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...
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.
IRP/RP are facing difficulty in obtaining registrations during the period of the lockdown and have requested to increase the time for obtaining registration from the present 30 days limit.
Notification No. 39/2020–Central Tax- New GST Registration for corporate debtors undergoing corporate insolvency resolution process. Time limit for registration extended due to covid by substituting the following to para 2- Registration.- The said class of persons shall, with effect from the date of appointment of IRP / RP, be treated as a distinct person of […]
The Insolvency and Bankruptcy Board of India invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016.
The Insolvency and Bankruptcy Code, 2016 (IBC) streamlines the process minimizing losses and promoting efficient allocation of resources to deal with sick companies. The article provides an analysis of the effect of moratorium on ongoing tax proceedings against the Corporate Debtors (CD). Tax collection in India, be it income tax, excise tax, GST or any […]
