IBBI

Analysis of IBC Amendments Act (Ordinance) 2019

Corporate Law - Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019– In this article Author has compiled Important Sections after the amendment. Text of Relevant Section of  Insolvency and Bankruptcy Code, 2016 amended or inserted vide IBC Amendments Act (Ordinance) 2019 is given below in Maroon Colour. Ordinance Date: 28.12.2019 Total Amen...

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Analysis of IBBI (Liquidation Process) (Amendment) Regulations, 2020

Corporate Law - Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under:  CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation A...

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Sec-32A IBC, PLMA and Criminal Liability

Corporate Law - Several companies that are undergoing proceedings under the Insolvency and Bankruptcy Code (IBC) are also facing investigations by the Enforcement Directorate (ED) over alleged money laundering by their promoters. ED, which is an investigative arm of the finance ministry, has claimed that it could attach such assets under the Prevention o...

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Initiation of CIRP by Individual Homebuyer: Exposing developers to new peril

Corporate Law - A couple of years back, the only option available to home buyers was to approach consumer court to proceed against the developer. The enactment of Insolvency and Bankruptcy Code (IBC) in 2016 strengthened the position of homebuyers by expanding the options for redressal of grievances. Initially, when IBC came into force there was no clari...

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Avoidable transactions under Insolvency & Bankruptacy code 2016

Corporate Law - As per the Insolvency and Bankruptcy code 2016, section 43 to 51 deals with avoidable transactions. These transactions are also called as vulnerable transactions .As per the code; there are three types of avoidable transactions. Such are preferential transactions, Undervalued transactions and extortionate credit transaction the corporate ...

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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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18,782 cases filed under Insolvency & Bankruptcy Code

Corporate Law - Ministry of Corporate Affairs 18,782 cases filed under Insolvency & Bankruptcy Code Posted On: 03 DEC 2019 4:20PM by PIB Delhi As on 30th June, 2019, a total of 18,782 cases have been filed under Insolvency and Bankruptcy Code (IBC), 2016, of which 2,173 cases have been admitted under IBC. Out of 2,173 admitted cases, 1,274 […...

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1821 cases filed by homebuyers against builders under IBC

Corporate Law - 1,821 cases filed by homebuyers against builders under the Insolvency and Bankruptcy Code As per the information received from National Company Law Tribunal (NCLT), total 1,821 cases filed by homebuyers against builders since June, 2018, under the Insolvency and Bankruptcy Code (IBC) 2016, were pending in NCLT on 30.09.2019. Data regardin...

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Report of Working Group on Group Insolvency

Corporate Law - We thank the Insolvency and Bankruptcy Board of India for providing us an opportunity of developing a framework for Group Insolvency under the Insolvency and Bankruptcy Code, 2016. We believe that the framework recommended by the Working Group would take the insolvency reform a step forward....

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IBBI amends 3 Insolvency regulation effective from 23rd July 2019

Corporate Law - IBBI amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016...

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SC sets aside NCLAT order in Essar Steel Insolvency case, ArcelorMittal resolution allowed to continue

Committee of Creditors of Essar Steel India Limited Vs Satish Kumar Gupta & Ors. (Supreme Court) - The resolution plan submitted by ArcelorMittal on 02.04.2018 proposed an upfront payment of INR 35,000 crores towards resolution of the debt of INR 49,213 crores of financial creditors. This was buttressed by a letter of commitment from Credit Agricole Corporate and Investment Bank. From this upfron...

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SC orders IRP to complete CIRP concerning Jaypee Infratech within 90 days

Jaiprakash Associates Ltd & Anr. Vs IDBI Bank Ltd. & Anr. (Supreme Court of India) - We direct the Interim Resolution Professional (IRP) to complete the Corporate Insolvency Resolution Process (CIRP) within 90 days from today. In the first 45 days, it will be open to the IRP to invite revised resolution plan only from Suraksha Realty and NBCC respectively, who were the final bidders...

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SC on who is liable to pay Costs of interim resolution professional

S3 Electricals and Electronics Private Limited Vs Brian Lau & Anr. (Supreme Court of India) - S3 Electricals and Electronics Private Limited Vs Brian Lau & Anr. (Supreme Court of India) A bare reading of Regulation 33(3) indicates that the applicant is to bear expenses incurred by the RP, which shall then be reimbursed by the Committee of Creditors to the extent such expenses are ratifie...

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Liquidation order of Amtek Auto Limited- Need to review provisions of IBC 2016

Committee of Creditors of Amtek Auto Ltd. Vs Mr. Dinkar T.Venkatasubramanian & Ors. (NCLAT Delhi) - Recently the Delhi bench of National Company Law Appellate Tribunal (NCLAT) has passed an order for liquidation in the case of Amtek Auto Limited. The two-judge Bench headed by Justice S J Mukhopadhya, stated in its order 'As we have noted that more than 270 days have been completed much earlier and...

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Analysis of Pioneer Judgment on constitutional validity of status of allottees as financial creditors

Pioneer Urban Land and Infrastructure Limited & Anr. Vs. Union of India & Ors. (Suprme Court) - Judgement  dated 9th August, 2019 of the Hon’ble Supreme Court of India in the matter of Pioneer Urban Land and Infrastructure Limited and Anr. Vs. Union of India & Ors. WP (C) No. 43/2019 and other petitions. While dismissing the various petitions filed by builders and upholding the constit...

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Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process

No. IBBI/VL/028/2020 - (20/01/2020) - Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017....

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IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG054. - (15/01/2020) - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Deposit of unclaimed dividends and / or undistributed proceeds of liquidation process

Circular No. No. IBBI/LIQ/027/2020 - (09/01/2020) - Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/LIQ/027/2020 9th January, 2020 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to ...

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IBBI suspends valuer license for using domain name ibbivaluer.com

Order No. IBBI/DC/16/2020-21 - (08/01/2020) - As per the information provided by Mr. Rathi, he registered the website with the name www.ibbivaluer.com on 21st March 2019. The website uses the abbreviation ‘ibbi’ as part of domain name i.e. ibbivaluer.com at that time when he did not even pass the examination for registration as a valuer. Th...

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IBBI (Liquidation Process) (Amendment) Regulations, 2020

Press Releases No. No. IBBI/PR/2020/01 and Notification No. IBBI/2019-20/GN/REG053 - (06/01/2020) - Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of...

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Recent Posts in "IBBI"

Analysis of IBC Amendments Act (Ordinance) 2019

Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019– In this article Author has compiled Important Sections after the amendment. Text of Relevant Section of  Insolvency and Bankruptcy Code, 2016 amended or inserted vide IBC Amendments Act (Ordinance) 2019 is given below in Maroon Colour. Ordinance Date: 28.12.2019 Total Amen...

Read More
Posted Under: Corporate Law |

Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process

No. IBBI/VL/028/2020 (20/01/2020)

Deposit of unclaimed dividends and / or undistributed proceeds of voluntary liquidation process in accordance with regulation 39 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017....

Read More

IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2020

Notification No. IBBI/2019-20/GN/REG054. (15/01/2020)

1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

Read More

Analysis of IBBI (Liquidation Process) (Amendment) Regulations, 2020

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 w.e.f. 06-01-2020 The present amendment has brought various new restrictions and time frames as under:  CORPORATE LIQUIDATION ACCOUNT Regulation 2 A clause (ca) under Regulation 2 has been inserted to make provision for “Corporate Liquidation A...

Read More
Posted Under: Corporate Law |

Deposit of unclaimed dividends and / or undistributed proceeds of liquidation process

Circular No. No. IBBI/LIQ/027/2020 (09/01/2020)

Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/LIQ/027/2020 9th January, 2020 To All Registered Insolvency Professionals All Recognised Insolvency Professional Entities All Registered Insolvency Professional Agencies (By mail to registered email addresses and on websit...

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IBBI suspends valuer license for using domain name ibbivaluer.com

Order No. IBBI/DC/16/2020-21 (08/01/2020)

As per the information provided by Mr. Rathi, he registered the website with the name www.ibbivaluer.com on 21st March 2019. The website uses the abbreviation ‘ibbi’ as part of domain name i.e. ibbivaluer.com at that time when he did not even pass the examination for registration as a valuer. There is no evidence on record […]...

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IBBI (Liquidation Process) (Amendment) Regulations, 2020

Press Releases No. No. IBBI/PR/2020/01 and Notification No. IBBI/2019-20/GN/REG053 (06/01/2020)

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2020 clarifies that a person, who is not eligible under the Code to submit a resolution plan for insolvency resolution of the corporate debtor, shall not be a party in any manner to a compromise or arrangement of the corporate debtor under section 230 ...

Read More

Sec-32A IBC, PLMA and Criminal Liability

Several companies that are undergoing proceedings under the Insolvency and Bankruptcy Code (IBC) are also facing investigations by the Enforcement Directorate (ED) over alleged money laundering by their promoters. ED, which is an investigative arm of the finance ministry, has claimed that it could attach such assets under the Prevention o...

Read More
Posted Under: Corporate Law |

Initiation of CIRP by Individual Homebuyer: Exposing developers to new peril

A couple of years back, the only option available to home buyers was to approach consumer court to proceed against the developer. The enactment of Insolvency and Bankruptcy Code (IBC) in 2016 strengthened the position of homebuyers by expanding the options for redressal of grievances. Initially, when IBC came into force there was no clari...

Read More
Posted Under: Corporate Law |

Avoidable transactions under Insolvency & Bankruptacy code 2016

As per the Insolvency and Bankruptcy code 2016, section 43 to 51 deals with avoidable transactions. These transactions are also called as vulnerable transactions .As per the code; there are three types of avoidable transactions. Such are preferential transactions, Undervalued transactions and extortionate credit transaction the corporate ...

Read More
Posted Under: Corporate Law |

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