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Corporate Law : The amendments replace the consultation committee with CoC oversight, giving creditors greater control over liquidation decisions....
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Corporate Law : The order highlights that delayed applications, late progress reports, and non-compliance with filing requirements amounted to ser...
Amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Insolvency and Bankruptcy Board of India (Insolvency Professionals), Regulations 2016. The Insolvency and Bankruptcy Board India (IBBI) notified the following regulations on 13th September 2022: a) Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) […]
These regulations may be called the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2022.
It is important to note that the Code does not have any mention about the possibility of awarding success fee to the resolution professional. May be the renumerations during the process are considered as enough for attracting due services on behalf of the resolution professional.
NCLT held that it is the Liquidator who has to take call on what mode of sale is in the best in the interest of maximization of value of assets.
Adjudicating Authority under Rule 43 of NCLT Rules, 2016, can call for any information or evidence as it may consider necessary in its discretion
The concept of time value of money emerges from the concept of opportunity cost. At any given time, one has multiple options by which he can spend his money.
The Resolution Plan of the Successful Resolution Applicant could not be approved as it had breached the waterfall mechanism of payments as given under Section 53 of IBC and selectively favoured certain creditors without according any reason for the same and the Plan ineffectively dealt with the interests of all stakeholders of the Corporate Debtor and was non-compliant of Section 30(2)(e) and Section 30(2)(f) of IBC.
Since remanding of a resolution plan back to Committee of Creditors (COC) on the grounds of the procedural deviations raised by a dissenting minority in class of creditors, would render the CIRP a never ending process and was against the time bound resolution objective of the IBC.
Held that Section 48 of the GVAT Act is not contrary to or inconsistent with Section 53 of the IBC. U/s. 53(1)(b)(ii), the debts owed to a secured creditor, which would include the State under the GVAT Act. Accordingly, the Government can claim first charge over the property of the Corporate Debtor
If suit of Appellant is decreed, the claim being contingent, Appellant shall be entitled to claim from Successful Resolution Applicant
