IBC 2016

Section 14 of IBC covers proceeding under Section138/141 against a corporate debtor but not against natural persons

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...

Is IBC Amendment Act, 2019 truly ‘Fair & Equitable’ towards Operational Creditors?

Corporate 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....

Analysis of SC judgment in the case of Manish Kumar Vs. UOI

Corporate 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]...

IBC 2020 Amendment Is Valid : Supreme Court

Corporate 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. […]...

Submission of Claims under IBC

Corporate 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 […]...

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Valuation : Professional Insight

Corporate 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 ...

Schemes launched by MCA during COVID-19 pandemic

Corporate 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....

FM inaugurates Chennai Bench of NCLAT

Corporate 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....

Section-wise Jurisprudence on IBC upto 30.09.2020

Corporate 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 ...

Zone wise Panel of IP for January – June, 2021

Corporate 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...

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Exclude Period of Judicial Intervention in calculation of CIRP Period: NCLAT

Anil 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...

Bar against initiation of CIRP applies to applications filed from 25.03.2020 even if application filed before date of amendment

Ramesh 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 ...

HC stays attachment of Properties by ED after approval of resolution plan by NCLT

Union 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...

Creditor not become Financial Creditor if Corporate Debtor Only Gives Security by Pledging Shares without Undertaking to Discharge Borrower: SC

Phoenix 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...

Analysis of SC judgment- Phoenix Arc Private Limited Vs. Spade Financial Services Limited & Ors.

Phoenix 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]...

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Not disclosing information of pending criminal proceedings to register as valuer with IBBI violates Model Code of Conduct

Notification 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...

Providing Copy of application for initiation of insolvency resolution process to IBBI

Notification 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, ...

Only individual (person) can render services as an IP

Notification 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 ...

IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021

Notification 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....

IBBI fines IP Rs. 10000 for professional misconduct

Order 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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