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 : Discover how Insolvency and Bankruptcy Code (IBC) protects homebuyers and other consumers, with a detailed analysis of financial a...
Corporate Law : Explore the Insolvency and Bankruptcy Code, 2016 alongside international bankruptcy laws, focusing on key differences, similaritie...
Corporate Law : Delhi HC's ruling on Tata Steel BSL Ltd. v. Venus Recruiters allows avoidance proceedings beyond CIRP, diverging from established ...
Corporate Law : Article explains various methods for voluntary company closure in India, including striking off, NCLT winding up, and voluntary li...
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 : Discover how the latest revisions in CIRP forms by IBBI aim to reduce the compliance burden on insolvency professionals and stream...
Corporate Law : The Insolvency and Bankruptcy Board of India issues guidelines for Insolvency Professionals to act as Interim Resolution Professio...
Corporate Law : Detailed analysis of the NCLT Mumbai judgment in SBI vs Navjeevan Tyres, addressing issues of loan recall notice and corporate gua...
Corporate Law : NCLAT Delhi upholds NCLT decision against Rolta Private Limited's assignment agreement as malafide, prolonging CIRP process. Full ...
Company Law : Explore the Calcutta High Court's decision in Uphealth Holdings, INC. Vs Dr. Syed Sabahat Azim & Ors. regarding the applicability ...
Goods and Services Tax : Detailed analysis of Competition Commission of India's order regarding Cinema Ventures Pvt Ltd not passing GST rate reduction bene...
Custom Duty : Gujarat High Court abates customs tax appeals in Commissioner Of Customs (Preventive) Vs General Foods Ltd., citing IBC Sections 3...
Corporate Law : Detailed analysis of IBBI Order 229/2024 on Mr. Narender Kumar Sharma, resolving a show-cause notice with significant findings and...
Corporate Law : Explore the IBBI's decision on Mr. Gopal Krishna Raju regarding violations under the Companies Act, 2013 and Valuation Rules, incl...
Corporate Law : Explore IBBI's Disciplinary Order No. IBBI/DC/228/2024 dated 11 July 2024 against Reshma Mittal, detailing the CIRP process, alleg...
Corporate Law : Read the detailed analysis of IBBI's Disciplinary Committee order against Narender Kumar Sharma, an Insolvency Professional, regar...
Corporate Law : IBBI suspends & Penalises RP For submitting a revised resolution plan to the Adjudicating Authority (AA) without obtaining the fin...
Section 39(1) mandatorily requires every registered person to furnish monthly return on or before 20th day of the next month. In most of the cases, when a company is undergoing Corporate Insolvency Resolution Process (CIRP in short), it becomes very difficult to for such companies to file their tax returns and pay off tax liabilities, obviously because of liquidity shortfall.
All concerned are directed to file default record from Information Utility alongwith the new petitions being filed under section 7 of Insolvency and Bankruptcy Code, 2016 positively. No new petition shall be entertained without record of default under section 7 of IBC, 2016
Liquidation Process of company and Model Timeline of Liquidation Process under IBC, 2016 The Insolvency and Bankruptcy Code, 2016 (IBC, 2016) provides for a time-bound process to resolve insolvency of the corporate debtor within a period of 180 days and one time extension of 90 days from date of the order passed by the Hon’ble […]
In pursuance of the objective of preventing increased number of defaults by various enterprises amidst financial distress faced by the companies due to the Corona pandemic, the Government of India on 22nd April 2020 proposed to introduce Section 10 A under the Insolvency and Bankruptcy Code, with the objective of suspending Section 7, Section 9 and Section 10 of the Code, 2016 dealing with initiation of Corporate Insolvency Resolution Process (CIRP).
A pre-packaged scheme is an arrangement under which stressed company and the purchaser negotiate the sale of all or part of a company’s business or assets prior to the appointment of an insolvency professional as administrator. The completion of such a transaction is conditional on the scrutiny of details by the Insolvency professional appointed and until he gives a nod for the sale to be effected, the consideration by the purchaser is held in an escrow account.
PRELUDE Since the start of the year 2019, the Government of India has been planning to introduce the concept of Pre-Package Insolvency Schemes in the Indian Insolvency & Bankruptcy Code (IBC). Now due to COVID-19, the businesses all over the country have faced the worst hit since the global economic slowdown of 2008-2009 and it […]
Recently the Government of India through the Ministry of Finance has announced that the Insolvency & Bankruptcy Code (IBC) proceedings under Section 7, 9 and 10 would be suspended for a period of 6 months and no new proceedings can be filed under these Sections. A new Section 10A is expected to be inserted in the IBC which will bring the suspension into effect.
On 23 March 2020 the CBIC issued some clarifications regarding the Goods and Services Tax (GST) compliances needed to be adhered to by the corporate debtors (CD) undergoing Corporate Insolvency Resolution Process (CIRP). Prescribing special procedures under Section 148 of the Central Goods and Services Act, 2017 (CGST Act) for such CDs, the IBBI tried […]
NCLAT declined to accept the stand of the Financial Creditor that, Article 62 of the Limitation Act, will be applicable for counting limitation under Section 7 of the IBC and further held that only Article 137 of the Limitation will be applicable on the Application under Section 7, 9 and 10 of the IBC.
MCA Amends Section 4 of Insolvency and Bankruptcy Code, 2016 to increase Threshold of default to Rs 1 crore. Section 4 deals with defaults relating to the insolvency and liquidation of corporate debtors. Section 4 is been amended vide S.O. 1205(E) Dated 24th March, 2020. Revised Threshold is applicable from 24.03.2020.
