Corporate Law : The framework permits liquidation only where the company has not defaulted on debts and can pay liabilities. It ensures a clean an...
CA, CS, CMA : The High Court ruled that retrospective cancellation of GST registration is invalid if such action is not proposed in the original...
Corporate Law : Explains how the 2025 amendment removes going-concern sales from liquidation. Highlights the shift toward speed and finality over ...
Corporate Law : IBBI Regulations 32 & 32A for liquidation: defines asset sale modes and prioritizes selling the business as a going concern to max...
Corporate Law : Understand secured creditor rights under IBC Section 52 during liquidation: relinquish security to the estate or realize independe...
Corporate Law : The amendments replace the consultation committee with CoC oversight, giving creditors greater control over liquidation decisions....
Corporate Law : The proposal focuses on enabling creditors to initiate resolution while retaining debtor management under supervision. It sets out...
Corporate Law : The amendments arise from the inclusion of a unified “service provider” definition under the Code. The move expands regulatory...
Corporate Law : The issue addressed is ambiguity in authentication and evidentiary value of financial information in insolvency cases. The propose...
Corporate Law : The proposal aligns grievance regulations with the newly introduced definition under the amended Code. It aims to ensure uniform a...
Company Law : NCLAT Delhi held that each and every commercial transaction which has resulted in loss may not be labelled as fraudulent or to hav...
Company Law : The appellate tribunal quashed orders permitting bankruptcy against personal guarantors after a creditor consented to grant additi...
Company Law : NCLT Allahabad held that financial creditor duly established existence of financial debt and default thereon on the part of the Co...
Company Law : The tribunal held that the resolution plan was invalid because several valuable properties were omitted from the Information Memor...
Company Law : NCLAT Delhi held that Prospective Resolution Applicant or unsuccessful Resolution Applicant doesn’t have vested right to challen...
Corporate Law : The issue was whether IBBI must provide data held by a regulated entity. The Authority held that RTI applies only to information h...
Corporate Law : The appeal found that the RTI response was delayed beyond statutory timelines. The key takeaway is that delay breaches RTI provisi...
Corporate Law : The issue was whether an RVO could grant conditional enrolment to an unqualified applicant. The authority held that such enrolment...
Corporate Law : The amendment allows financial creditors to directly initiate insolvency with prior approvals, reducing delays. It ensures faster ...
Corporate Law : The study found that most MSME insolvency cases are resolved before admission, highlighting gaps in data and process efficiency. I...
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 had also contravened regulation 7(2)(a)(h) and (i) of the IBBI IP Regulations. Furthermore, he was credited with contravention of clauses 1,2,3,5,9,10,11,12,13,14,15,16,17,19,24 and 25 of the Code of Conduct appended to IBBI IP Regulations. Lastly he was also found to have contravened Regulations 6(3), 13, 27(a) and 36 of the IBBI IRP for CP Regulations. While most of us are unaware or don’t care about the numerals mentioned above, but it is important to understand the breadth of the achievements of man and the detailed extent to which the Board goes about in military precision to clean up the dirt created by one of its own. The success of the most ambitious reform is so critically dependent on the fulcrum of the Institution of the Insolvency Professional that it needs to be constantly guarded and protected from the few bad apples within. Some of the statements/observations made in the 19 page report are subtle, while some are sharp, gives the nation an assurance that the men in charge mean business.
The Insolvency and Bankruptcy Board of India (Board) issued a show-cause notice (SCN) dated 18th December, 2018 to Mr. Dinkar T. Venkatasubramanian, Ernst & Young LLP, Golf View Corporate Tower B, Sector 42,Gurugram,Haryana, 122002, who is a Professional Member of the Indian Institute of Insolvency Professional of ICAI and an Insolvency Professional (IP) registered with the Board having registration number IBBI/IPA-001/IP-P00003/2016-17/10011 in respect of authorising E & Y LLP to raise invoices for his fee and other out of pocket expenses for work undertaken by him as an Interim Resolution Professional (IRP) and Resolution Professional (RP) in the matter of JEKPL Private Limited [Company Petition No. 24/Ald/2017] for violation of the provision of section 5 (13) of the Insolvency and Bankruptcy Code, 2
The mere fact that closure is a real possibility forces managements to get serious with debt monies. The Corporate Finance strategist is set to review her views on the leveraging strategies, as debt may cease to be the soft and easy option. Every corporate who has ended in the Insolvency Process, has gone through cycles of exuberance and despondence, as either it has paid the price of its own mistakes or was a victim of economic cycles. Each legal case is a management case study for the stakeholders and in particular the Insolvency Professional to guide when she is in the trenches attempting to pull out a battered corporate out of insolvency. It has learning for every individual on either side of a corporate debt. And the Beginning of the Journey could not have been any less controversial than what Synergy was. Presenting the complete story of the resolution that could have derailed the most critical reform post Man Mohan Singh.
Ministry of Law and Justice notifies Insolvency and Bankruptcy Code (Second Amendment) Act, 2018 vide notification No. 26 of 2018 dated 17th August, 2018.
With pulsating heart beats and anxiety, when my computer advised me to complete the examination conducted by Insolvency and Bankruptcy Board of India (IBBI) for Insolvency Professional certification purposes on August 9, 2018 at Meerut, I decided to write this article on the role of insolvency professionals with adequate information and a small review of their achievements and tribulations from actual court cases drawn from NCLT/NCLAT/Supreme Court.
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.
Section 29A of Insolvency and Bankruptcy Code, 2016 is a restrictive provision which impedes any person falling in the negative list from submission of a resolution plan.
Central Government hereby notifies ‘Insolvency and Bankruptcy Board of India’, a board established by the Central Government under Section 10(46) of Income Tax Act, 1961 vide Notification No. 38/2018 dated 10th August, 2018.
Resolution in a time bound manner is one of the main objects of the Insolvency and Bankruptcy Code, 2016 which has now become realistic by designing a tool which endeavors to provide the undisputed information called as an Information utility. In accordance with the legal provisions of National e-Governance Services Ltd. (NeSL), the single station enumerating […]
In this article, fifth in the series, we look at the new profession which is an institution in the making, as it institutionalizes the legacy of the Turn Around Artist, the Insolvency Professional. To put it in two words, how to become an Insolvency Professional, Tough Luck.
