Corporate Law - Section 14 of IBC covers proceeding under Section138/141 against a corporate debtor but not against natural persons The Apex Court vide its order dated 01.03.2021 in P Mohanraj v. M/S Shah Brothers Ispat Pvt Ltd ruled that the institution or continuation of a proceeding under Section 138/141 of the Negotiable Instruments Act (NI Act) will...
Read MoreCorporate Law - Article analyse few changes made by of IBC (Amendment) Act, 2019 & discuss whether this amendment leads to a fair and equitable between two different classes of creditors....
Read MoreCorporate Law - Judgment dated 19th January, 2021 of the Hon’ble Supreme Court of India in the matter of Manish Kumar Vs. Union of India and Another [WP(C) No. 26 of 2020 with 40 other writ petitions]...
Read MoreCorporate Law - Ashutosh Gupta & Gaurav Rana Supreme Court provided a window of two month from the order to the applicants/homebuyers to approach the NCLT after complying the first or second proviso to Sub-Section 1 to Section 7 of the IBC. The Supreme Court on Tuesday in batch matters lead by Manish Kumar Vs UOI WP(C) No. […]...
Read MoreCorporate Law - Claims are a very important concept in the IBC regime. The Word ‘Claim’ has been defined in the code under section 3(6) . As per this section, the claim means a right to payment and also right to remedy. So claim comes into picture only if there is a right to payment and if no […]...
Read MoreCorporate Law - Valuation is the most fundamental term in finance but is extremely crucial to understand while deriving the value. Also, several events in recent past have transpired to provide an indication of the public concern on valuation and the impact on shareholders and other stakeholders. Fund Providers, both equity and debt, have been active in ...
Read MoreCorporate Law - MCA has raised the threshold of default under section 4 of Insolvency and Bankruptcy Code (IBC) to Rs. 1 crore from the existing threshold of Rs. 1 lakh vide notification dated 24.03.2020....
Read MoreCorporate Law - Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the Chennai Bench of National Company Law Appellate Tribunal (NCLAT) through virtual mode here today....
Read MoreCorporate Law - One of the key functions of law is to ensure safety, security, and stability in the society. Law structures economic, social, and political interactions in a secure, stable and effective manner. It thus stipulates the mandate apropos acceptable and unacceptable behaviour in the society writ large. Stated simply, law channels the outcomes ...
Read MoreCorporate Law - Annexure-B1 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA Panel for New Delhi Zone for January – June, 2021 Panel of IPs for appointment as: Interim Resolution Professional (IRP) in a corporate insolvency resolution process under section 16(4), Liquidator in a liquidation process under section 34(6), Resolution Professional (RP) in an in...
Read MoreAnil Tayal Vs Committee of Creditors of M/S. Horizon Buildcon Pvt. Ltd. (NCLAT) - We are of the considered opinion that the period of judicial intervention w.e.f 21st October, 2020 till 9th November, 2020 (the period covering the time spent in pursuing the extension application in the first instance) and 12th January, 2021 to 3rd February, 2021...
Read MoreRamesh Kymal Vs Siemens Gamesa Renewable Power Pvt Ltd. (Supreme Court of India) - Section 10A of the Insolvency and Bankruptcy Code (IBC) barred filing of applications for the commencement of the CIRP in respect of a corporate debtor for a default occurring on or after 25 March 2020, even if such application was filed before the date on which the amendment came into force i.e. 5 ...
Read MoreUnion Bank of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) - Union Bank Of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) Considering the fact that the resolution plan has already been approved in this matter, and that the ED’s order of provisional attachment of the properties of Respondent No. 4 has been passed after the approval of th...
Read MorePhoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) - Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) This Court held that a person having only security interest over the assets of corporate debtor, even if falling within the description of ‘secured creditor’ by virtue of collateral security extended by the corporate debto...
Read MorePhoenix Arc Private Limited Vs Spade Financial Services Limited (Supreme Court) - Judgment dated 1st February, 2021 of the Hon’ble Supreme Court of India in the matter of Phoenix Arc Private Limited Vs. Spade Financial Services Limited & Ors. [Civil Appeal No. 2842 of 2020 with Civil Appeal No. 3063 of 2020]...
Read MoreNotification No. IBBI/Valuation/Disc./3/2021 - (09/02/2021) - Not disclosing information of pending criminal proceedings to register as valuer with IBBI violates Model Code of Conduct The Authority observed that the criminal case was filed on 29.12.2015 and that Mr. Goge had appeared before the Learned Special Judge and was granted bail on furnishing surety. T...
Read MoreNotification No. IBBI/II/39/2021 - (02/02/2021) - Providing copy of application to the Board, as mandated under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, ...
Read MoreNotification No. IBBI/DC/67/2021 - (02/02/2021) - In the matter of CIRP of Murli Industries Limited, the DC notes that the invoices for the services rendered by Mr. Iyer were raised in the name of his firm, i.e., DTTILLP. Section 206 of the Code clearly provides that only individual (person) can render services as an IP. Section 5 (13) defines the ...
Read MoreNotification No. IBBI/2020-2021/GN/REG068 - (14/01/2021) - These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021....
Read MoreOrder No. IBBI/DC/66/2021 - (11/01/2021) - In the matter of Mr. Girish Siriram Juneja, Insolvency Professional (IP) under Regulation 11 of the Insolvency and Bankruptcy Board of India (Insolvency Professional) Regulations, 2016...
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Anil Tayal Vs Committee of Creditors of M/S. Horizon Buildcon Pvt. Ltd. (NCLAT) -
Ramesh Kymal Vs Siemens Gamesa Renewable Power Pvt Ltd. (Supreme Court of India) -
Union Bank of India E Andhra Bank Vs Union Of India & Ors. (Delhi High Court) -
Release ID: 1696288 - (08//0/2/20) -
Notification No. IBBI/Valuation/Disc./3/2021 - (09/02/2021) -
Phoenix Arc Pvt. Ltd. Vs Ketulbhai Ramubhai Patel (Supreme Court) -
Phoenix Arc Private Limited Vs Spade Financial Services Limited (Supreme Court) -
Notification No. IBBI/II/39/2021 - (02/02/2021) -