Corporate Law : This article focuses on the core difference between the earlier #SICA attempt and CODE. What is it that makes the CODE more effect...
Corporate Law : The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICSPRA) shall come in force from December 01, 2016 vide noti...
Corporate Law : Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section ...
Corporate Law : The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal ask...
Corporate Law : The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up ...
Corporate Law : Learn how the Supreme Court upheld the tax settlement of Niket Udyog Ltd under the SICA Act, as directed by BIFR. Analysis and imp...
Corporate Law : M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only ...
Learn how the Supreme Court upheld the tax settlement of Niket Udyog Ltd under the SICA Act, as directed by BIFR. Analysis and implications discussed.
This article focuses on the core difference between the earlier #SICA attempt and CODE. What is it that makes the CODE more effective than SICA?
M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, there are two sub-classes […]
The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICSPRA) shall come in force from December 01, 2016 vide notification issued in official gazette on November 25, 2016.
Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters.
The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal asking it to deposit 25 per cent of the dues before moving the court. The creditor, Asset Care Enterprises, had invoked the power under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act against the cement firm.
The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up liquidation of sick companies. The ministry of corporate affairs looks to set up a special purpose vehicle (SPV) that will allow all authorities involved in the liquidation process to pool in data to a central repository, reducing procedural delays. It is already working on a simple exit scheme for sick firms that will be ready in less than a year.
