IBC 2016

30 Points of Code of Conduct for IBBI Registered Valuers – Secure Minimum 5 to 6 Marks in Examination

Corporate Law - 30 Points of Code of Conduct for IBBI Registered Valuers – Secure Minimum 5 to 6 Marks in Examination INTEGRITY AND FAIRNESS 1.) A valuer shall, in the conduct of his/its business, follow high standards of integrity and fairness in all his/its dealings with his/its clients and other valuers. 2.) A valuer shall maintain integrity [&h...

Voluntary Liquidation under IBC, 2016 – Analysis

Corporate Law - 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...

Corporate Insolvency Resolution Process (CIRP) Under IBC, 2016

Corporate Law - CORPORATE INSOLVENCY RESOLUTION PROCESS UNDER INSOLVENCY & BANKRUPTCY CODE, 2016 (Amended up to 12th August, 2021) Background of Corporate Insolvency Resolution Process Financial Sector Legislative Reforms Commission (FSLRC) Content of Budget Speech (Budget 2010-2011) : Most of our legislations governing the financial sector...

Adjudicating Authority for Personal Guarantors to Corporate Debtor- A Time to Revisit

Corporate Law - The present article attempts to find answer to the question whether NCLT or DRT is the appropriate adjudicating authority as far as application for insolvency resolution of the personal guarantors to the corporate debtors is concerned....

Latest Case Law Related to IBC – January to March 2022

Corporate Law - Supreme Court Devarajan Raman Vs. Bank of India Limited [Civil Appeal No. 3160 of 2020] The AA directed the financial creditor (FC) to pay an amount of 5,00,000/- plus GST towards the fee of the RP On an appeal by RR contending inadequacy of the fee, NCLAT dismissed the appeal and observed that fixation of fee […]...

View More IBC 2016 Articles

Consultation paper on reducing delays in corporate insolvency resolution process

Corporate Law - 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...

Guidelines for Funding for Research Studies on Corporate Governance

Corporate Law - Integration of MCA 21 Database with other databases: Integration of MCA 21 database and databases of other departments and regulators will not only aid in avoidance of multiple filing requirements but also strengthen enforcement....

Resolution of Stressed Assets and IBC

Corporate Law - For any lender, the credit risk i.e., the possibility of not receiving the timely repayment of the contracted amount or of the counterparty not honouring its obligations in respect of the credit contract, constitutes a significant risk which need to be covered by maintaining adequate capital and risk provisions....

CBI Arrests An IRP of NCLT In A Bribery Case

Corporate Law - Central Bureau of Investigation has arrested an Interim Resolution Professional (IRP), National Law Tribunal (NCLT), Mumbai and two private persons including Proprietor of Mumbai based firm in a bribery case of Rs. Two Lakh....

IBBI Discussion Paper on Enhancing effectiveness of Information Utility

Corporate Law - IBBI Discussion Paper on Enhancing effectiveness of Information Utility seeks to address the issue of delay in admission of application for initiation of corporate insolvency and resolution process (CIRP)....

View More IBC 2016 News

Project wise CIRP of a real estate company not in purview of IBC 2016

N. Kumar Vs Tata Capital Housing Finance Ltd. (NCLT Chennai) - Claim of Resolution Professional that he will invite Expression of Interest project wise is not feasible as same is against provisions of IBC 2016. ...

Foreign Creditors cannot be treated differently from Domestic Creditors: HC

Oshiaki Aiba as the Bankruptcy Trustee of the Estate of Vipan Kumar Sharma Vs. Vipan Kumar Sharma & Anr. (Delhi High Court) - There is no reason why a person who has been declared bankrupt by a foreign court in terms of the law applicable to that jurisdiction, should be afforded protection by the Indian Courts on technical objections being raised with regard to the validity of the foreign judgment. In the modern times of g...

CIRP can be initiated despite Pendency of Proceedings Before DRT, SARFAESI etc

Amar Vora v City Union Bank Ltd. (NCLAT Chennai) - NCLAT held that in view of the provisions of Section 238 of the I&BC 2016 the financial Creditor/ Operational Creditor/Corporate Persons can file an application under Section 7 ,9 & 10 of the I & B Code, 2016 before the respective Adjudicating Authorities even though in respect of same any proceedin...

IBC Update: Cancellation of Sale of Corporate debtor to auction purchaser

Potens Transmissions & Power Pvt. Ltd Vs Gian Chand Narang (NCLAT Delhi) - NCLAT Delhi cancels sale of Corporate Debtor to auction purchaser in Liquidation Proceedings for failure to pay consideration in 90 days as stipulated under IBBI (Liquidation Process) Regulations 2016. ...

On approval of resolution plan pre-deposits for filing appeal become refundable with interest

UltraTech Nathdwara Cement Limited Vs Commercial Taxes Officer (Rajasthan High Court) - UltraTech Nathdwara Cement Limited Vs Commercial Taxes Officer (Rajasthan High Court) In terms of Section 31 of the Insolvency and Bankruptcy Code, 2013, the resolution plan, approved by the NCLAT, is binding on all stakeholders including the Operational Creditors, Financial Creditors and the Statu...

View More IBC 2016 Judiciary

IBBI cancels license of IRP/RP for not intending to resolve CD as a going concern

Order No. IBBI/DC/100/2022 - (13/05/2022) - 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. A...

Liquidator should be careful, vigilant & prompt in discharging his duties

Order No. IBBI/DC/99/2022 - (13/05/2022) - 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 ...

IBBI directs IRP to maintain independence in decision making

Order No. IBBI/DC/98/2022 - (12/05/2022) - 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 ramificat...

IBBI penalises IP for laxity & delay in obtaining documents related to CD

Order No. IBBI/DC/97/2022 - (10/05/2022) - 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,...

IBBI suspends registration of IP for not taking custody & control of CD

No. IBBI/DC/96/2022 - (10/05/2022) - 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 [&h...

View More IBC 2016 Notifications