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...
Section 28(1)(a) of the Code states that an IP shall take prior approval of the CoC before raising any interim finance in excess of the amount which has been decided by the CoC. This means that all the CoC members shall have final call as to what amount, whether initial or additional, may be raised […]
Consultation paper on issues related to reducing delays in the corporate insolvency resolution process suggests changes to IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
DC finds that the Mr. Agarwal did not verify the claims received within prescribed time. He conducted the four meetings of the CoC on 06.09.2019, 26.09.2019, 18.10.2019 and 11.11.2019 without verification of claims. The CoC was constituted based on claim submission and not on claim verified by Mr. Agarwal as IRP/RP. Further, two FCs namely […]
In respect of the issue of preparation of the list of stakeholders being not in line with Regulation 31(1) of the Liquidation Regulations, the DC notes that Liquidation Regulations require that liquidator shall verify every claim as on the liquidation commencement date, and thereupon prepare a list of stakeholders, with specified details. The list of […]
Though the deficiencies as noticed and conceded by Ms Kalpana G appear to be minor in nature, however, in the context of messaging with regard to the independent role of Insolvency Professional as envisaged under the Code and Regulations framed thereunder, such acts of omission have larger ramifications.
IBBI suspends the registration of Mr. Bhupesh Gupta for a period of 2 years for not taking the custody and control of the CD and for letting the suspended management to settle the insurance claims after the initiation of the CIRP of the CD. In this case, the director of the suspended board of CD […]
Section 59 of IBC together with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 provide the mechanism for voluntary liquidation of a corporate person
The DC of IBBI observes that under section 35(1)(l) of the Code it is duty of liquidator to investigate the financial affairs of the corporate debtor to determine undervalued or preferential transactions. The liquidator is not required to depend on SCC for filling applications under sections 43, 45, 50 or 66 of the Code. In […]
Mr. Maity is handling 13 assignments, which are ongoing. It has been mentioned in the press release, that the CBI has arrested Mr. Maity regarding demand for undue advantage of Rs.20,00,000/-.
Insolvency and Bankruptcy Board of India (Board) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022 (Amendment Regulations 2022) on 28th April, 2022.
