IBBI

Embassy Developments Vs. State of Karnataka- Whether Extension Is Indeed a New Right?

Corporate Law - Recently, the Supreme Court in the decision of Embassy Developments vs. State of Karnataka had held that a Corporate Debtor could not avail the benefit of Mortarium under Section 14 of the Code to seek for deemed extension of lease agreement....

Read More

GST compliance of companies under IBC-2016

Corporate Law - Responsibility and Liability of GST compliance (GST returns, make payment of tax and meet all other compliance as per the GST law) delegate to IRP/RP during the CIRP period. The IRP/RP must follow a prescribed procedure for compliance. Further, he must take a new registration under the GST Act within 30 days of the appointment of the IRP/...

Read More

Recent updates Related to Companies Compliances that you Must Know

Corporate Law - Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

Read More

Homebuyers file plea in SC challenging IBC’s latest Amendments

Corporate Law - The distressed home buyers had very few legal options as they were stuck with one sided agreements, although some did approach Consumer Courts or regular Courts but these were a time taking procedure....

Read More

IBC 2016: Format of Demand Notice – Mandatory or Directory?

Corporate Law - NCLAT held it is not discretionary on the Operational Creditor to issue demand notice in form 3 or 4, issuance of the said form depend on the nature of transaction, like in the cases wherein invoice forms part of the transaction then FORM 4 has to be followed in other cases FORM 3 has to be followed....

Read More

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...

Read More

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...

Read More

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...

Read More

Teaching experience cannot be classified as experience in management for IP Registration

Corporate Law - One needs to discern the predominant nature of duties of a person to determine, if he is having experience in management. Coming to the role of manager vis-à-vis teaching professional, it may be noted that in general, teaching professionals possess a cogent body of knowledge that they impart to students and sometimes are engaged in [&hel...

Read More

18,782 cases filed under Insolvency & Bankruptcy Code

Corporate Law - Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […...

Read More

SARFAESI / DRT proceeding not extends limitation period under IBC

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT) - Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT) Conclusion: Proceedings initiated or pending in DRT, either initiated under SARFAESI or under debts and due to Banks and Financial Institutions could not be taken into account for the purposes of limitation.  Therefore, the application filed by B...

Read More

Suo Moto NCLAT Delhi order under Insolvency, Competition & Company Law

Suo Moto (NCLAT Delhi) - That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located...

Read More

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...

Read More

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...

Read More

SC set aside NCLAT order in the matter of Jaypee Infratech Vs Axis Bank

Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. (Supreme Court) - Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited Vs Axis Bank Limited Etc. Etc (Supreme Court) While setting aside the judgment dated 1st August, 2019 of the NCLAT on avoidance of certain transactions under section 43, 45 and 66 of the Code whereby CD had mortgaged its properti...

Read More

Lockdown period shall not be counted for CIRP Activities: IBBI

Press Release No. IBBI/PR/2020/06 and Notification No. IBBI/2019-20/GN/REG059 - (29/03/2020) - 1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020. (2) They shall come into force on the 29th March, 2020....

Read More

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

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

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 ...

Read More

Recent Posts in "IBBI"

Embassy Developments Vs. State of Karnataka- Whether Extension Is Indeed a New Right?

Recently, the Supreme Court in the decision of Embassy Developments vs. State of Karnataka had held that a Corporate Debtor could not avail the benefit of Mortarium under Section 14 of the Code to seek for deemed extension of lease agreement....

Read More
Posted Under: Corporate Law |

GST compliance of companies under IBC-2016

Responsibility and Liability of GST compliance (GST returns, make payment of tax and meet all other compliance as per the GST law) delegate to IRP/RP during the CIRP period. The IRP/RP must follow a prescribed procedure for compliance. Further, he must take a new registration under the GST Act within 30 days of the appointment of the IRP/...

Read More
Posted Under: Corporate Law |

SARFAESI / DRT proceeding not extends limitation period under IBC

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT)

Bimalkumar Manubhai Savalia Vs Bank of India (NCLAT) Conclusion: Proceedings initiated or pending in DRT, either initiated under SARFAESI or under debts and due to Banks and Financial Institutions could not be taken into account for the purposes of limitation.  Therefore, the application filed by Bank before the Adjudicating Authority on...

Read More
Posted Under: Corporate Law | |

Recent updates Related to Companies Compliances that you Must Know

Article explains Recent updates Related to Compliance in pursuance of General Circular No. 11 dated 24th March,2020 & General Circular No. 12 dated 30th March,2020, Companies Fresh Start Scheme, 2020 and Revised LLP Settlement Scheme,2020, Clarification on contribution to PM Cares Fund as Eligible CSR Activity, Spending of CSR Funds F...

Read More
Posted Under: Corporate Law |

Homebuyers file plea in SC challenging IBC’s latest Amendments

The distressed home buyers had very few legal options as they were stuck with one sided agreements, although some did approach Consumer Courts or regular Courts but these were a time taking procedure....

Read More
Posted Under: Corporate Law |

IBC 2016: Format of Demand Notice – Mandatory or Directory?

NCLAT held it is not discretionary on the Operational Creditor to issue demand notice in form 3 or 4, issuance of the said form depend on the nature of transaction, like in the cases wherein invoice forms part of the transaction then FORM 4 has to be followed in other cases FORM 3 has to be followed....

Read More
Posted Under: Corporate Law |

Suo Moto NCLAT Delhi order under Insolvency, Competition & Company Law

Suo Moto (NCLAT Delhi)

That the period of lockdown ordered by the Central Government and the State Governments including the period as may be extended either in whole or part of the country, where the registered office of the Corporate Debtor may be located...

Read More
Posted Under: Corporate Law | |

Lockdown period shall not be counted for CIRP Activities: IBBI

Press Release No. IBBI/PR/2020/06 and Notification No. IBBI/2019-20/GN/REG059 (29/03/2020)

1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020. (2) They shall come into force on the 29th 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 |

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 |

Browse All Categories

CA, CS, CMA (4,563)
Company Law (5,641)
Custom Duty (7,679)
DGFT (4,174)
Excise Duty (4,342)
Fema / RBI (4,069)
Finance (4,217)
Income Tax (32,450)
SEBI (3,372)
Service Tax (3,544)

Search Posts by Date

April 2020
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930