IBBI

IBBI – Limited Insolvency Examination- FAQs -1st July, 2018

Corporate Law - 1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their examination fee by NISM. ...

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Insolvency and Bankruptcy Code- Recent Regulatory Changes

Corporate Law - Dr. M. S. Sahoo, Chairperson accompanied by all three Whole Time Members, Ms. Suman Saxena, Dr. Navrang Saini and Dr. (Ms.) Mukulita Vijayawargia appeared before the Joint Committee on “the Financial and Resolution and Deposit Insurance Bill, 2017” on 22 January, 2018 and presented their views on the said Bill....

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Overview of IBC (Amendment) Ordinance, 2018

Corporate Law - Hon’ble President on June 06, 2018 gave his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. These Sections shall come into force with immediate effect. An attempt has been made in this document to shed light on the key changes in the insolvency legislation....

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Home Buyers Saga- Insolvency and Bankruptcy Code, 2016

Corporate Law - Amid financial institutions and other financial and operational creditors being successful in instituting insolvency resolution process against the corporate debtors, the plea of the home buyers for initiating the insolvency resolution process against the corporate debtors, being real estate developers was struck down by NCLT....

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Highlight of Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018

Corporate Law - Insolvency and Bankruptcy Board of India (IBB) on May 31st, 2018 issued Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018[1] to streamline the procedure for recommendation and appointment of Interim Resolution Professional (IRP) or liquidator....

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IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Corporate Law - The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today....

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Discussion Paper- Discharge from Responsibility as IRP, RP or Liquidator

Corporate Law - IBBI releases Discussion Paper on Discharge from Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the Code for comments...

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The IBC (Amendment) Ordinance, 2018 and the Homebuyer

Corporate Law - The new IBC (Amendment) Ordinance, 2018 equates an allottee of a real estate project to be a person having a commercial effect of borrowing. He is now treated as financial creditor. He can initiate a corporate insolvency for a resolution against the errant developer. ...

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EOI to be in Panel to act as Interim Resolution Professionals

Corporate Law - Expression of Interest to be in the Panel under Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018....

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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018

Corporate Law - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 provides significant relief to home buyers by recognizing their status as financial creditors. This would give them due representation in the Committee of Creditors and make them an integral part of the decision making process...

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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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Appointment of Authorised Representative for Classes of Creditors under IBC

Circular No. IBBI/CIRP/015/2018  - (13/07/2018) - Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of th...

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IPE cannot render services as an IP: Only person registered as an IP with IBBI can render services as an IP

Circular No. IBBI/IPE/014/2018 - (06/07/2018) - An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if its sole objective is to provide support services to the insolvency professionals, who are its partners or ...

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IBBI (Insolvency Resolution Process For Corporate Persons) (Third Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG031 - (03/07/2018) - These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018....

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Person with pending serious criminal proceeding cannot be registered as IP

NA - (19/06/2018) - Pendency of serious criminal proceeding, as noted above, against the applicant adversely impacts his reputation and makes him not a person fit and proper for registration as an IP. In exercise of the powers conferred on the Board under regulation 8(3)(b) of the Regulations, I, therefore, reject the ...

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Fee and other Expenses for Corporate Insolvency Resolution Process

Circular No. No. IBBI/IP/013/2018 - (12/06/2018) - When a corporate debtor undergoes corporate insolvency resolution process (CIRP), an Insolvency Professional (IP) is vested with the management of its affairs and he manages its operations as a going concern. He complies with the applicable laws on behalf of the corporate debtor. He conducts the ent...

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Recent Posts in "IBBI"

Appointment of Authorised Representative for Classes of Creditors under IBC

Circular No. IBBI/CIRP/015/2018  (13/07/2018)

Wherever the approval of resolution plan under regulation 39 (3) of the Regulations is at least 15 days away, the resolution professional shall expeditiously obtain, by electronic means, the choice of the insolvency professional from creditors in a class to act as the authorised representative of the class and proceed further in the manne...

Read More

IPE cannot render services as an IP: Only person registered as an IP with IBBI can render services as an IP

Circular No. IBBI/IPE/014/2018 (06/07/2018)

An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if its sole objective is to provide support services to the insolvency professionals, who are its partners or directors; as the case may be. ...

Read More

IBBI amends IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today....

Read More
Posted Under: Corporate Law |

IBBI (Insolvency Resolution Process For Corporate Persons) (Third Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG031 (03/07/2018)

These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018....

Read More

IBBI – Limited Insolvency Examination- FAQs -1st July, 2018

1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their examination fee by NISM. ...

Read More
Posted Under: Corporate Law |

Discussion Paper- Discharge from Responsibility as IRP, RP or Liquidator

IBBI releases Discussion Paper on Discharge from Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the Code for comments...

Read More
Posted Under: Corporate Law |

Person with pending serious criminal proceeding cannot be registered as IP

NA (19/06/2018)

Pendency of serious criminal proceeding, as noted above, against the applicant adversely impacts his reputation and makes him not a person fit and proper for registration as an IP. In exercise of the powers conferred on the Board under regulation 8(3)(b) of the Regulations, I, therefore, reject the application for registration as an Insol...

Read More

Fee and other Expenses for Corporate Insolvency Resolution Process

Circular No. No. IBBI/IP/013/2018 (12/06/2018)

When a corporate debtor undergoes corporate insolvency resolution process (CIRP), an Insolvency Professional (IP) is vested with the management of its affairs and he manages its operations as a going concern. He complies with the applicable laws on behalf of the corporate debtor. He conducts the entire CIRP....

Read More

Insolvency and Bankruptcy Code- Recent Regulatory Changes

Dr. M. S. Sahoo, Chairperson accompanied by all three Whole Time Members, Ms. Suman Saxena, Dr. Navrang Saini and Dr. (Ms.) Mukulita Vijayawargia appeared before the Joint Committee on “the Financial and Resolution and Deposit Insurance Bill, 2017” on 22 January, 2018 and presented their views on the said Bill....

Read More
Posted Under: Corporate Law |

Overview of IBC (Amendment) Ordinance, 2018

Hon’ble President on June 06, 2018 gave his assent to promulgate the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. These Sections shall come into force with immediate effect. An attempt has been made in this document to shed light on the key changes in the insolvency legislation....

Read More
Posted Under: Corporate Law |
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