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...
MSME certificate was required to take benefit of Micro Small and Medium Enterprises (MSME) under Section 240A of Insolvency and Bankruptcy Code and it was not necessary to pursue Section 230 of the Companies Act at the stage of Liquidation, the same not being part of Procedure of IBC when the Corporate Debtor was in Liquidation.
The power under Section 482 of the Code of Criminal Procedure may not be available to the Court to countenance the breach of a statuary provision under Sections 14 and 17 of the Insolvency and Bankruptcy Code (IBC).
Role of Resolution Professional in Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors In the recent judgment dated 15th November, 2019 passed by the Hon’ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited Vs. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67/2019 and […]
In the Corporate Insolvency Resolution Process (CIRP) initiated under the I&B Code 2016 (Code), the claim is an important factor to be decided in the Resolution Plan for the Corporate Debtor (CD). The provisions of Code strive on the protection of interest of creditors of a company which is under CIRP while completing the insolvency […]
That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders.
To achieve objectives of Code, CIRP is not available in respect of defaults arising during COVID-19 period and default of less than Rs.1 crore. There are several laws which regulate ‘Insolvency Resolution’ for Companies in India. These include (i) Sick Industrial Companies Act, 1985, (ii) Recovery of Debt Due to Banks and Financial Institutions Act, 1993 (DRT […]
The government has amended the insolvency law to incorporate a pre-packaged resolution mechanism for stressed MSMEs in order to have a faster and more value-maximizing outcome.
Preface: COVID-19 pandemic has impacted businesses, financial markets and economies all over the world, including India, and has impacted the business operations of micro, small and medium enterprises – MSME sector and exposed many of them to financial distress. The Government has taken several measures to mitigate the distress caused by the pandemic including increasing […]
Till 31.08.2016 and with effect from 1.9.2016, the Government dues have lost priority of its tax dues against the banks or financial institutions secured creditors (‘secured creditors’) since the Recovery of Debts and Bankruptcy Act, 1993 and Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were amended by inserting sections 31B and section 26E in respective Acts on 1st September 2016.
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 was promulgated by the President on the Fourth day of April 2021. The Ordinance has been introduced with the intent to provide an efficient alternative insolvency resolution process for corporate persons classified as micro, small and medium enterprises (MSMEs) thus ensuring a quicker, cost-effective and value maximizing […]
