IBC 2016 - Page 118

Undertaking Valuation Assignment in CIRP before Registering as valuer violates Model Code of Conduct

IBBI/Valuation/Disc./1/2020 04/09/2020

Mr Abhishek Ahuja, despite having mandatory training and qualifying the valuers examination, has displayed his lack of understanding of the provisions of the Rules and standards of valuation profession. He allowed the resolution professional to engage him as the registered valuer in a CIRP even though he was not registered as a valuer and...

Corporate Debtor cannot raise dispute post approval of Resolution plan by Committee of Creditors: SC

Karad Urban Cooperative Bank Ltd. Vs. Swwapnil Bhingardevay (Supreme Court)

Karad Urban Cooperative Bank Ltd. Vs. Swwapnil Bhingardevay (Supreme Court) If all the factors that need to be taken into account for determining whether or not the corporate debtor can be kept running as a going concern have been placed before the Committee of Creditors and the CoC has taken a conscious decision to approve […]...

NCLAT dismissed Insolvency Proceedings Initiated against Tata Chemicals

Allied Silica Limited Vs Tata Chemicals Limited (NCLAT, Delhi)

The issue under consideration is whether the initiative of insolvency proceedings against Tata Chemicals is sustain even if the corporate debtor has not complied with the procedural aspects?...

Posted Under: Corporate Law | |

SC allows 10 years time to Telecom Companies to pay AGR dues

Union of India Vs Association of Unified Telecom Service Providers of India Etc (Supreme Court)

(i) That for the demand raised by the Department of Telecom in respect of the AGR dues based on the judgment of this Court, there shall not be any dispute raised by any of the Telecom Operators and that there shall not be any re­assessment. (ii) That, at the first instance, the respective Telecom Operators shall make the payment of 10...

Guidelines on Use of Caveats, Limitations & Disclaimers by Registered Valuers

(a) These Guidelines may be called the Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020. (b) These Guidelines shall come into force in respect of valuation reports in respect of valuations completed by Registered Valuers (RVs) on or after 1st October, 2020....

Posted Under: Corporate Law |

Public Shareholding norms for companies reviving out of Insolvency

The market regulator has proposed relaxing norms pertaining to 25 percent minimum public shareholding for companies that undergo corporate insolvency resolution process and seek to relist afterward. SEBI’s proposal comes from the insolvency proceedings of Ruchi Soya Industries extreme share price movement after the company went thro...

Posted Under: Corporate Law |

Case review of State Bank of India Vs Metenree Ltd

This article is about judgment of NCALT/NCLT  in the matter of STATE BANK OF INDA V. M/S METENERE Ltd, on aspect of Interim Resolution Professional (herein refers as IRP). NCALT affirmed in the judgement in which it has been held that an ex-employee of creditor, having long association with creditor should be substituted, because he [&he...

Posted Under: Corporate Law |

CIRP for default below One Crore – Still a possibility

The general triggering point for commencing CIRP is the occurrence of default. Section 3(12) of the Code defines ‘default’ to mean non-payment of a debt (including financial debt, operational debt or claim in any form) or a part of the debt which has become due and payable, and continues to remain unpaid by the corporate debtor....

Posted Under: Corporate Law |

Analysis of report of Committee of Expert for Valuation Bill, 2020

This article is a review and critical analysis of a report submitted by a committee of experts constituted in April 2019 to examine the need for an institutional framework for regulation and development of asset valuation professionals In India, the practice of valuing assets – a key component of the economic system that also stretches ...

Posted Under: Corporate Law |

Calcutta HC strikes down NCLT order of creditor-filing of default record

On Aug 19th the Calcutta High Court has nullified the order of the National Company Law Tribunal (NCLT) order that provided earlier all financial creditors shall be required to mandatorily file a default record from information utility along with a plea under Section 7 of Insolvency & Bankruptcy Code. These findings were provided ...

Posted Under: Corporate Law |

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