CA, CS, CMA : Explore the major notifications, circulars, and judicial developments issued during 22–28 June 2026, covering Income Tax, GST, R...
CA, CS, CMA : This weekly roundup covers key notifications, circulars, and judicial rulings issued by GST, Customs, RBI, SEBI, MCA, IBBI, and ot...
CA, CS, CMA : A comprehensive review of significant developments across Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI, and RBI. The update hig...
CA, CS, CMA : The weekly roundup covers important Supreme Court rulings, GST advisories, RBI amendments, SEBI consultation papers, and insolvenc...
CA, CS, CMA : The article summarizes important notifications, circulars, judicial rulings, and regulatory changes issued between 11–17 May 202...
Corporate Law : IBBI has proposed amendments to CIRP, Liquidation, and Personal Guarantor Regulations to improve valuation, clarify RP duties, sim...
Corporate Law : The proposed amendments require comprehensive project-wise disclosures, technical assessments, and mandatory information in resolu...
Corporate Law : The IBBI has announced contractual vacancies for Research Associates and Consultants in law and business management disciplines. T...
Corporate Law : The Supreme Court upheld joint insolvency proceedings against two interconnected real estate companies due to common management an...
Corporate Law : 2026 Guidelines streamline selection of Insolvency Professionals for IRP, RP, Liquidator, and Bankruptcy Trustee roles, ensuring t...
Corporate Law : The NCLT held that a DRT Recovery Certificate provides a fresh cause of action, making the Section 7 application filed within thre...
Corporate Law : The NCLT admitted a Section 7 insolvency application after finding that the Corporate Debtor had acknowledged its liability under ...
Corporate Law : Finvin Investor Private Limited Vs Orix Leasing and Financial Services Limited (NCLAT Delhi) The National Company Law Appellate Tr...
Corporate Law : The Court noted that the complaint against the Resolution Professional and the related proceedings stemmed from CIRP proceedings b...
Corporate Law : The NCLT Kolkata admitted a Section 7 IBC petition after holding that the bank successfully established existence of financial deb...
Corporate Law : The IBBI First Appellate Authority held that although the CPIO failed to respond within the statutory 30-day period under the RTI ...
Corporate Law : IBBI cancelled an IP’s registration over systemic CIRP misuse, flawed valuations, non-disclosures, compliance failures and lack ...
Corporate Law : IBBI has released the Phase 10 syllabus for the Limited Insolvency Examination, effective from October 1, 2026, to reflect evolvin...
Corporate Law : The First Appellate Authority directed the CPIO to dispose of the RTI application after finding it was not decided within the 30-d...
Corporate Law : The First Appellate Authority held that the RTI application remained undisposed beyond the statutory period and directed the CPIO ...
The DC further notes that an IP who is more than 70 years of age cannot make an application for the grant of AFA. Therefore, he could not apply for obtaining grant of AFA and hence, could not hold AFA.
In the present matter, Mr. Kumar accepted the assignment of voluntary liquidation in matter of Sambodhi Healthcare Private Limited and Modern Cold Storage Limited without holding valid AFA after 31.12.2019 which is in express contravention of regulation 7A of IP Regulations, which is applicable to voluntary liquidation as well. In consequence, he also contravened code […]
In view of the fact that ICSI Institute of Insolvency Professionals has already taken disciplinary action against Mr. Pranav Kumar for accepting assignment as Interim Resolution Professional after 31st December 2019 without holding a valid AFA in the matter of Crayons Advertising Private Limited, the DC, in exercise of the powers conferred under Regulation 11 of the IBBI (Insolvency Professionals) Regulations, 2016, disposes of the SCN without any direction against Mr. Pranav Kumar.
It has been observed that the RVOs have been following different practices in conducting the meetings of the DC and AP. Accordingly, the Board advises the RVOs to ensure the following while conducting the meetings of the DC and AP of the RVOs:
IBC Has Been Suspended For Defaults Occurring After 25/03/2020: Alternative Forums Where Creditors Can Approach For Recovery The Insolvency and Bankruptcy Code of 2015 (IB Code) was enacted and brought into force to safeguard the interest of all the stakeholders in the process of providing credit/debt to various establishments. However, the interest of the creditors […]
one of the essential conditions for undertaking any assignment by an IP is that he should have a valid AFA which is issued by the IPA with which he is enrolled. In other words, without AFA, an IP is not eligible to undertake assignments or conduct various processes thereof after 31st December, 2019. Regulation 7A was […]
Insolvency and Bankruptcy Board of India (Press Release) No. IBBI/PR/2020/13 30th September 2020 Limited Insolvency Examination w.e.f 1st January 2021 The Insolvency and Bankruptcy Board of India hereby publishes the syllabus and details of the Limited Insolvency Examination (Examination) under regulation 3 (3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 […]
Corporate insolvency resolution process (CIRP) can be commenced when a corporate debtor commits a default – section 4(1) of Insolvency and Bankruptcy Code, 2016 (IBC). The default should be minimum Rs. one lakh. The amount can be increased by Central Government but shall not exceed Rs. one crore – proviso to section 4(1). ‘Default’ means non-payment of […]
Section 10A. Notwithstanding anything contained in sections 7, 9 and 10, no application for initiation of corporate insolvency resolution process of a corporate debtor shall be filed, for any default arising on or after 25th March, 2020 for a period of nine months or such further period, not exceeding one year from such date, as may be notified in this behalf:
These rules may be called the Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020. (2) These rules shall come into force from the date of their publication in the Official Gazette.
