Corporate Law : Understand Corporate Insolvency Resolution Process (CIRP) in India, from initiation and moratorium to resolution plan approval and...
Corporate Law : Pursuant to approval of Resolution Plan by the Adjudicating Authority under Insolvency & Bankruptcy Code, 2016, has presuppose wai...
Corporate Law : Insights into recent Supreme Court and High Court judgments on IBC cases, covering corporate guarantees, auction timelines, liquid...
Corporate Law : Explore the legal complexities of CIRP withdrawals and the protection of creditor rights under the Insolvency and Bankruptcy Code ...
Corporate Law : Explore the issues surrounding green channel approvals in India's Corporate Insolvency Resolution Process and alternative solution...
Corporate Law : IBBI dismisses multiple RTI appeals citing misuse of the RTI Act through repetitive filings. The order emphasizes responsible use ...
Corporate Law : RTI Act permits access only to information held by a public authority and does not require the creation or interpretation of infor...
Corporate Law : Key IBC case law updates from Oct-Dec 2024, covering Supreme Court and High Court decisions on CoC powers, resolution plans, relat...
Corporate Law : The Government clarified that no cooperative sector companies in Maharashtra are declared corrupt under IBC, 2016, and Barshi Text...
Corporate Law : IBBI denies RTI appeal citing fiduciary exemption under Section 8(1)(e). The requested MSME-related information was withheld. Appe...
Income Tax : ITAT Mumbai restores MITC Metals case for fresh adjudication, ruling that assessment order was not void ab-initio despite ongoing ...
Corporate Law : NCLAT Delhi ruled that a single homebuyer cannot challenge a resolution plan approved by the CoC. The decision follows Supreme Cou...
Company Law : The plain reading of the above provisions of Section 60(5)(c) clearly indicates that the NCLT is empowered to adjudicate any quest...
Income Tax : Calcutta HC dismisses IT appeal against Subhlabh Steels due to ongoing insolvency under IBC, citing SC ruling in Monnet Ispat. Rea...
Service Tax : CESTAT Chennai ruled on Orchid Chemicals' appeal, citing insolvency resolution precedents. The appeal was abated following NCLT ap...
Corporate Law : IBBI rejects RTI appeal seeking detailed breakup of Dalmia Cement claims in Jaiprakash insolvency case, citing unavailability of d...
Corporate Law : IBBI rejects RTI appeal seeking clarifications on valuer registration, stating that opinions and justifications do not fall under ...
Corporate Law : IBBI disposes of SCN against IP in CIRP case, addresses claims dispute, and ongoing RoC investigation. Details of findings and DC'...
Corporate Law : The IBBI Disciplinary Committee has suspended Ms. Sonu Jain for one year due to delays and procedural lapses in the liquidation pr...
Corporate Law : IBBI suspends valuer for six months for non-transparent valuation in CIRP and liquidation of Base Corporation Ltd., citing violati...
The claim of the Department was prior to the date of Resolution Plan approved by the NCLT, and therefore, the present income tax proceedings is hit by section 31(1) of Insolvency and Bankruptcy Code, 2016, which has overriding effect vis-à-vis the Income Tax Act, 1961.
More than 4,000 cases admitted for corporate insolvency resolution process (CIRP) since FY 2016 and out of these 359 cases resolved with realisable value of more than Rs 2 lakh crore for creditors. As per the information provided by Insolvency and Bankruptcy Board of India [IBBI, the Regulator under Insolvency and Bankruptcy Code, 2016 (IBC)], the […]
As per the information provided by IBBI, in the years 2020-21 and 2021-22 (upto 31st December, 2021), 538 and 522 cases, respectively, have been admitted into the corporate insolvency resolution process (CIRP)
DCIT Vs Global Softech Ltd. (ITAT Mumbai) As per the provisions of section 14 of the IBC Code institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority shall be prohibited during […]
Sikander Singh Jamuwal Vs Vinay Talwar (NCLAT Delhi) What is very much clear from the submissions made by the Ld counsel for the parties and the documents available on record that the Resolution Plan fails to consider the payment of provident fund dues as computed by the Assistant Provident Fund Commissioner vide its order dated […]
A person falling under definition of Corporate Debtor as defined under provisions of IBC, 2016, whether incorporated in India or outside India has right to file CIRP Application under provisions of Section 9 of the IBC,2016 in India.
Financial creditors realise 221% of liquidation value and 51% of admitted claims through corporate insolvency resolution process As per inputs received from the Ministry of Corporate Affairs (MCA), corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the 12 large accounts that were referred by the […]
The DC notes that an amount of Rs. 1,51,928/- was paid to Ms. Gupta in terms of the direction of the Hon’ble NCLAT vide order dated 01.08.2017. Subsequently, Ms. Rita Gupta withdrew an amount of Rs.19,28,340/- on 26.03.2018 without the approval of the CoC. The total fee payable to Ms. Rita Gupta, as approved by […]
It is clear that the Income Tax -Department does not enjoy the status of a secured creditor, on par with secured creditor covered by a mortgage or other security interest, who can avail the provisions of Section 52 of the Code. At best it can only claim a charge under the attachment order in terms of the provisions of Section 281 of the Act,1961.
Fair and equitable treatment of the operational creditors (‘OC’) has been a much-debated issue in the realm of insolvency and bankruptcy law, many jurists and writers have criticized the Section 53 of the Insolvency and Bankruptcy Code (‘IBC’) and even called it an “unjust act” mainly owing to the inherent inequality based on which it operates.
