Corporate Law : Learn about IBBI's new rule for generating a unique Valuation Report Identification Number (VRIN) for valuations under the Insolve...
CA, CS, CMA : Highlights from August 5-11, 2024: Income Tax exemptions, GST updates, SEBI guidelines, and RBI monetary policy changes....
Corporate Law : Explore how the NCLT's inherent power to recall orders under the IBC ensures justice by addressing procedural errors. Learn about ...
Corporate Law : Explore the pros and cons of the Insolvency and Bankruptcy Code, 2016. Understand its impact on insolvency proceedings in India....
CA, CS, CMA : Discover IBBI Circular No. IBBI/LIQ/74/2024 dated 28-06-2024 on voluntary liquidation processes under the Insolvency and Bankruptc...
Corporate Law : SC rules on Special Court jurisdiction; NCLAT redefines financial debt; HC upholds IBBI regulations and addresses various insolven...
Corporate Law : New guidelines for the Committee of Creditors by IBBI focus on enhancing decision-making, transparency, and efficiency in insolven...
Corporate Law : Learn about the new guidelines by IBBI for Insolvency Professionals acting as IRPs, Liquidators, RPs, and BTs. Details on eligibil...
Corporate Law : IBBI updates the progress report format for liquidation processes, seeking comments by July 12, 2024. Learn about the new requirem...
Corporate Law : IBBI invites comments on proposed amendments to CIRP regulations, focusing on valuation processes, MSME treatment, voting protocol...
Corporate Law : NCLT Amravati held that application filed by SBI (creditor) u/s. 95 of the Insolvency and Bankruptcy Code, 2016 for initiation of ...
Income Tax : Delhi High Court held that reassessment action under section 148 of the Income Tax Act post approval of the resolution plan unsust...
Corporate Law : NCLT Mumbai rules in favor of Piramal Capital, allowing Insolvency Professional Entities to be appointed as Resolution Professiona...
Corporate Law : NCLT Mumbai held that as per section 32A of the Insolvency Bankruptcy Code, 2016, the Corporate Debtor shall not be held liable fo...
Corporate Law : NCLAT Delhi held that electricity supply by NPCL, being in nature of supply of essential goods, was necessary to be continued duri...
Corporate Law : IBBI amends Inspection and Investigation Regulations, extending the response period to show-cause notices to 60 days from the due ...
Corporate Law : IBBI updates Information Utilities Regulations with new timelines and verification procedures starting October 2024, improving def...
Corporate Law : IBBI's ruled that mere association with a promoter does not automatically disqualify a Resolution Applicant under Section 29A unle...
Corporate Law : The IBBI Disciplinary Committee disposes of SCN against Insolvency Professional Brijendra Kumar Mishra, advising re-examination af...
Corporate Law : IBBI disciplinary order finds Mr. Vijendra Kumar Jain guilty of negligence and failure in handling claims under CIRP, with implica...
The issue before the DC is whether taking insurance cover for Ernst & Young LLP, apart from himself and the insolvency professional entity i.e. Ernst & Young Restructuring LLP, was in contravention of the provisions of the Code, Regulations and the Code of Conduct made thereunder. The DC notes that since the RP and his […]
The DC notes the submission of Mr. Singal that admission of higher interest was not possible if claims were continued to be classified under FC in class category and since in RERA decree, the Hon’ble Court has allowed interest ranging from 8-18% and, therefore, he had no option but to allow them interest as per […]
In the instant matter, the Authority notes that the limited issue for consideration before it is whether suspension of one of the directors of the Yardi Prabhu Consultants & Valuers Pvt. Ltd., Registered Valuer Entity (RV-E) affects the eligibility of the valuer for continuing as RV. In this regard, the Authority notes that as per […]
In re Ramsarup Industries Limited (NCLT Kolkata) Facts- Ramsarup Industries Limited (Corporate Debtor/Corporate Applicant) had approached the Adjudicating Authority of NCLT u/s 10 of the IBC and was admitted to Corporate Insolvency Resolution Process (‘CIRP’) on 08.01.2018. The common order dated 07.04.2022 has been passed by the NCLT Bench while deciding three interim applications together […]
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 (Amendment Regulations) on 05th April, 2022. The Insolvency and Bankruptcy Code, 2016 read with Insolvency and […]
With regard to the first issue relating to settlement of claims of workmen/employees, the DC notes the submission of Mr. Kohli that the Settlement Agreement between him and the Workmen Union was entered into on the advice of the stakeholders, i.e., the secured creditors for early completion of Liquidation Process and he did not distribute […]
In the instant matter, Mr. Chakraborty appointed PwC LLP to support him in identifying resolution applicants whereas the scope of work of M/s Kirtane & Pandit included to check if the resolution applicants and connected persons are not ineligible persons under section 29A. Identification of resolution applicants certainly includes checking their eligibility under section 29A. […]
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IBC) has been enacted with a vision to balance between the protection of the company as going concern and safeguarding the interests of creditors by approving the corporate insolvency resolution plans by the learned Adjudicating Authority i.e. National Company Law Tribunal (NCLT)[1]. Since, its promulgation, IBC […]
IBBI extends validity of IBBI (Online Delivery of Educational Course and Continuing Professional Education by Insolvency Professional Agencies and Registered Valuers Organisations) Guidelines, 2020 till 31st March, 2022.
Government says that it has no plans to set up an Institute of Resolution Professionals to oversee and self-regulate conduct of RPs as IBC Code provides for a two-tier regulatory structure to oversee the conduct of IPs. In the first tier, there are three Insolvency Professional Agencies (IPAs) registered with IBBI, of which IPs are members
