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...
Vivek Bansal Vs Burda Druck India Pvt. Ltd. & Anr. (NCLAT Delhi) In a recent judgment (Company Appeal (AT) (Insolvency) No. 552 of 2020, dated 14-07-2020), the National Company Law Appellate Tribunal (NCLAT) held that a company could exit an ongoing insolvency process even as an interim resolution professional had been appointed and a moratorium […]
The following question arose for consideration before Ahemdabad Bench of National Company Law Tribunal (NCLT), in a recent case Kediya Ceramics [IA No. 254/NCLT/AHM/2017 in CA(CAA) No. 95/NCLT/AHM/2017] Whether a registered partnership firm, being a body corporate, can be treated as a company for the purpose of section 230-232 of the Companies Act, 2013? Hon’ble […]
Dispute Informed or Raised or Filed After Issuance of Notice U/S 8(1) of Insolvency and Bankruptcy Code, 2016. FIRST CASE- NO PRE-EXISTING DISPUTE, IF THE SAME WAS INFORMED AFTER ISSUANCE OF NOTICE U/S 8(1). [In the matter of M/s. Next Education India Pvt. Ltd. Vs. M/s. K12 Techno Services Pvt. Ltd. before NCLAT, NEW DELHI, […]
A financial creditor may himself or through a joint application can file application for initiating insolvency proceedings against corporate debtor if the amount of default exceeds the threshold limit of INR 1 Crore. Financial creditor means a person to whom a ‘financial debt’ is owed. E.g. lenders
Q 1. What is the difference between Insolvency and Bankruptcy? An entity (individual, or a company) becomes insolvent when they are unable to pay back their lenders on time. Simply, when the assets fall short to pay off the existing liabilities. Whereas, Bankruptcy is a legal declaration of one’s inability to pay their debts. On filing of […]
As per Insolvency and Bankruptcy code 2016, there are two stages. 1) Resolution 2) Liquidation. The Liquidation order will be pronounced when the resolution of the insolvency is failed. Hence as per the code, the liquidation stage is final one. Liquidation order is once passed it is irreversible. Hence the Tribunals will pass the order […]
The President of India through Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 (No. 9 of 2020) on 5th June, 2020 announced some major relief for the corporate debtors as COVID 19 pandemic owing to the nationwide lockdown is in force since 25th March 2020 has resulted in disruption in business, financial markets and economy in […]
Under the Insolvency and Bankruptcy code 2016, section 43 is dealt with Preferences if any given by the Corporate Debtor before and during the insolvency. This is a very important section and every Insolvency Professional should keep this in mind. Success of the insolvency depends upon timely completion of the process of insolvency and also […]
In a press conference conducted on May 17, 2020 by Finance Minister Nirmala Sitharaman, it was stated that the COVID-19 related debts shall not form part of the default under the Insolvency and Bankruptcy Code, 2016 (I&B Code). Further, by proposing Section 10A, it was stated that there shall be no fresh initiation of new […]
Commencement of limitation period to file application under Section 9 of IBC in case of an Arbitral Award of Default Applicability of the Limitation Act, 1963 to proceedings under Insolvency and Bankruptcy Code, 2016 (IBC) had long been a debated issue. Initially, as IBC was silent on this issue, NCLAT in M/s Neelakanth Township and […]
