IBBI

Preferential Transactions under IBC 2016

Corporate Law - Under the Insolvency and Bankruptcy code 2016, section 43 is dealt with Preferences if any given by the Corporate Debtor before and during the insolvency. This is a very important section and every Insolvency Professional should keep this in mind. Success of the insolvency depends upon timely completion of the process of insolvency and al...

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IBC guideline to recommend name of an IP for appointment as IRP or liquidator

Corporate Law - Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 Date of issue of Guidelines: 2nd June, 2020 Applicability: with effect from 1st July, 2020. There are two types of the Insolvency 1. Corporate Insolvency 2. Individual Insolve...

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Govt suspends Section 7, 9 and 10 of IBC 2016

Corporate Law - Suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code: The IBC (Amendment) Ordinance, 2020 Lately, on third day of June, 2020 Union Cabinet cleared the proposal for suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code, 2016 (Code) for the period of six months starting from 25th of March, 2020. Thus, […]...

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Analysis of IBC (Amendment) Ordinance, 2020

Corporate Law - Analysis of  Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 i.e. IBC (Amendment) Ordinance, 2020 Reasons of Amendment: 1. The entire ecosystem for implementation of the Insolvency and Bankruptcy Code is in Place, 2. The Provisions relating to corporate insolvency resolution process and liquidation process for corporate person...

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Forensic Review in Insolvency and Bankruptcy Code 2016

Corporate Law - Transactions specifically related to Sections 43 to 46 and Section 66 of the Insolvency and Bankruptcy Code, 2016 are being looked at by the forensic experts. These sections deal with identifying preferential and undervalued transactions, and those deliberately entered into to defraud creditors. These sections also deal with identifying u...

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Guideline for appointment of IP as IRP, Liquidators, RP & Bankruptcy Trustees

Corporate Law - Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to reco...

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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...

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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...

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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...

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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...

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HC Stays Penalty order passed by IBBI against alleged Moratorium Term violations

Mohan Lal Jain Vs IBBI (Delhi High Court) - Stay against Penalty order under IBC allowed against petitioner who has violated Terms of Moratorium...

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NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) - In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the appli...

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GST demand for old unpaid dues of Binani Cement against Ultra Tech was unsustainable

Ultra Tech Nathdwara Cement Ltd. Vs Union of India (Rajasthan High Court) - The courts are given an extremely limited power of judicial review into the resolution plan duly approved by the COC. Therefore, the issuing of notices by Goods and Service Tax (GST) Department of Rajasthan for all the old unpaid dues of Binani Cement  would be acting in a totally illegal and arbit...

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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...

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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...

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IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

Notification No. IBBI/2020-21/GN/REG061 - (30/06/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, (2) They shall come into force on the date of publication in the Official Gazette....

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IBBI cancels registration of IP as criminal proceedings were pending against him

NA - (11/06/2020) - The submissions made by Mr. Lebaka have been examined and it is observed that he has failed to make a required disclosure about the pendency of the criminal proceedings against him before the Hon’ble Court....

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IBBI ask IP to Pass Limited Insolvency Examination again

Order No. IBBI/DC/26/2020 - (08/06/2020) - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/26/2020 8th June 2020 Order In the matter of Mr. Vijay Kumar Garg, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Sect...

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IBBI suspends registration of IP for 3 Month for negligence during CIRP

Order No. IBBI/DC/25/2020 - (02/06/2020) - During the personal e-hearing, IP submitted that the errors committed by him during CIRP were bonafide mistakes and not intentional. DC observes that IP displayed a negligent approach during the conduct of CIRP...

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IBBI imposes penalty of ₹ 34 Lakh on IP for non-Adherence to provisions of IBC code

Notification No. IBBI/DC/24/2020 - (30/05/2020) - Adherence to provisions of the code is the first and foremost duty of an IP. It is incumbent upon IPs to build and safeguard the reputation of the profession which should enjoy the trust of the society and inspire confidence of all the stakeholders....

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Recent Posts in "IBBI"

Preferential Transactions under IBC 2016

Under the Insolvency and Bankruptcy code 2016, section 43 is dealt with Preferences if any given by the Corporate Debtor before and during the insolvency. This is a very important section and every Insolvency Professional should keep this in mind. Success of the insolvency depends upon timely completion of the process of insolvency and al...

Read More
Posted Under: Income Tax |

HC Stays Penalty order passed by IBBI against alleged Moratorium Term violations

Mohan Lal Jain Vs IBBI (Delhi High Court)

Stay against Penalty order under IBC allowed against petitioner who has violated Terms of Moratorium...

Read More

NCLT appointed liquidator liable to pay GST & Register

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal)

In re Mansi Oils and Grains Pvt. Ltd. (GST AAR West Bengal) Whether a liquidator appointed by NCLT is liable to pay GST on asset sales and required to get registered? The liquidator is appointed under section 34 (1) of IBC after NCLT initiates liquidation in terms of section 33 of IBC. As the applicant – […]...

Read More

IBBI (Insolvency Professionals) (Second Amendment) Regulations, 2020 

Notification No. IBBI/2020-21/GN/REG061 (30/06/2020)

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

Read More

IBC guideline to recommend name of an IP for appointment as IRP or liquidator

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 Date of issue of Guidelines: 2nd June, 2020 Applicability: with effect from 1st July, 2020. There are two types of the Insolvency 1. Corporate Insolvency 2. Individual Insolve...

Read More
Posted Under: Income Tax |

IBBI cancels registration of IP as criminal proceedings were pending against him

NA (11/06/2020)

The submissions made by Mr. Lebaka have been examined and it is observed that he has failed to make a required disclosure about the pendency of the criminal proceedings against him before the Hon’ble Court....

Read More

IBBI ask IP to Pass Limited Insolvency Examination again

Order No. IBBI/DC/26/2020 (08/06/2020)

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Disciplinary Committee) No. IBBI/DC/26/2020 8th June 2020 Order In the matter of Mr. Vijay Kumar Garg, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016 read with Section 220 of the Insolvency and Bankruptcy...

Read More

Govt suspends Section 7, 9 and 10 of IBC 2016

Suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code: The IBC (Amendment) Ordinance, 2020 Lately, on third day of June, 2020 Union Cabinet cleared the proposal for suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code, 2016 (Code) for the period of six months starting from 25th of March, 2020. Thus, […]...

Read More
Posted Under: Income Tax |

Analysis of IBC (Amendment) Ordinance, 2020

Analysis of  Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 i.e. IBC (Amendment) Ordinance, 2020 Reasons of Amendment: 1. The entire ecosystem for implementation of the Insolvency and Bankruptcy Code is in Place, 2. The Provisions relating to corporate insolvency resolution process and liquidation process for corporate person...

Read More
Posted Under: Income Tax |

Guideline for appointment of IP as IRP, Liquidators, RP & Bankruptcy Trustees

Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to reco...

Read More
Posted Under: Income Tax |

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