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...
The Insolvency and Bankruptcy Code, 2016 (Code) provides for a market mechanism for rescuing, failing but viable corporate debtors (CDs) and liquidating, failing and unviable ones. There is no precise mathematical formula, however, to identify a CD as an unviable one.
Temporary surrender of professional membership creates inconveniences where the IP is:(a) conducting a process – corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy – under the Code;(b) is acting as an authorised representative representing any class of financial creditors;
The BLRC Report proposed the introduction of a Comprehensive Code on Insolvency and Bankruptcy which provides for a comprehensive reform, covering all aspects of insolvency and bankruptcy along with an aim for a time bound resolution mechanism in order to maximise the value of assets of all stakeholders. It is aimed to be efficient, cost effective, procedure driven and handled by properly trained insolvency professionals.
The Insolvency and Bankruptcy Code, 2016 (Code) envisages reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all stakeholders.
MEANING OF FINANCIAL CREDITOR Financial Creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to. HOW THE FINANCIAL CREDITOR FILE APPLICATION TO NATIONAL COMPANY LAW TRIBUNAL (NCLT)? The process for filing application by a financial creditor is defined under […]
Firstly, there is no real difference between financial and operational creditors as the debtor has an obligation to pay outstanding dues to both the types of creditors. This obligation exists either for the repayment of loans advanced or paying the price of the goods purchased or the services rendered. Hence the distinction lacks the backing of a sound logical differentia.
(i) The registration of Mr. Sanjay Ruia as an Insolvency Professional, having Registration No. IBBI/IPA-00 1/IP-P00353/20 17-2018/10654, shall be suspended for two years; (ii) Ruia shall not seek or accept any process or assignment or render any services under the Code during the period of suspension. He shall, however, continue to conduct and complete the assignments / processes he has in hand as on date of this order; and
Comments are invited on the Insolvency and Bankruptcy Code, 2016 (Code) and the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.(AA Rules)
As per the Insolvency and Bankruptcy Code (IBC), 2016 an insolvency professional (IP) means a person: a. enrolled with an insolvency professional agency (IPA) as its member and, b. registered with Insolvency and Bankruptcy Board of India (the Board) as an insolvency professional (IP).
IBBI/CIRP/4065 16th April, 2019 To The Editor, Economic Times 3rd Floor, Times of India Building Opposite CST Railway Station Dr. D. N. Road Fort, Mumbai — 400001 Dear Editor, This has reference to the article titled: “Banks’ Recoveries from IBC Cases Falling” in ‘The Economic Times’ dated 16th April, 2019. The said article, interalia, carries […]
