Corporate Law : Insights into recent Supreme Court and High Court judgments on IBC cases, covering corporate guarantees, auction timelines, liquid...
CA, CS, CMA : Review of recent notifications and circulars for Income Tax, GST, SEBI, and IBBI from November 4-10, 2024, covering updated polici...
CA, CS, CMA : Overview of recent notifications and circulars from Income Tax, GST, Customs, and IBBI for the week of October 14-20, 2024, impact...
CA, CS, CMA : Discover recent Income Tax and GST notifications and circulars issued during the week of October 14-20, 2024, focusing on key exem...
Corporate Law : Despite Supreme Court rulings, authorities continue to raise demands for periods before NCLT orders under IBC, violating judicial ...
Corporate Law : IBBI dismisses multiple RTI appeals citing misuse of the RTI Act through repetitive filings. The order emphasizes responsible use ...
Corporate Law : RTI Act permits access only to information held by a public authority and does not require the creation or interpretation of infor...
Corporate Law : IBBI denies RTI appeal citing fiduciary exemption under Section 8(1)(e). The requested MSME-related information was withheld. Appe...
Corporate Law : IBBI proposes key amendments to CIRP, liquidation, and personal guarantor insolvency, aiming to enhance efficiency, transparency, ...
Corporate Law : IBBI revises technical standards for information utilities under the Insolvency Code, effective January 2025, focusing on user ide...
Company Law : NCLAT Chennai held that order not falling under Part II of the Insolvency and Bankruptcy Code, 2016 [IBC] is not appealable under ...
Corporate Law : NCLAT Chennai held that liquidator cannot resort to proceedings under section 61 of Insolvency and Bankruptcy Code for the purpos...
Corporate Law : NCLT Mumbai held that entertaining objection raised by the applicant after the sale is confirmed unjustified as there is no allega...
Corporate Law : The Bombay High Court rules on the Insolvency and Bankruptcy Board of India's circular regarding liquidation fees, clarifying IP's...
Corporate Law : Delhi HC rules on Sundaresh Bhat vs IBBI, emphasizing ethical conduct and fairness for liquidators under IBC. Key insights into th...
Corporate Law : IBBI rejects RTI appeal seeking detailed breakup of Dalmia Cement claims in Jaiprakash insolvency case, citing unavailability of d...
Corporate Law : IBBI rejects RTI appeal seeking clarifications on valuer registration, stating that opinions and justifications do not fall under ...
Corporate Law : IBBI disposes of SCN against IP in CIRP case, addresses claims dispute, and ongoing RoC investigation. Details of findings and DC'...
Corporate Law : The IBBI Disciplinary Committee has suspended Ms. Sonu Jain for one year due to delays and procedural lapses in the liquidation pr...
Corporate Law : IBBI suspends valuer for six months for non-transparent valuation in CIRP and liquidation of Base Corporation Ltd., citing violati...
It is important to note that the Code does not have any mention about the possibility of awarding success fee to the resolution professional. May be the renumerations during the process are considered as enough for attracting due services on behalf of the resolution professional.
In view of the submission made by Mr. Sanjit Kumar Nayak, and materials available on record, DC notes that Sanjit Kumar Nayak should have been more careful and vigilant in conducting the CIRP and Liquidation process. The deficiencies as noticed and conceded by Mr. Sanjit Kumar Nayak, with little care and knowledge of the statute, […]
Presently, the examination fee of Rs. 1,500+ applicable GST, i.e. Rs.1,770 is payable per enrolment for each of these exams. It has been decided that the fee of Rs. 5,000+ applicable GST, i.e. Rs. 5,900 for the LIE or Valuation Examinations shall be payable for each enrolment on or after 01st October 2022.
Govt has notified that for an application for fast track corporate insolvency resolution process may be made also by a Startup (other than the partnership firm) as defined vide Notification No. G.S.R. 127(E), dated the 19th February, 2019 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 30th August, 2022 S.O. 4142(E).—In exercise of the powers […]
It is observed in the 22nd CoC meeting that, the CoC members requested Mr. Dinkar to conduct a fresh valuation to be able to evaluate the bids being received more accurately given that the existing valuation exercise reflects value of the Corporate Debtor as on CIRP initiation date i.e 24-Jul-17. The DC notes that the […]
IBBI suspends registration of IP as decision of liquidation was taken without following true spirit of resolving the CD which is a heart and soul of IBC Code and ignoring interest of other creditors.
The DC observes that the agenda for appointment of IRP as RP was first placed for voting before CoC in its 1st meeting dated 07.01.2020. The agenda was not approved as it received only 65.89% votes in its favour which fell short of mandatory 66% required for approval of resolution for appointment of IRP as […]
Clause 23B of the Code of Conduct provides that an IP shall not engage or appoint any of his relatives or related parties, for or in connection with any work relating to any of his assignment.
DC notes that regulation 16A(8) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) only provides for fees of Rs. 25,000/- per CoC meeting to be paid to Authorised Representative (AR) of creditors in a class. There is no provision in the Code and its underlying regulations […]
Most serious contraventions relate to eliminating the voting rights of CoC members for non-contribution to the CIRP costs. This contravention goes against the letter and spirit of the Code.
