IBBI

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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Insolvency and Bankruptcy Board of India- Few things to know

Corporate Law - The present situation of IL&FS is similar to “Lehman Brothers crisis” that happened way back in 2008.In the present time what has happened in IL&FS cannot be undone but the need of the hour is to find recourse for IL&FS....

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Insolvency Code – Crime & Punishment

Corporate Law - The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

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Resolution vs. Liquidation: The Real Spirit of Insolvency and Bankruptcy Code, 2016

Corporate Law - Revival of the stressed company may be the primary objective of the Code, but official data show that more companies have gone for liquidation in the new regime so far than the resolution as lenders have failed to endorse any viable plan for their revival. According to the data available on the IBBI website, till the end of June 2018, tot...

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Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016

Corporate Law - Introduction  The Provisions of voluntary winding up have been removed from the Companies Act, 2013 and are now governed by the IBC, 2016. Ministry of Corporate Affairs vide notification dated 30th March, 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate persons...

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IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Corporate Law - IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the r...

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IBBI: Cleaning the Cleaners – Found IP contravening Code of Conduct & IBC, 2016

Corporate Law - On 23rd August 2018, the IBBI issued a 19 page order signed by the WT Director and also by the Chairman of IBBI. It was dedicated to ONE man, Mukesh Mohan, who had contravened provisions of sections 17, 18(f), 20, 23, 25(2)(h) and (j), 29A, 43, 45, 50, 66, 196 (1)(g), 206, 208 (2)(a) and (e) of the Insolvency Code. Not just that, he ha...

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Governance of Insolvency Professional Agencies and Information Utilities

Corporate Law - The IPAs have responsibility to develop and regulate the profession of IPs. They carry out quasi-legislative, executive and quasi-judicial functions. While they are public utilities and front-line regulators, they must compete with one another in terms of service rendered by their members acting as IPs....

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IBC: Financial Creditors realized claims of approx Rs. 47426 crore

Corporate Law - The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment....

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Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

Corporate Law - Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was introduced in Lok Sabha to to repeal and replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018  Notes on Clauses of Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 Clause 1 of the Bill provides for the short title and commencement. Clause 2 of ...

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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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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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IBBI part-time member remuneration increased to Rs. 6000 per meeting

Notification No.G.S.R.1083 - (02/11/2018) - Ministry Of Corporate Affairs has increased the remuneration of Part time member of Insolvency and Bankruptcy Board of India (IBBI) to Rs. 6000 poer meeting attended from existing Rs. 1000 per attended meeting. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 2nd November, 2018 G.S.R.1083 (...

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IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Notification No. No. IBBI/2018-19/GN/REG038 - (22/10/2018) - IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulati...

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IBBI (Liquidation Process) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG037 - (22/10/2018) - No. IBBI/2018-19/GN/REG037 These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018....

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Valuation under Insolvency and Bankruptcy Code, 2016

Notification No. IBBI/RV/019/2018 - (17/10/2018) - It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made thereunder....

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IBBI Committee instructs IP to undergo pre-registration educational course

Order No. No. IBBI/DC/10/2018 - (15/10/2018) - Mr. Gupta to undergo the pre-registration educational course specified under regulation 5(b) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 from his Insolvency Professional Agency to improve his understanding of the Code and the regulations made thereund...

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Recent Posts in "IBBI"

Synopsis on Sarfaesi Act Vs Insolvency and Bankruptcy code, 2016

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...

Read More
Posted Under: Corporate Law |

IBBI part-time member remuneration increased to Rs. 6000 per meeting

Notification No.G.S.R.1083 (02/11/2018)

Ministry Of Corporate Affairs has increased the remuneration of Part time member of Insolvency and Bankruptcy Board of India (IBBI) to Rs. 6000 poer meeting attended from existing Rs. 1000 per attended meeting. MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 2nd November, 2018 G.S.R.1083 (E).—In exercise of the powers conferre...

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Insolvency and Bankruptcy Board of India- Few things to know

The present situation of IL&FS is similar to “Lehman Brothers crisis” that happened way back in 2008.In the present time what has happened in IL&FS cannot be undone but the need of the hour is to find recourse for IL&FS....

Read More
Posted Under: Corporate Law |

Insolvency Code – Crime & Punishment

The storm that it has created in the past few quarters did make things a bit hazy. Most of the discussion so far has been focused on the threshold level dynamics, regarding admission, on whether a particular Corporate Insolvency Resolution Petition (CIRP) should be admitted in or not. The requirements are very different from its predecess...

Read More
Posted Under: Corporate Law |

IBBI (Mechanism for Issuing Regulations) Regulations, 2018

Notification No. No. IBBI/2018-19/GN/REG038 (22/10/2018)

IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018   The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the r...

Read More

IBBI (Liquidation Process) (Second Amendment) Regulations, 2018

Notification No. IBBI/2018-19/GN/REG037 (22/10/2018)

No. IBBI/2018-19/GN/REG037 These regulations may be called the Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018....

Read More

Valuation under Insolvency and Bankruptcy Code, 2016

Notification No. IBBI/RV/019/2018 (17/10/2018)

It is hereby directed that with effect from 1st February, 2019, no insolvency professional shall appoint a person other than a registered valuer to conduct any valuation under the Code or any of the regulations made thereunder....

Read More

IBBI Committee instructs IP to undergo pre-registration educational course

Order No. No. IBBI/DC/10/2018 (15/10/2018)

Mr. Gupta to undergo the pre-registration educational course specified under regulation 5(b) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 from his Insolvency Professional Agency to improve his understanding of the Code and the regulations made thereunder, before accepting any assignment unde...

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IBBI amends 3 Insolvency Regulations

Press Release No. IBBI/PR/2018/29 (11/10/2018)

IBBI amends (a) the Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) Regulations, 2016, (b) the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, and (c) the Insolvency and Bankruptcy Board of India (Information Utilities) Regulat...

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Salient amendments in IBBI (Insolvency Professionals) Regulations, 2016

Press Release No. IBBI/PR/2018/30 (11/10/2018)

a. An insolvency professional shall pay to the Board, a fee calculated at the rate of 0.25 percent of the professional fee earned for the services rendered by him as an insolvency professional in the preceding financial year, on or before the 30thof April every year;...

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