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...
Insolvency and Bankruptcy Code, 2016– A new-fashioned mechanism for resolution of distressed assets. It’s been 4 years since the inception of the code and it has shown unfailing progress in addressing the intent behind its enactment. Being a new enactment, periodic amendments have been made to structure the code as per the current conditions. Recently, […]
Suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code: The IBC (Amendment) Ordinance, 2020 Lately, on third day of June, 2020 Union Cabinet cleared the proposal for suspension of Section 7, 9 and 10 of Insolvency Bankruptcy Code, 2016 (Code) for the period of six months starting from 25th of March, 2020. Thus, […]
Analysis of Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020 i.e. IBC (Amendment) Ordinance, 2020 Reasons of Amendment: 1. The entire ecosystem for implementation of the Insolvency and Bankruptcy Code is in Place, 2. The Provisions relating to corporate insolvency resolution process and liquidation process for corporate person under the code are in operation, 3. Covid-19 […]
The term ‘pre-pack sale’ has been defined by the Association of Business Recovery Professionals in the United Kingdom as, ‘an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an Administrator, and the Administrator affects the sale immediately on, or shortly after, his Appointment’.
MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 5th June, 2020/Jyaishtha 15, 1942 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2020 NO. 9 OF 2020 Promulgated by the President in the Seventy-first Year of the Republic of India. An Ordinance further to amend the insolvency and Bankruptcy Code, 2016. WHEREAS the entire […]
COVID-19 (coronavirus) is significantly impacting businesses and the economy worldwide. In the middle of the ongoing crisis, every regulator authority, be it the Reserve Bank of India, the Securities and Exchange Board of India, the Ministry of Corporate Affairs or the courts, has made efforts to ease the burden on businesses,creditors and general public,by recalibrating […]
Insolvency Professionals to act as Interim Resolution Professionals (IRPs), Liquidators, Resolution Professionals (RPs) and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to recommend name of an Insolvency Professional (IP) for appointment as Interim Resolution […]
As per IBC, once an entity defaults certain threshold amount, Corporate Insolvency Resolution Process(CIRP) gets triggered and the management of such entity (Corporate Debtor) and its assets vest with an interim resolution professional (IRP) or resolution professional (RP). It continues to run the business and operations of the said entity as a going concern till […]
Mandatory procedures under Corporate Insolvency Resolution Process such as interim financing for insolvent assets, time-bound resolution process, and a creditor in control model may not be easily met under the present COVID-19-induced conditions. Another concern can be an over-burdened NCLT besides everything. These could be the probable reasons to suspend the Code.
In the year 2016, the Indian Parliament completely overhauled the then existing framework governing insolvency and bankruptcy in India. The novel Insolvency and Bankruptcy Code, 2016 (Code) sets out a comprehensive and consolidated set of provisions, which seeks to provide a new trajectory to the sick industry regime in India. With a dire need for […]
