IBBI

Introducing a Group Insolvency Regime to Strengthen Insolvency Laws in India

Corporate Law - With the advent of Insolvency and Bankruptcy Code, 2016 (IBC), there has been a transformative turnaround in the corporate insolvency resolution framework in India. However, the IBC does not accommodate and provide for specific arrangements or contains any provision for group insolvency as the legislation itself is still evolving and is d...

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Liability of Personal Guarantors Under IBC, 2016: Putting The Conundrum To Rest

Corporate Law - The Court rejected that the contention as to the CG having no authority to bring into force the provisions of the Code and in particular for the personal guarantors to corporate debtors....

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Latest Case Law Related to IBC – April 2021- June, 2021

Corporate Law - Supreme Court Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [CA No. 8129/2019] The Supreme Court (SC) held that the 2019 amendment to section 31 of the Code is clarificatory and declaratory in nature and is, therefore, effective from the date on which the Code came into effect. Ev...

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IBC – Limitation for Debt Application & 4 Other Judgments

Corporate Law - Recently, the Hon’ble Supreme Court while deciding Dena Bank (Now Bank of Baroda) v. C. Shivkumar Reddy1, an appeal against the judgment of National Company Law Tribunal (NCLAT), wherein the NCLAT rejected the corporate insolvency application on the ground of limitation, settled important issues pertaining to Section 14 and 18 of the Li...

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Mechanism & Challenges in Enforcement of IBC 2016: Critical Analysis

Corporate Law - INTRODUCTION For any capitalist economy to survive, bankruptcy laws form an integral part of that economy. From every business be it a partnership, sole proprietorship or any limited liability company, bankruptcy laws help in the reorganization of the assorted assets of these corporations as well as the orderly dissolution of these assets...

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IPs to act as IRP, Liquidators, RP and Bankruptcy Trustees (Recommendation) Guidelines, 2021

Corporate Law - Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021...

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IBBI invites comments on Cross-Border Insolvency under IBC, 2016

Corporate Law - ‘Cross-border insolvency’ denotes circumstances in which an insolvent debtor has assets and/or creditors in more than one country. With the rapid increase in globalisation and the advent of sophisticated communications technology, cross-border trade and investment has increased the dependence of national economies on each other....

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Report of Working Group on Tracking Outcomes under IBC, 2016

Corporate Law - We believe that the framework for measuring outcomes of the IBC recommended by this Working Group would help researchers and policy makers to appreciate the nuances involved in evaluating the outcomes of this new law and guide them to adopt a holistic approach instead of approaching the issue on a piecemeal basis....

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Working on a ‘need basis’ cannot be considered as regular employment for IP Registration

Corporate Law - Experience letter issued by Parag Milk Foods Ltd. where the applicant is certified to be working on a ‘need basis’ and thus not engaged in a regular and continuous employments. His terms of engagement were non-exclusive, and he was allowed to take other assignment....

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Graduate Insolvency Program Common Entrance Test (GIPCET) 2021

Corporate Law - The National Law Institute University, Bhopal GRADUATE INSOLVENCY PROGRAM COMMON ENTRANCE TEST (GIPCET) 2021 About National Law Institute University, Bhopal (NLIU) The National Law Institute University, Bhopal (NLIU), was established by the Rashtriya Vidhi Sansthan Vishwavidyalaya Adhiniyam, Act No. 41 of 1997,(substituted by Act No. 06 o...

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Ineligibility attaches at the time when the Resolution Plan is submitted by Resolution Applicant

Martin S.K. Golla Vs Wig Associates Pvt. Ltd. (NCLAT) - Martin S.K. Golla Vs Wig Associates Pvt. Ltd. (NCLAT) The Resolution Plan of Mr. Wig who was undisputedly a related party, was accepted on 20.04.2018 in the 4th COC (Annexure – 16 – Page 248). Section 29A hits the eligibility of the persons to submit a Resolution Plan if a person falls i...

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SC Upholds IBC provisions on insolvency of Personal Guarantors

Lalit Kumar Jain Vs Union of India (Supreme Court of India) - Lalit Kumar Jain Vs Union of India (Supreme Court) 1. Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. 2. A bench of Justice...

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Extinguishment of Liabilities Post Approval of Resolution Plan?

Ghanashyam Mishra and Sons Private Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. (Supreme Court of India) - Ghanashyam Mishra and Sons Private Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. (Supreme Court of India) FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER In the case of Ghanashyam Mishra and Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Limited & Ors.[1], the Hon’ble Apex Cour...

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Opportunity of hearing to affected parties is to be given before taking action

Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) - Rajdeep Clothing and Advisory Pvt. Ltd Vs Brijesh Kumar Mishra (NCLT Ahmedabad) Whether opportunity of hearing to the affected parties is to be given before taking such action? It is a legitimate expectation, both in equity and in law that person who is going to be punished or again whom some advers...

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Analysis of SC Judgment in case of Arun Kumar Jagatramka. Vs. Jindal Steel and Power Ltd.

Arun Kumar Jagatramka Vs Jindal Steel and Power Ltd. (Supreme Court of India) - SC held that (i) prohibition placed by the Parliament in Section 29A and Section 35(1)(f) of the Insolvency and Bankruptcy Code, 2016 (IBC) must also attach itself to a scheme of compromise or arrangement under Section 230 of the Companies Act, 2013 (Act of 2013), when the company is undergoing liqu...

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An IP must refrain from accepting too many assignments

Order No. IBBI/DC/79/2021 - (07/12/2021) - The Code of Conduct in the IP Regulations is the grund norm which all IPs are to follow in letter and spirit. Clause 22 of the Code of Conduct provides that an IP must refrain from accepting too many assignments as he may be unable to devote adequate time to each assignment. The processes under [&he...

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Limited Insolvency Examination w.e.f 1st March 2022

Press Release No. IBBI/PR/2021/33 - (30/11/2021) - The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st ...

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No violation by IP if he appoints internal auditor for ensuring transparency

Order No. IBBI/DC/78/2021 - (25/11/2021) - The DC notes the submission of Mr. Garg as to the allegation of charging the fee of the independent auditors to CIRP cost that there was a complete mistrust between the allottees & the Corporate Debtor. To bridge that mistrust between the Corporate Debtor & the allottees and for ensuring dis...

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Filing of list of creditors under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Circular No. IBBI/CIRP/47/2021 - (24/11/2021) - IBBI issued the Circular No. IBBI/CIRP/36/2020 dated 27th November, 2020 directing the IP to file the list of creditors and modification thereof in the stipulated format on electronic platform viz. www.ibbi.gov.in....

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A person cannot register as valuer if serious criminal proceeding pending against him

NA - (24/11/2021) - Pendency of the serious criminal proceeding against the applicant, as noted above, adversely impacts his reputation and makes him a person who is not ‘fit and proper’ to be eligible as a registered valuer. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Authority specified by the Central Government un...

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Recent Posts in "IBBI"

An IP must refrain from accepting too many assignments

Order No. IBBI/DC/79/2021 07/12/2021

The Code of Conduct in the IP Regulations is the grund norm which all IPs are to follow in letter and spirit. Clause 22 of the Code of Conduct provides that an IP must refrain from accepting too many assignments as he may be unable to devote adequate time to each assignment. The processes under […]...

Read More

IPs to act as IRP, Liquidators, RP and Bankruptcy Trustees (Recommendation) Guidelines, 2021

Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021...

Read More

Limited Insolvency Examination w.e.f 1st March 2022

Press Release No. IBBI/PR/2021/33 30/11/2021

The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st March 2022....

Read More

IBBI invites comments on Cross-Border Insolvency under IBC, 2016

‘Cross-border insolvency’ denotes circumstances in which an insolvent debtor has assets and/or creditors in more than one country. With the rapid increase in globalisation and the advent of sophisticated communications technology, cross-border trade and investment has increased the dependence of national economies on each other....

Read More

No violation by IP if he appoints internal auditor for ensuring transparency

Order No. IBBI/DC/78/2021 25/11/2021

The DC notes the submission of Mr. Garg as to the allegation of charging the fee of the independent auditors to CIRP cost that there was a complete mistrust between the allottees & the Corporate Debtor. To bridge that mistrust between the Corporate Debtor & the allottees and for ensuring disclosure and greater transparency in [&he...

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Filing of list of creditors under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Circular No. IBBI/CIRP/47/2021 24/11/2021

IBBI issued the Circular No. IBBI/CIRP/36/2020 dated 27th November, 2020 directing the IP to file the list of creditors and modification thereof in the stipulated format on electronic platform viz. www.ibbi.gov.in....

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A person cannot register as valuer if serious criminal proceeding pending against him

NA 24/11/2021

Pendency of the serious criminal proceeding against the applicant, as noted above, adversely impacts his reputation and makes him a person who is not ‘fit and proper’ to be eligible as a registered valuer. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (Authority specified by the Central Government under section 458 of the Companies Act, 20...

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Filing of list of stakeholders under IBBI (Liquidation Process) Regulations, 2016

Circular No. IBBI/LIQ/46/2021 24/11/2021

IBBI clarifies on issues in Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi – 110001 CIRCULAR No. IBBI/LIQ/46/2021 24...

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Mr. Sandip Garg takes charge as Executive Director, IBBI

Press Release No. IBBI/PR/2021/31 22/11/2021

Mr. Sandip Garg took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Commissioner (Exemptions), Income Tax, Pune....

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Experience as a proprietor or non-executive director cannot be considered as a substitute of desired experience in management for IP Registration

NA 18/11/2021

Experience as a proprietor or non-executive director cannot be considered as a substitute of desired experience in management for IP Registration It is observed that the applicant is providing consultancy and valuation services and is not in full time employment with any It is also observed that Elite Construction was registered with PF a...

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