IBBI

Analysis of 4 recent NCLT Ruling on Insolvency Bankruptcy Code, 2016

Corporate Law - Article explains following 4 FAQs based on recent NCLT Rulings- 1. Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? 2. Whether non-cooperation of suspended management and non –availability of assets in Company can be an ground for initiation of Liquidation ...

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Synopsis on Sarfaesi Act Vs Insolvency and Bankruptcy code, 2016

Corporate Law - Introduction Introduction of INSOLVENCY AND BANKRUPTCY CODE, 2016 has done away with overlapping provisions contained in The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, (SARFAESI ACT) 2002. Let’s distinguish between both Acts. SARFAESI Act The Securitisation and Reconstruction of Fina...

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Insolvency and Bankruptcy Board of India- Few things to know

Corporate Law - The present situation of IL&FS is similar to “Lehman Brothers crisis” that happened way back in 2008.In the present time what has happened in IL&FS cannot be undone but the need of the hour is to find recourse for IL&FS....

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Insolvency Code – Crime & Punishment

Corporate Law - The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

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Resolution vs. Liquidation: The Real Spirit of Insolvency and Bankruptcy Code, 2016

Corporate Law - Revival of the stressed company may be the primary objective of the Code, but official data show that more companies have gone for liquidation in the new regime so far than the resolution as lenders have failed to endorse any viable plan for their revival. According to the data available on the IBBI website, till the end of June 2018, tot...

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IBBI Syllabus of Valuation Exam for Asset Class- Plant & Machinery

Corporate Law - Syllabus of Valuation Examination for Asset Class- Plant and Machinery with effect from 1st April 2019 Insolvency and Bankruptcy Board of India No. IBBI/PR/2018/39 31st December, 2018 Press Release The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th Octob...

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Panel of Insolvency Professionals for 01/01/2019 to 30/06/2019

Corporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Panel of Insolvency Professionals recommended for appointment as IRP and Liquidator for Corporate Debtors for the period from 01/01/2019 to 30/06/2019 NCLT Sr. No Name of IP IP Registration No E-mail ID Ahmedabad 1 Mr. Rajesh Lohia IBBI/IPA-002/IP-N00049/2016-17/10093 rlohiaandcompany@ gmail.com Ah...

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Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

Corporate Law - Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in case an operational creditor has made an a...

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IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Corporate Law - IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the r...

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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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Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT Delhi) - National Company Law Appellate Tribunal (NCLAT) held that Corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code (IBC), 2016....

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270 Days Time Limit to Complete Insolvency Resolution Process Mandatory: SC

Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India) - Arcelormittal India Private Limited Vs Satish Kumar Gupta & Ors. (Supreme Court of India)  Any person who wishes to submit a resolution plan, if he or it does so acting jointly, or in concert with other persons, which person or other persons happen to either manage or control or be promoters of...

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Insolvency & Bankruptcy Code-Home buyers: Most outstanding judgement – reduction of voting share

Nikhil Mehta & Sons (HUF) & Ors vs M/s AMR Infrastructure Ltd (NCLT, New Delhi) - In a memorable and consequential judgement, in the matter of Nikhil Mehta & Sons (HUF)&Or’s vs M/s AMR Infrastructure Ltd (CA No. 811(PB/2018 in IB-02(pb)/2017, it has been upheld that the voting threshold in the IBC are merely directory in nature and that preference can be taken to decisi...

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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 constitutes a ‘Working Group on Group Insolvency’

File No: IBBI/CIRP/GI/2018-19/001 - (17/01/2019) - Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from...

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IBBI de-recognises 13 Insolvency Professional Entities

Order No. F. No. IBBI/IPE/01/2019 - (17/01/2019) - Thirteen IPEs are hereby directed to forthwith: (a) surrender their original certificates of recognition to the IBBI; and (b) inform the concerned Registrar of Companies about their de-recognition....

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IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2019

Notification No. IBBI/2019-20 /GN/REG039 - (15/01/2019) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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IBBI: Draft Specimen of Information Memorandum, Evaluation Matrix & Resolution Plan

No. IBBI/PR/2018/33 - (26/11/2018) - IBBI invites Suggestions and Comments on Draft Specimen: a. Information Memorandum b. Evaluation Matrix c. Request for Resolution Plans, and d. Resolution Plan....

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IBBI can suo moto take cognisance of contravention of provisions by an IP

Order No. No. IBBI/DC/12/2018 - (12/11/2018) - It was submitted that the Board cannot suo moto take cognisance without a complaint made under sections 217 and 218 of the Code against an IP. The DC notes that section 218 allows the Board to order inspection or investigation either on receipt of a complaint or when it has reasonable ground to beli...

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Recent Posts in "IBBI"

IBBI constitutes a ‘Working Group on Group Insolvency’

File No: IBBI/CIRP/GI/2018-19/001 (17/01/2019)

Insolvency and Bankruptcy Board of India hereby constitutes a ‘Working Group on Group Insolvency’. The Working Group shall submit a report recommending a complete regulatory framework to facilitate insolvency resolution and liquidation of corporate debtors in a Group, within two months from the date. Insolvency and Bankruptcy Boa...

Read More

IBBI de-recognises 13 Insolvency Professional Entities

Order No. F. No. IBBI/IPE/01/2019 (17/01/2019)

Thirteen IPEs are hereby directed to forthwith: (a) surrender their original certificates of recognition to the IBBI; and (b) inform the concerned Registrar of Companies about their de-recognition....

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IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2019

Notification No. IBBI/2019-20 /GN/REG039 (15/01/2019)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....

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IBBI Syllabus of Valuation Exam for Asset Class- Plant & Machinery

Syllabus of Valuation Examination for Asset Class- Plant and Machinery with effect from 1st April 2019 Insolvency and Bankruptcy Board of India No. IBBI/PR/2018/39 31st December, 2018 Press Release The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th Octob...

Read More
Posted Under: Corporate Law |

Panel of Insolvency Professionals for 01/01/2019 to 30/06/2019

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Panel of Insolvency Professionals recommended for appointment as IRP and Liquidator for Corporate Debtors for the period from 01/01/2019 to 30/06/2019 NCLT Sr. No Name of IP IP Registration No E-mail ID Ahmedabad 1 Mr. Rajesh Lohia IBBI/IPA-002/IP-N00049/2016-17/10093 rlohiaandcompany@ gmail.com Ah...

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Posted Under: Corporate Law |

Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018

Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in case an operational creditor has made an a...

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Posted Under: Corporate Law |

IBBI: Draft Specimen of Information Memorandum, Evaluation Matrix & Resolution Plan

No. IBBI/PR/2018/33 (26/11/2018)

IBBI invites Suggestions and Comments on Draft Specimen: a. Information Memorandum b. Evaluation Matrix c. Request for Resolution Plans, and d. Resolution Plan....

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Analysis of 4 recent NCLT Ruling on Insolvency Bankruptcy Code, 2016

Article explains following 4 FAQs based on recent NCLT Rulings- 1. Whether Pendency of Proceedings or initiation of action under SARFAESI Act is a ground for rejection of application u/s 7 of IBC? 2. Whether non-cooperation of suspended management and non –availability of assets in Company can be an ground for initiation of Liquidation ...

Read More
Posted Under: Corporate Law |

Corporate Debtor Cannot Maintain Appeal Under IBC, 2016: NCLAT

Radius Infratel Pvt. Ltd. Vs Union Bank of India (NCLAT Delhi)

National Company Law Appellate Tribunal (NCLAT) held that Corporate debtor cannot maintain appeal under the Insolvency and Bankruptcy Code (IBC), 2016....

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Posted Under: Corporate Law | |

IBBI can suo moto take cognisance of contravention of provisions by an IP

Order No. No. IBBI/DC/12/2018 (12/11/2018)

It was submitted that the Board cannot suo moto take cognisance without a complaint made under sections 217 and 218 of the Code against an IP. The DC notes that section 218 allows the Board to order inspection or investigation either on receipt of a complaint or when it has reasonable ground to believe that […]...

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