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 DC notes the submission of Mr. Gupta, that despite his best efforts, he did not get any information, documents, records or books of account of the CD and he had to struggle to get hold of the relevant documents, records and information relating to the CD. The DC also notes the submission of Mr. […]
IBBI Discussion Paper on Enhancing effectiveness of Information Utility seeks to address the issue of delay in admission of application for initiation of corporate insolvency and resolution process (CIRP).
The issue before the DC is whether taking insurance cover for Ernst & Young LLP, apart from himself and the insolvency professional entity i.e. Ernst & Young Restructuring LLP, was in contravention of the provisions of the Code, Regulations and the Code of Conduct made thereunder. The DC notes that since the RP and his […]
The DC notes the submission of Mr. Singal that admission of higher interest was not possible if claims were continued to be classified under FC in class category and since in RERA decree, the Hon’ble Court has allowed interest ranging from 8-18% and, therefore, he had no option but to allow them interest as per […]
In the instant matter, the Authority notes that the limited issue for consideration before it is whether suspension of one of the directors of the Yardi Prabhu Consultants & Valuers Pvt. Ltd., Registered Valuer Entity (RV-E) affects the eligibility of the valuer for continuing as RV. In this regard, the Authority notes that as per […]
In re Ramsarup Industries Limited (NCLT Kolkata) Facts- Ramsarup Industries Limited (Corporate Debtor/Corporate Applicant) had approached the Adjudicating Authority of NCLT u/s 10 of the IBC and was admitted to Corporate Insolvency Resolution Process (‘CIRP’) on 08.01.2018. The common order dated 07.04.2022 has been passed by the NCLT Bench while deciding three interim applications together […]
Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 (Amendment Regulations) on 05th April, 2022. The Insolvency and Bankruptcy Code, 2016 read with Insolvency and […]
With regard to the first issue relating to settlement of claims of workmen/employees, the DC notes the submission of Mr. Kohli that the Settlement Agreement between him and the Workmen Union was entered into on the advice of the stakeholders, i.e., the secured creditors for early completion of Liquidation Process and he did not distribute […]
In the instant matter, Mr. Chakraborty appointed PwC LLP to support him in identifying resolution applicants whereas the scope of work of M/s Kirtane & Pandit included to check if the resolution applicants and connected persons are not ineligible persons under section 29A. Identification of resolution applicants certainly includes checking their eligibility under section 29A. […]
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IBC) has been enacted with a vision to balance between the protection of the company as going concern and safeguarding the interests of creditors by approving the corporate insolvency resolution plans by the learned Adjudicating Authority i.e. National Company Law Tribunal (NCLT)[1]. Since, its promulgation, IBC […]
