IBBI

Essar Steel Judgment of SC- Important rulings

Corporate Law - Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. While setting aside the judgment dated 4th July, 2019 of the NCLAT and upholding the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the Hon’ble Supreme Court settled se...

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A snapshot on Essar’s Judgement by SC -Decoded

Corporate Law - Supreme Court allowed appeal filed by Committee of Creditors of Essar Steel Indian and had set aside the Order of National Company Law Appellate Tribunal, the Hon’ble Supreme Court made several important findings and rulings as under:...

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Know All About Resolution Professional under IBC, 2016

Corporate Law - Know all about Resolution Professional under Insolvency and Bankruptcy Code (IBC), 2016 Contents of the Article: Resolution Professional (RP); Provision for appointment of Resolution Professionals Replacement of RP; RP Shall carry out CIRP and tenure of RP Duties of RP Resolution Professional (RP) “Resolution Professional”, means an i...

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Summary of Recent SC, HC, NCLT, NCLAT & IBBI Orders -July-Sep 2019

Corporate Law - Supreme Court S3 Electricals and Electronics Private Limited Vs. Brian Lau & Anr. [Civil Appeal No. 103/2018 with Civil Appeal No. 835/2018] On the matter getting settled between the parties, the NCLAT closed the proceedings and directed that AA shall fix the fee of IRP for the period he has worked and that shall be […]...

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Non –Obstante Clause in IBC 2016: Need for precedence over all other Non Obstante Clause

Corporate Law - If you read the opening paragraph and Section 238 of Insolvency and Bankruptcy Code 2016 it seems like all cases under the Code will be very easily resolved and all everything will happen in a time bound manner....

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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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Cabinet approves amendments to Insolvency and Bankruptcy Code

Corporate Law - In order to provide relief to money lenders, i.e., banks and financial institutions, the Union Cabinet has given green signal on long awaited amendments to the Insolvency and Bankruptcy Code. This amendment puts red bull’s eye on timelines and maximize the value of an insolvent entity from the resolution plan as a going concern....

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IBBI Clarifications reg. Application for Empanelment of Providers of Platform for Distressed Assets

Corporate Law - The Insolvency and Bankruptcy Board of India (IBBI) vide its notice dated 12th June, 2019 invited applications for Empanelment of Providers of Platform for Distressed Assets (PDAs). In this regard, a pre-application meeting was held at IBBI’s office on 26th June, 2019. Certain queries were raised during the meeting as also were forward...

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Debt recovery mechanism strengthened with enactment of IBC, 2016

Corporate Law - Taking note of the recent successes in recovery of loans since the Insolvency and Bankruptcy Code, 2016 came into effect, the Survey proposes further strengthening of the National Company Law Tribunals (NCLT) and the appellate tribunal....

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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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Provisions under IBC, 2016 relating to Personal Guarantors to corporate debtors notified

Notification No. S.O. 4126(E) - (15/11/2019) - Notification of provisions under Insolvency and Bankruptcy Code, 2016 relating to Personal Guarantors to corporate debtors MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 S.O. 4126(E).―In exercise of the powers conferred by sub-section (3) of section 1 of the Insolven...

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Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019

G.S.R. 855(E) - (15/11/2019) - Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 G.S.R. 855(E).—In exercise of the powers conferred by sub-section (1) and ...

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Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019

Notification No. G.S.R. 854(E) - (15/11/2019) - Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 G.S.R. 854(E).—In exercise of the powers conferred by sub-secti...

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Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

G.S.R. 852(E - (15/11/2019) - MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules)...

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Mr. Sudhaker Shukla takes charge as Whole Time Member, IBBI

Press Release No. IBBI/PR/2019/29 - (14/11/2019) - Mr. Shukla will look after Registration & Monitoring Wing comprising Insolvency Professionals, Information Utilities, Insolvency Professional Agencies, Registered Valuers, Registered Valuers Organisations, Surveillance, Investigation and Grievance Redressal. In addition, he will be in-charge of the ...

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Recent Posts in "IBBI"

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 upfront cash recovery, unsecured financial cre...

Read More

Essar Steel Judgment of SC- Important rulings

Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. While setting aside the judgment dated 4th July, 2019 of the NCLAT and upholding the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the Hon’ble Supreme Court settled se...

Read More
Posted Under: Corporate Law |

A snapshot on Essar’s Judgement by SC -Decoded

Supreme Court allowed appeal filed by Committee of Creditors of Essar Steel Indian and had set aside the Order of National Company Law Appellate Tribunal, the Hon’ble Supreme Court made several important findings and rulings as under:...

Read More
Posted Under: Corporate Law |

Provisions under IBC, 2016 relating to Personal Guarantors to corporate debtors notified

Notification No. S.O. 4126(E) (15/11/2019)

Notification of provisions under Insolvency and Bankruptcy Code, 2016 relating to Personal Guarantors to corporate debtors MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 S.O. 4126(E).―In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016...

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Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019

G.S.R. 855(E) (15/11/2019)

Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 G.S.R. 855(E).—In exercise of the powers conferred by sub-section (1) and clauses (p), (q), (r), (s), (t), (u), (v...

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Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019

Notification No. G.S.R. 854(E) (15/11/2019)

Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 15th November, 2019 G.S.R. 854(E).—In exercise of the powers conferred by sub-section (1), clauses (g), (h), (i), (m), (n) ...

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Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019

G.S.R. 852(E (15/11/2019)

MCA notifies Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules)...

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Mr. Sudhaker Shukla takes charge as Whole Time Member, IBBI

Press Release No. IBBI/PR/2019/29 (14/11/2019)

Mr. Shukla will look after Registration & Monitoring Wing comprising Insolvency Professionals, Information Utilities, Insolvency Professional Agencies, Registered Valuers, Registered Valuers Organisations, Surveillance, Investigation and Grievance Redressal. In addition, he will be in-charge of the Legal Affairs Division and Establishment...

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Compliance with provisions of Section 12 of Insolvency and Bankruptcy Code, 2016

Circular No. CIRP-13011/1/2019-IBBI (11/11/2019)

You are hereby called upon to confirm that as on 14th November, 2019, (a) you do not have an ongoing CIRP, which is not completed within 330 days from the insolvency commencement date (second proviso to section 12 of the Code)...

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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 and had submitted resolution plan on th...

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