IBBI

Obtain Valuation Reports after 1st Feb 2019 only from valuer Registered with IBBI

Corporate Law - Valuation Reports after 1st Feb 2019 has to be obtained only from Registered Valuers registered with IBBI Position before commencement of these rules and Transitional Arrangement: Until effectiveness of section 247 of the Companies Act, 2013, the Valuation in case of Merger & Amalgamation has been done by Independent Merchant Banker r...

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Valuation Standards

Corporate Law - Background    The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 (the Act)] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017. These rules are game changer in the d...

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Request for Proposal for Appointment of Internal Auditor to IBBI

Corporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal for Appointment of Internal Auditor to IBBI TABLE OF CONTENTS Sr. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines and Instructions 6.  Annexure I 7.  Annexure II 8.  A...

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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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RFP to Appoint Consultants to provide Accounting Support Services to IBBI

Corporate Law - INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal (RFP) for Appointment of Consultants for providing Accounting Support and Related Services to IBBI TABLE OF CONTENTS S. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines an...

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Letter to newly registered IPs for attending NCLT proceedings

Corporate Law - It is, therefore, essential that an IP is familiar with the processes and procedures followed for filing and submission before the NCLT. In furtherance of this, at the request of the IBBI, the NCLT has kindly agreed to allow a newly registered IP to attend and observe the proceedings of NCLT for five days. ...

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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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NCLAT approves Revised Resolution Plan for Binani Cement by UltraTech Cement

Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) - Binani Industries Limited Vs Bank of Baroda & Anr. (NCLAT, Delhi) In exercise of powers conferred by Section 31 of the ‘I&B Code’ read with order of remand by the Hon’ble Supreme Court, we have gone through the records, revised ‘Resolution Plan’ submitted by ‘Ultratech Cement Lim...

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SC upheld Constitutional Validity of various provisions of Insolvency & Bankruptcy Code

Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) - Swiss Ribbons Pvt. Ltd. & Anr Vs Union of India & Ors. (Supreme Court of India) The Insolvency Code is a legislation which deals with economic matters and, in the larger sense, deals with the economy of the country as a whole. Earlier experiments, as we have seen, in terms of legislations 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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Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019

G.S.R. 222(E) - (14/03/2019) - 1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019.(2) These rules shall come into force from the date of their publication in the Official Gazette....

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IBBI signs Cooperation Agreement with International Finance Corporation

No. IBBI/PR/2019/06 - (06/03/2019) - The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement today with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). ...

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IBBI releases charter of responsibilities of IPs and CoC

Facilitation / 002 / 2019 - (01/03/2019) - The Insolvency Professionals (IPs) and the Committee of Creditors (CoC) constitute key institutions of public faith under the Insolvency and Bankruptcy Code, 2016 (Code). The Code read with Regulations made thereunder has demarcated responsibilities of an IP and of the CoC in the corporate insolvenc...

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Govt notifies persons who may file an application for initiating CIRP

Notification No. S.O. 1091(E) - (27/02/2019) - Central Government hereby notifies following persons who may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority, on behalf of the financial creditor: -...

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IBBI debars insolvency professional for 10 years for Professional Misconduct

Order No. No. IBBI/DC/15/2019 - (21/02/2019) - On verification of the record, it appears that this Petition has been filed by the professional namely, Mr. Sanjay Kumar Ruia. It appears that the professional who accepted to work as Interim Resolution professional is none other than the wife of the Chartered Accountant who filed this Company Petit...

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Recent Posts in "IBBI"

Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019

G.S.R. 222(E) (14/03/2019)

1. (1) These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) Amendment Rules, 2019.(2) These rules shall come into force from the date of their publication in the Official Gazette....

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Obtain Valuation Reports after 1st Feb 2019 only from valuer Registered with IBBI

Valuation Reports after 1st Feb 2019 has to be obtained only from Registered Valuers registered with IBBI Position before commencement of these rules and Transitional Arrangement: Until effectiveness of section 247 of the Companies Act, 2013, the Valuation in case of Merger & Amalgamation has been done by Independent Merchant Banker r...

Read More
Posted Under: Corporate Law |

Valuation Standards

Background    The Ministry of Corporate Affairs (MCA) has notified the provisions governing valuation by registered valuers [section 247 of the Companies Act, 2013 (the Act)] and the Companies (Registered Valuers and Valuation) Rules, 2017 (the Rules), both to come into effect from 18 October, 2017. These rules are game changer in the d...

Read More
Posted Under: Corporate Law |

Request for Proposal for Appointment of Internal Auditor to IBBI

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal for Appointment of Internal Auditor to IBBI TABLE OF CONTENTS Sr. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines and Instructions 6.  Annexure I 7.  Annexure II 8.  A...

Read More
Posted Under: Corporate Law |

RFP to Appoint Consultants to provide Accounting Support Services to IBBI

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) Request for Proposal (RFP) for Appointment of Consultants for providing Accounting Support and Related Services to IBBI TABLE OF CONTENTS S. No. Description of contents 1.  Introduction 2.  General Terms & Conditions and Disclaimers 3.  Scope 4.  Selection Criteria 5.  Guidelines an...

Read More
Posted Under: Corporate Law |

IBBI signs Cooperation Agreement with International Finance Corporation

No. IBBI/PR/2019/06 (06/03/2019)

The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement today with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). ...

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IBBI releases charter of responsibilities of IPs and CoC

Facilitation / 002 / 2019 (01/03/2019)

The Insolvency Professionals (IPs) and the Committee of Creditors (CoC) constitute key institutions of public faith under the Insolvency and Bankruptcy Code, 2016 (Code). The Code read with Regulations made thereunder has demarcated responsibilities of an IP and of the CoC in the corporate insolvency resolution process (CIRP) and also ass...

Read More

Govt notifies persons who may file an application for initiating CIRP

Notification No. S.O. 1091(E) (27/02/2019)

Central Government hereby notifies following persons who may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority, on behalf of the financial creditor: -...

Read More

IBBI debars insolvency professional for 10 years for Professional Misconduct

Order No. No. IBBI/DC/15/2019 (21/02/2019)

On verification of the record, it appears that this Petition has been filed by the professional namely, Mr. Sanjay Kumar Ruia. It appears that the professional who accepted to work as Interim Resolution professional is none other than the wife of the Chartered Accountant who filed this Company Petition....

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Person cannot be Registered as valuer if serious criminal proceeding against applicant is pending

NA (06/02/2019)

I find that 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. ...

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