IBC 2016 - Page 30

Opportunity for public equity shareholders to acquire shares after CIRP- a measure for protection or an instance of myopia

Opportunity for Public Equity Shareholders after CIRP: A Measure for Protection or Myopia? Explore the proposed framework by SEBI to allow public equity shareholders in listed companies undergoing Corporate Insolvency Resolution Process (CIRP) to acquire shares in the resultant entity....

Posted Under: Corporate Law |

Debt Converted into Equity: Is It Still a Debt Under The IBC?

Section 7 of Insolvency and Bankruptcy Code (IBC) enables a Financial Creditor (FC) to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor when a default on a debt has occurred....

Posted Under: Corporate Law |

IBBI Paper – Enhancing Resolution: Strategies for Value, Timeliness & Success

Discussion Paper on measures for increasing the possibility of resolution, value of resolution plan and enabling timely resolution analyses resolution processes that have been completed and are ongoing, presents the understanding of issues that are adversely affecting the efficiency and effectiveness of the resolution process. The issues ...

Posted Under: Corporate Law |

Streamlining Insolvency Profession Entry: Simplifying Enrolment & Registration

Under section 196(1)(aa) of IBC, IBBI is responsible to promote development of, and regulate, working and practices of, insolvency professionals in furtherance of purposes of Code....

Posted Under: Corporate Law |

IBBI Disciplinary Committee Suspends IP Registration for 1 Year

Order No. IBBI/DC/176/2023  08/06/2023

IBBI) Disciplinary Committee has suspended the registration of Mr. Brij Kishore Sharma, an Insolvency Professional (IP), for a period of one year. The suspension comes after findings of contraventions related to various violations in his role as IRP and RP in corporate insolvency resolution processes and as a Liquidator in voluntary liqui...

IBBI Warns IP: Exercise Rigorous Due Diligence in Future Assignments

Order No. No. IBBI/DC/177/2023 08/06/2023

The Insolvency and Bankruptcy Board of India’s Disciplinary Committee has issued an order regarding Ms. Sonu Jain, an Insolvency Professional, based on alleged contraventions under the Insolvency and Bankruptcy Code. The order addresses specific issues raised in the Show Cause Notice and provides an analysis and conclusion on the ma...

NCLT cannot review its judgment but it can recall on sufficient grounds: NCLAT

Union Bank of India Vs Dinkar T. Venkatasubramanian (NCLAT Delhi)

NCLT is not conferred with power of review, it inherently possesses the power to recall a judgment on sufficient grounds under Rule 11 of National Company Law Appellate Tribunal Rules, 2016 ...

Posted Under: Corporate Law | |

Resolution Applicant is required to perform its obligation as per Resolution Plan

State Bank of India Vs MBL Infrastructures Limited (NCLAT Delhi)

NCLAT Delhi held that held that the Lenders and Banks are obliged to discharge their obligations as per the Resolution Plan and Resolution Applicant must also perform its obligation as per the Resolution Plan....

Posted Under: Corporate Law | |

Agreement not being engrossed on stamped paper doesn’t affect claim of Operational Creditor

Smartworks Coworking Spaces Private Limited Vs Turbot Hq India Private Limited (NCLAT Delhi)

NCLAT Delhi held that when Agreement was admittedly executed between the parties, signed by both the parties and acted upon, mere fact that it not being engrossed on stamped papers shall have no adverse consequence on the claim of the Operational Creditor....

Posted Under: Corporate Law | |

Unlawful Asset Sale: IBBI Penalizes & Suspends IP for Procedural Violations

Order No. IBBI/DC/175/2023 07/06/2023

This order concerns disciplinary proceedings against Mr. Sai Ramesh Kanuparthi, an Insolvency Professional (IP), regarding his conduct in the liquidation process of M/s Konaseema Gas Power Limited. Mr. Kanuparthi has been accused of contravening several regulations and codes of conduct, including the sale of assets without adhering to pre...

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