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...
In respect of fourth issue of failure to collect information about the CD from other sources, the DC notes that IP has a duty to collect all information relating to the assets, finances, and operations of the CD for determining the financial position of the CD. The DC notes that in situation when there is […]
CS, LLB, PGDBA, DSL. Pooja Ojha Modus Operandi – Pre-Packaged Insolvency Resolution Process (PIRP) The process of the Pre-Packaged Insolvency Resolution Process (PIRP) envisaged under Section 54A of the Insolvency and Bankruptcy Code, 2016 starts much before the Order is passed by the Hon’ble Adjudicating Authority, the National Company Law Tribunal (NCLT) for initiating the […]
NCLAT JUDGEMENT SUMMARY FOR THE MONTH OF MAY’ 2021 ON IBC, 2016 It gives us immense pleasure to share our 3rd Edition of NCLAT Judgement Summary for the month of May’ 2021 covering summary/ gist of finding of the Hon’ble NCLAT. The Judgement summary prepared by us is for the purpose of understanding in short […]
IBBI shall invite expression of interest (EOI) from IPs, in Form A, by sending an e-mai1 to IPs at their email addresses registered with the Board. Accordingly, an e-mail has been sent to your email ID registered with the Board, seeking EOI for appointment as IRP, Liquidator, RP and BT from July 1, 2021 to December 31, 2021, as per aforesaid guidelines.
Critical Analysis of Supreme Court (SC) Ruling That Allows Lenders To Initiate Insolvency Proceedings Against Personal Guarantors INTRODUCTION A Division bench of the Hon’ble Supreme Court comprising of Justice L. Nageswara Rao and Justice S. Ravindra Bhat, on Friday pronounced a ruling that is destined to have a profound impact on the entire business community […]
Supreme Court Laxmi Pat Surana Vs. Union Bank of India & Anr. [CA No. 2734/2020] An FC had extended a credit to a proprietorship firm, which failed to repay the amount. The credit was guaranteed by a company. The FC filed an application under section 7 for CIRP of the CD (guarantor company). The application […]
Executive Engineer of Uttar Gujrat VIJ Company Ltd. Vs Devang P Samapat RP of M/s. Kanoovi Foods Pvt. Ltd. (NCLAT Delhi) If the electricity consumption was for manufacturing and output of the Biscuits which is the normal operation of the Corporate Debtor, in that case dues arising from such supply of electricity during moratorium would […]
Liability of Personal Gurantor under IBC with reference to Lalit Kumar Jain VS Union of India TRANSFERRED CASE (CIVIL) NO. 245/2020 The Liability of Personal gurantor is comparatively more riskier than any other Creditor as the gurantors personal asset shall be liable and can be attached with the Resolution Plan. But there is a option […]
Supreme Court Upholds Provisions of Insolvency And Bankruptcy Code on Insolvency of Personal Guarantors The Supreme Court in Lalit Kumar Jain vs UOI & Ors (Judgement) has upheld the validity of the notification dated November 15, 2019 (Notification). The Notification had brought into force certain provisions along with the rules under the Insolvency and Bankruptcy […]
Brief History and Rationale behind the IBC The bankruptcy code is a one stop solution for resolving insolvencies which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. Previously in India there […]
