IBC 2016 - Page 20

Understanding Fresh Start Process Under IBC in India: A Complete Guide

Comprehensive guide on Fresh Start Process under IBC. Learn about eligibility, procedure, and its benefits and limitations for debtors....

Posted Under: Corporate Law |

SC upheld importance of proportionate & equal treatment for creditors in a class

Supreme Court upheld the importance of proportionate and equal treatment for creditors in a class, emphasizing that the Resolution Plan should be feasible, viable, and just. The Court rejected the appellant's plea for a higher amount based on the value of their security interest, underscoring the need for a rational and equitable resoluti...

Posted Under: Corporate Law |

CIRP Form Filing: Monitoring Corporate Insolvency Resolution & Professional Performance

Circular No. IBBI/CIRP/60/2023 01/09/2023

IBBI recently released a new circular that significantly impacts Insolvency Professional Entities (IPEs) in India. Change is rooted in ongoing efforts to improve effectiveness of corporate insolvency resolution processes....

Pioneering Precedent: NCLAT’s Inherent Authority to Recall Judgments

NCLAT possesses inherent powers, as outlined in Rule 11 of NCLAT Rules, 2016, enabling them to recall a judgement in cases involving procedural errors....

Posted Under: Corporate Law |

Understanding Judicial Review in IBC and Role of Adjudicating Authority

In re UCAL Products Private Limited (NCLT Chennai)

Explore scope of judicial review in IBC as defined by Supreme Court. Learn how Adjudicating Authority's role is limited to specific parameters, avoiding interference with commercial decisions....

Posted Under: Corporate Law | |

Resolution Professional needs to charge fees in transparent manner: NCLT

Laxman Singh (Ex-Director) of Divineseair Logistics Pvt. Ltd. Vs Kerry Indev Logistics Pvt. Ltd. (NCLAT Delhi)

NCLAT Delhi held that the First Schedule of IBBI (Insolvency Professionals) Regulations, 2016 provides that the Resolution Professional is expected to charge his fees in a transparent manner which should be a reasonable reflection of the works undertaken rather than maximizing their own personal benefits....

Posted Under: Corporate Law | |

NCLAT Upholds Extension of 90 Days Beyond 300-Day Limit for CIRP

Ramneek Goel Vs Sunil Bajaj (NCLAT Delhi)

NCLAT held that the Adjudicating Authority rightly granted an extension of 90 days period after expiry of 300 days for fresh issuance of Form-G and completion of CIRP process....

Posted Under: Corporate Law | |

NCLT has jurisdiction to remit resolution plan for reconsidering amendments requested by successful resolution applicant

Ocean Capital Market LTD. Vs Uday Narayan Mitra (NCLAT Delhi)

NCLAT Delhi held that there is NCLT (National Company Law Tribunal) has jurisdiction to remit the plan for reconsidering the amendment which the Successful Resolution Applicant himself was requesting to be carried out....

Posted Under: Corporate Law | |

Operational creditor can initiate CIRP against Corporate Debtor only in clear cases

Satish Chinnadurai Vs Ravindra Hirasingh Rawat (NCLAT Delhi)

NCLAT Delhi held that operational creditor can initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor only in clear cases where no real dispute exists between the two parties....

Posted Under: Corporate Law | |

Supreme Court Declares Homebuyers as Creditors under IBC

An analysis of the Supreme Court ruling which positions homebuyers as financial creditors under the Insolvency and Bankruptcy Code, its implications, and history....

Posted Under: Corporate Law |

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