IBBI

The Jigsaw of Pre-Packaged Insolvency for MSMEs

Corporate Law - The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 was promulgated by the President on the Fourth day of April 2021. The Ordinance has been introduced with the intent to provide an efficient alternative insolvency resolution process for corporate persons classified as micro, small and medium enterprises (MSMEs) thus ensuring a...

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Insolvency Ordinance on Pre-packaged Deals – A Lifeline in Havoc

Corporate Law - The IBC region witnessed another IBC amendment ordinance 2021 that provides relief to the micro, small and medium enterprises.  Any default of one crore or less can be initiated under the pre-packaged process by the corporate debtor....

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Analysis of SC Judgment – Ghanashyam Mishra & Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited

Corporate Law - Judgment dated 13th April, 2021 of the Hon’ble Supreme Court of India in the matter of Ghanashyam Mishra and Sons Private Limited through the Authorized Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors. [Civil Appeal No. 8129 of 2019 with WP (Civil) No. 1177 of 2020 and Civil Appeals No. 1550-1554...

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Prepack Insolvency Resolution Process Regulations notified for MSMEs

Corporate Law - Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...

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Important Judgments related to IBC, 2016 – Oct to Dec 2020

Corporate Law - Supreme Court Kridhan Infrastructure Pvt. Ltd. Vs. Venkatesan Sankaranarayan & Ors. [CA No. 3299/2020] As resolution plan was not implemented, the Adjudicating Authority (AA) ordered liquidation of the CD. On appeal, the NCLAT allowed the RA to make certain deposits within certain time. On failure to deposit the amounts, the NCLAT uph...

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Insolvency Professional: A Key To Resolution

Corporate Law - The Code provides a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in distress. The objective of such reorganisation and resolution is maximisation of value of assets of the persons to promote entrepreneu...

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Panel of Insolvency Professionals for appointment as Administrator

Corporate Law - Panel of IPs prepared in accordance with 'Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 for appointment as Administrator for a period from April 1, 2021 to September 30, 2021....

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Provisional list of IPs for appointment as Administrator

Corporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018. Provisional list of IPs prepared in accordance with ‘Guidelines for Appointment of IPs as Administrators under the SEBI (Appointmen...

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IBBI extends validity of Educational Course Guidelines

Corporate Law - IBBI extends the validity of the Insolvency and Bankruptcy Board of India (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 till 30th September, 2021....

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Guidelines for Appointment of IP As Administrators 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 Insolvency and Bankruptcy Board of India 9th March 2021 The Securities and Exchange Board of India (Appointment of Administr...

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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) - In the case of Ghanashyam Mishra and Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Limited & Ors.[1], the Hon’ble Apex Court held that once the resolution plan is approved by the Adjudicating Authority, any creditor, including the tax authorities or other government authorities, a...

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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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NCLT/NCLAT can exercise jurisdiction under Section 60(6)(c) of IBC, 2016

Gujarat Urja Vikas Nigam Limited Vs Amit Gupta & Ors. (Supreme Court of India) - The jurisdiction of the NCLT under Section 60(5)(c) of the Code cannot be invoked in matters where a termination may take place on grounds unrelated to the insolvency of the CD. It cannot even be invoked in the event of a legitimate termination of a contract based on an ipso facto clause, if such te...

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Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC

Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) - Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) This Court held that a person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debto...

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Consideration of matters by committee of creditors on committee members request

Notification No.: IBBI/CIRP/2021  - (16/04/2021) - Regulation 18 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) provides that a resolution professional (RP) may convene a meeting of the committee of creditors (CoC), when he considers it necessary. He shall, however, convene a meeting of the CoC...

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IBBI found IP not guilty of misconduct despite Delay in preparation of Information Memorandum

Notification No. IBBI/DC/70/2021 - (16/04/2021) - The DC notes the submission of Mr. Nagarajan that the CIRP of Cethar Ltd. was very complex and the promoters of the CD took advantage of the gaps from date of order of the CIRP to the date of appointment of IRP and moved the documents and records of the CD out of his reach […]...

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IBBI (Information Utilities) (Amendment) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG072 - (13/04/2021) - These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021. (2) These Regulations shall come into force on the date of their publication in the Official Gazette....

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IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG071 - (09/04/2021) - Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....

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Minimum default amount for pre-packaged insolvency resolution process

Notification No. S.O. 1543(E). - (09/04/2021) - Central Government hereby specifies ten lakh rupees as the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor under Chapter III-A of the Code....

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Recent Posts in "IBBI"

The Jigsaw of Pre-Packaged Insolvency for MSMEs

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 was promulgated by the President on the Fourth day of April 2021. The Ordinance has been introduced with the intent to provide an efficient alternative insolvency resolution process for corporate persons classified as micro, small and medium enterprises (MSMEs) thus ensuring a...

Read More
Posted Under: Corporate Law |

Insolvency Ordinance on Pre-packaged Deals – A Lifeline in Havoc

The IBC region witnessed another IBC amendment ordinance 2021 that provides relief to the micro, small and medium enterprises.  Any default of one crore or less can be initiated under the pre-packaged process by the corporate debtor....

Read More
Posted Under: Corporate Law |

Consideration of matters by committee of creditors on committee members request

Notification No.: IBBI/CIRP/2021  16/04/2021

Regulation 18 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) provides that a resolution professional (RP) may convene a meeting of the committee of creditors (CoC), when he considers it necessary. He shall, however, convene a meeting of the CoC, if a request to that effect is made by...

Read More

IBBI found IP not guilty of misconduct despite Delay in preparation of Information Memorandum

Notification No. IBBI/DC/70/2021 16/04/2021

The DC notes the submission of Mr. Nagarajan that the CIRP of Cethar Ltd. was very complex and the promoters of the CD took advantage of the gaps from date of order of the CIRP to the date of appointment of IRP and moved the documents and records of the CD out of his reach […]...

Read More

Extinguishment of Liabilities Post Approval of Resolution Plan?

Ghanashyam Mishra and Sons Private Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. (Supreme Court of India)

In the case of Ghanashyam Mishra and Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Limited & Ors.[1], the Hon’ble Apex Court held that once the resolution plan is approved by the Adjudicating Authority, any creditor, including the tax authorities or other government authorities, are not entitled to recover any claims or...

Read More

Analysis of SC Judgment – Ghanashyam Mishra & Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited

Judgment dated 13th April, 2021 of the Hon’ble Supreme Court of India in the matter of Ghanashyam Mishra and Sons Private Limited through the Authorized Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors. [Civil Appeal No. 8129 of 2019 with WP (Civil) No. 1177 of 2020 and Civil Appeals No. 1550-1554...

Read More
Posted Under: Corporate Law |

Insolvency Professional: A Key To Resolution

The Code provides a time-bound, market mechanism for reorganisation and insolvency resolution of persons (companies, limited liability partnerships, partnership and proprietorship firms and individuals) in distress. The objective of such reorganisation and resolution is maximisation of value of assets of the persons to promote entrepreneu...

Read More
Posted Under: Corporate Law |

IBBI (Information Utilities) (Amendment) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG072 13/04/2021

These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021. (2) These Regulations shall come into force on the date of their publication in the Official Gazette....

Read More

Prepack Insolvency Resolution Process Regulations notified for MSMEs

Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action, now, therefore, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the President has promulgated on 4th April, 2021 an Ordinance i.e. Insolvency and Bankruptcy ...

Read More
Posted Under: Corporate Law |

IBBI (Pre-packaged Insolvency Resolution Process) Regulations, 2021

Notification No. IBBI/2021-22/GN/REG071 09/04/2021

Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021....

Read More

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