CA, CS, CMA : Discover IBBI Circular No. IBBI/LIQ/74/2024 dated 28-06-2024 on voluntary liquidation processes under the Insolvency and Bankruptc...
Corporate Law : Discover how Insolvency and Bankruptcy Code (IBC) protects homebuyers and other consumers, with a detailed analysis of financial a...
Corporate Law : Explore the Insolvency and Bankruptcy Code, 2016 alongside international bankruptcy laws, focusing on key differences, similaritie...
Corporate Law : Delhi HC's ruling on Tata Steel BSL Ltd. v. Venus Recruiters allows avoidance proceedings beyond CIRP, diverging from established ...
Corporate Law : Article explains various methods for voluntary company closure in India, including striking off, NCLT winding up, and voluntary li...
Corporate Law : Learn about the new guidelines by IBBI for Insolvency Professionals acting as IRPs, Liquidators, RPs, and BTs. Details on eligibil...
Corporate Law : IBBI updates the progress report format for liquidation processes, seeking comments by July 12, 2024. Learn about the new requirem...
Corporate Law : IBBI invites comments on proposed amendments to CIRP regulations, focusing on valuation processes, MSME treatment, voting protocol...
Corporate Law : Discover how the latest revisions in CIRP forms by IBBI aim to reduce the compliance burden on insolvency professionals and stream...
Corporate Law : The Insolvency and Bankruptcy Board of India issues guidelines for Insolvency Professionals to act as Interim Resolution Professio...
Corporate Law : Detailed analysis of the NCLT Mumbai judgment in SBI vs Navjeevan Tyres, addressing issues of loan recall notice and corporate gua...
Corporate Law : NCLAT Delhi upholds NCLT decision against Rolta Private Limited's assignment agreement as malafide, prolonging CIRP process. Full ...
Company Law : Explore the Calcutta High Court's decision in Uphealth Holdings, INC. Vs Dr. Syed Sabahat Azim & Ors. regarding the applicability ...
Goods and Services Tax : Detailed analysis of Competition Commission of India's order regarding Cinema Ventures Pvt Ltd not passing GST rate reduction bene...
Custom Duty : Gujarat High Court abates customs tax appeals in Commissioner Of Customs (Preventive) Vs General Foods Ltd., citing IBC Sections 3...
Corporate Law : Detailed analysis of IBBI Order 229/2024 on Mr. Narender Kumar Sharma, resolving a show-cause notice with significant findings and...
Corporate Law : Explore the IBBI's decision on Mr. Gopal Krishna Raju regarding violations under the Companies Act, 2013 and Valuation Rules, incl...
Corporate Law : Explore IBBI's Disciplinary Order No. IBBI/DC/228/2024 dated 11 July 2024 against Reshma Mittal, detailing the CIRP process, alleg...
Corporate Law : Read the detailed analysis of IBBI's Disciplinary Committee order against Narender Kumar Sharma, an Insolvency Professional, regar...
Corporate Law : IBBI suspends & Penalises RP For submitting a revised resolution plan to the Adjudicating Authority (AA) without obtaining the fin...
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
NCLT held that entity issuing ‘Letter of Comfort’ cannot be treated as ‘Corporate Debtor/Corporate Guarantor’ under IBC, 2016
NCLT is a summary court and hence, we cannot venture into a detailed proceeding, the main points in a section 7 petition is to check whether there is a debt and default with the aid of the documents annexed with the pleadings. In the present case, the debt as been converted into equity shares, hence there is no debt at the present.
In view of the submission made by Mr. Sanjit Kumar Nayak, and materials available on record, DC notes that Sanjit Kumar Nayak should have been more careful and vigilant in conducting the CIRP and Liquidation process. The deficiencies as noticed and conceded by Mr. Sanjit Kumar Nayak, with little care and knowledge of the statute, […]
Without proof of disbursement an amount cannot be claimed as financial debt, as disbursement is a sine qua non for any debt to fall within the ambit of financial debt
NCLAT held that Banker’s Certificate is not mandatorily required to trigger CIRP under Section 9 of IBC, 2016 (Code).
Presently, the examination fee of Rs. 1,500+ applicable GST, i.e. Rs.1,770 is payable per enrolment for each of these exams. It has been decided that the fee of Rs. 5,000+ applicable GST, i.e. Rs. 5,900 for the LIE or Valuation Examinations shall be payable for each enrolment on or after 01st October 2022.
