces...

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Information of cessation/joining of an Insolvency Professional as Director / Partner

Circular No. IBBI/IPE/017/2018 - (31/08/2018) - An insolvency professional entity (IPE) is recognised by the Insolvency and Bankruptcy Board of India (Board) under Chapter V of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, subject to conditions specified under sub-regulation (2) of regulation 13, which...

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IRP/RP cannot allow other CA Firms to raise bill on his behalf: IBBI

ORDER No. IBBI/DC/08/2018. - (23/08/2018) - 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...

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Recent Posts in "IBBI"

I&B Code 2016, section 21: Member of Committee of Creditors – a serious discussion

Insolvency and Bankruptcy Code, 2016, experts say, emanated from the noble hearts of the rulers who decided to help those who gave their life savings/assumption of unlimited liabilities based on the beautiful pictures and glib lectures of mostly young kids on flats, villas or dream like palaces but on a razor thin margin of reality. I fee...

Read More
Posted Under: Corporate Law |

IBBI Circular on Voting in Committee of Creditors

Circular No. IBBI/CIRP/018/2018 (14/09/2018)

A dissenting financial creditor means a fmancial creditor who voted against the resolution plan or abstained from voting for the resolution plan, approved by the CoC. In this background, an issue has been raised whether a financial creditor...

Read More

IBBI suspends IP from practicing for forming LLP with the word IBBI in name

Order No. IBBI/DC/09/2018 (06/09/2018)

The Insolvency and Bankruptcy Board of India (Board) issued a show-cause notice dated 23rd March, 2018 (SCN) to Mr. Kapil Goel, 205, Naurang House, 21 KG Marg, New Delhi – 110001. Mr. Goel is a Professional Member of the Indian Institute of Insolvency Professionals of ICAI and an Insolvency Professional registered with the Board with re...

Read More

Relief for MSME’s under Insolvency and Bankruptcy Code

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 has brought relief to the Micro Small and Medium Enterprises by relaxing the provisions of section 29A in their favour. It is one of the most significant amendments under the Insolvency and Bankruptcy Code and has a wide impact on the whole insolvency resolution regime....

Read More
Posted Under: Corporate Law |

IPE shall inform IBBI about Cessation / Joining as Director / Partner

Circular No. IBBI/IPE/017/2018                                                  (31/08/2018)

t is directed that an IPE shall inform the Board: - (a) within seven days from the date when an insolvency professional ceases to be its director or partner or joins as its partner or director; and (b) forthwith and in any case, not later than 7th September, 2018, if it has failed to inform any cessation or joining of an insolvency profe...

Read More

Information of cessation/joining of an Insolvency Professional as Director / Partner

Circular No. IBBI/IPE/017/2018 (31/08/2018)

An insolvency professional entity (IPE) is recognised by the Insolvency and Bankruptcy Board of India (Board) under Chapter V of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, subject to conditions specified under sub-regulation (2) of regulation 13, which reads as under:...

Read More

IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

Read More
Posted Under: Corporate Law |

IRP/RP cannot allow other CA Firms to raise bill on his behalf: IBBI

ORDER No. IBBI/DC/08/2018. (23/08/2018)

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 ...

Read More

Insolvency Case Study – Synergy – An Explosive Controversial Beginning

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...

Read More
Posted Under: Corporate Law |

Insolvency and Bankruptcy Code (Second Amendment) Act, 2018

NO. 26 OF 2018 (17/08/2018)

Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018....

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