IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023
1 year, 2 months ago

IBBI Amends Insolvency Professional Regulations W.E.F. 18th September 2023

Live Law  

The Insolvency and Bankruptcy Board of India vide its notification dated 18.09.2023, has notified amendments to the Insolvency and Bankruptcy Board of India Regulations, 2016. The amended provisions are: “6 An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board through the insolvency professional agency of which he is a member, in Part – II of Form A of the Second Schedule to these Regulations, along with a nonrefundable application fee of twenty thousand rupees to the Board.” “6 An insolvency professional entity eligible for registration as an insolvency professional under sub-regulation of regulation 4 may make an application to the Board through the insolvency professional agency of which it is a member, in Part – II of Form AA of Second Schedule to these Regulations, along with a non-refundable application fee of two lakh rupees to the Board.” Regulation 10 has been amended to add the following additional instances where the IPA is required to inform the Board: “ accepts the application for surrender of membership and strikes the name of the professional member from its registers; expels the professional member; or receives intimation of demise of an individual or winding up or dissolution of a company, limited liability partnership or registered partnership firm and strikes the name of the professional member from its registers.” A new Regulation 10A has been inserted which provides for the manner in which an Insolvency Professional can surrender its certificate of Registration “10A. An insolvency professional may surrender its certificate of registration by making a request to the Board, in writing along with the certificate of registration in original. If the Board is satisfied, it may accept the request for surrender of certificate of registration within thirty days of its receipt and upon acceptance, the registration of such insolvency professional shall stand cancelled. On and from the date of cancellation of the certificate of registration, under this regulation, the legal heirs or assignee of the insolvency professional shall take steps for delivery of any record or document or assets that may be in its custody or control, within the time period and in the manner, as may be required under the relevant regulations or as may be directed by the Board.” The Form A and Form AA have also been amended.

Board Regulation Insolvency Regulations Registration Application Date Certificate Professional Member Surrender Ibbi Insolvency Professional Insolvency Professional Agency  board  certificate  wef  regulations  member  registration  2023  18th  insolvency  ibbi  regulation  amends  surrender  professional  date  application

History of this topic

Insolvency board moves to limit liquidators’ discretion
1 month ago

Insolvency board moves to limit liquidators’ discretion

Live Mint  

The Insolvency and Bankruptcy Board of India has sought to limit the discretion of officials authorized to liquidate insolvent companies and has said they must consult creditors compulsorily when rejecting the highest bids. In a proposal released for public feedback on Tuesday, the IBBI also said liquidators must verify the highest bidder for the assets of the company getting dissolved …

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings
1 month, 2 weeks ago

IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings

Live Law  

On 7th November, 2024, the Insolvency and Bankruptcy Board of India has released a discussion paper on the issues related with the Real Estate with seven proposals. Proposed Inclusion of Land Authorities in Committee of Creditors Meetings In corporate insolvency resolution processes involving real estate companies land authorities are crucial but currently they not represented in the Committee of Creditors. …

Buyers in possession of plot, flat or building must be given ownership: IBBI
1 month, 2 weeks ago

Buyers in possession of plot, flat or building must be given ownership: IBBI

Hindustan Times  

The Insolvency and Bankruptcy Board of India has proposed reforms to streamline the insolvency process for real estate companies and enhance protection for homebuyers. For thousands of buyers awaiting registration of housing units in projects undergoing the Bankruptcy resolution process, the IBBI has proposed that ownership of the plot, apartment or building should be transferred to buyers who are in …

The Forgotten Creditors: IBC's Dual Approach For Homebuyers And Other Consumers
3 months, 3 weeks ago

The Forgotten Creditors: IBC's Dual Approach For Homebuyers And Other Consumers

Live Law  

The Insolvency and Bankruptcy landscape in India underwent a significant transformation with the enactment of the Insolvency and Bankruptcy Code in 2016. Homebuyer as Financial Creditor| RERA-IBC Standoff Under the Insolvency and Bankruptcy Code 2016, creditors are categorized into two distinct groups: financial creditors, defined under Section 5, and operational creditors, defined under Section 5. The NCLAT also in the …

NLUD: Diploma And Certificate Courses In Insolvency And Bankruptcy: Law, Practice, Regulations 2024-2025
4 months, 1 week ago

NLUD: Diploma And Certificate Courses In Insolvency And Bankruptcy: Law, Practice, Regulations 2024-2025

Live Law  

The Centre for Transnational Commercial Law is a constituent unit and specialized research centre of the National Law University Delhi established in 2008 by Act No. These courses introduce legal and secretarial practitioners, as well as academicians, to insolvency laws in India, conceptualized within the broader framework of commercial laws. Graduate Students: Gain early exposure to insolvency laws and practical …

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai
4 months, 4 weeks ago

Insolvency Professional Entities Qualified To Be Appointed As Resolution Professionals: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Shri Sanjiv Dutt and Shri K.R. The NCLT held that the Insolvency and Bankruptcy Board of India has the authority to regulate and recognize IPEs as resolution professionals, despite the IBC not explicitly mentioning them as professional service providers. The CoC clarified that although the IBC prima facie recognises only three entities …

Half Yearly Digest Of IBC Cases : January To June,2024
5 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
5 months, 4 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

IBBI proposes amendments to insolvency rules; seeks public comments
6 months ago

IBBI proposes amendments to insolvency rules; seeks public comments

The Hindu  

The Insolvency and Bankruptcy Board of India has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process, and benefiting creditors and other stakeholders involved in the CIRP. Seeking comments …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

IBC Cases Quarterly Digest : January To March 2024
8 months, 2 weeks ago

IBC Cases Quarterly Digest : January To March 2024

Live Law  

Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association V M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be absolved from its liability to discharge its Operational debt by the Insurance Company's payment to the Operational Creditor …

IBC Revolutionizes Corporate Insolvency
8 months, 3 weeks ago

IBC Revolutionizes Corporate Insolvency

Deccan Chronicle  

Exactly, 10 years ago, in the run-up to the 2014 Lok Sabha elections, Narendra Modi, who was the BJP’s prime ministerial candidate, had said that traders have more risk-taking capacity than soldiers. Several hundreds of companies and lakhs of employees have benefitted from a relatively easy resolution process devised by IBC.After seven years of IBC’s journey, corporate litigation and disputes …

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation
9 months, 3 weeks ago

IBBI Directs Liquidator To Make Certain Declaration When Financial Service Provider Undergoes Voluntary Liquidation

Live Law  

The Insolvency and Bankruptcy Board of India has issued a circular dated 13.02.2024, intimating that when a Financial Service Provider undergoes voluntary liquidation under IBC, then the Liquidator shall declare that: the category of Financial Service Providers has been notified by the Central Government under Section 227 of IBC, and the corporate person has obtained prior permission from the appropriate …

IBBI Reduces Cooling Off Period Between Two Consecutive Attempts In Limited Insolvency Examination And Valuation Examinations
10 months, 2 weeks ago

IBBI Reduces Cooling Off Period Between Two Consecutive Attempts In Limited Insolvency Examination And Valuation Examinations

Live Law  

The Insolvency and Bankruptcy Board of India has issued a circular dated 18.01.2024, intimating that the cooling-off period between two consecutive attempts in Limited Insolvency Examination and Valuation Examinations has been reduced to 21 days, from earlier cooling off period of 2 months. Brief background IBBI conducts the Limited Insolvency Examination in pursuance of Regulation 3 of the IBBI Regulations, …

IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024
10 months, 2 weeks ago

IBBI Amends Regulations Regarding Insolvency Professionals w.e.f. 31st January 2024

Live Law  

The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India Regulations, 2016, with effect from 31.01.2024. Explanation.- The insolvency professional shall continue to discharge his duties, functions and responsibilities till the approval of resignation by the Adjudicating Authority.” The Clause 23B of First Schedule of IP Regulations states that an Insolvency Professional shall not …

Supreme Court upholds Modi govt's Insolvency and Bankruptcy Code
1 year, 1 month ago

Supreme Court upholds Modi govt's Insolvency and Bankruptcy Code

Op India  

On Thursday, 9th November, the Supreme Court upheld the constitutional validity of the provisions of the Insolvency and Bankruptcy Code, 2016, relating to Personal Guarantors’s Insolvency Resolution. The Supreme Court bench ruled that it could not read an adjudicatory role into these rules and that changing the adjudicatory role would render the entire chronological procedure null and void. Back in …

IBBI Extends Facility Of CIRP Form Submission To Insolvency Professional Entities ( IPE) Acting As IP , No Fee Applicable Till 30th September 2023
1 year, 3 months ago

IBBI Extends Facility Of CIRP Form Submission To Insolvency Professional Entities ( IPE) Acting As IP , No Fee Applicable Till 30th September 2023

Live Law  

The Insolvency and Bankruptcy Board of India has issued a circular dated 01.09.2023, intimating that the facility for submitting the CIRP Forms has been extended to Insolvency Professional Entities, acting as Insolvency Professionals. To facilitate submission of forms for all assignments handled by these IPEs through the facility being introduced now, CIRP forms filed till 30.09.2023 shall not attract any …

Avoidance Of Undervalued Transactions Under Section 45 Of The IBC, 2016
1 year, 6 months ago

Avoidance Of Undervalued Transactions Under Section 45 Of The IBC, 2016

Live Law  

The transactions that can be avoided or those referred to as avoidable transactions are covered under Sections 43 to 51 of the Insolvency and Bankruptcy Code, 2016, respectively. This article seeks to undertake a comparative analysis of the treatment of undervalued transactions under the UK Insolvency Act 1986 and the Insolvency and Bankruptcy Code of India 2016. Understanding Undervalued Transactions …

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC
1 year, 11 months ago

Ministry Of Corporate Affairs Invites Public Comments On Proposed Changes In IBC

Live Law  

The Ministry of Corporate Affairs, Government of India, has issued a circular inviting comments from the public on the changes proposed to be made in the Insolvency and Bankruptcy Code, 2016. Proposed Amendments In a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC, including the following: Mandatory to admit Section 7 application where …

Why India's bankruptcy regime needs to be fixed
1 year, 11 months ago

Why India's bankruptcy regime needs to be fixed

Live Mint  

New Delhi: The government is proposing to make changes to India’s six-year-old Insolvency and Bankruptcy Code. It was introduced with the objective of simplifying insolvency and bankruptcy proceedings, protecting the interests of all stakeholders — the company, employees, debtors, and especially, creditors—and for timely revival of the company. 25,000 in line for Flipkart’s $700 mn Esop cash bonanza Reforms set …

IBBI to offer scholarships for research projects
2 years ago

IBBI to offer scholarships for research projects

Live Mint  

NEW DELHI: Insolvency and Bankruptcy Board of India has offered short term research scholarships on key aspects of the performance of the bankruptcy code to source ideas and insights from private sector experts and academics. The bankruptcy rule maker has suggested 87 research topics spanning various aspects of insolvency, including economic growth, value maximisation, ease of doing business, and early …

COC To Function As Stakeholder's Consultation Committee For First 60 Days: IBBI Amends Liquidation Process Regulations
2 years, 3 months ago

COC To Function As Stakeholder's Consultation Committee For First 60 Days: IBBI Amends Liquidation Process Regulations

Live Law  

The Insolvency and Bankruptcy Board of India on 16.09.2022 has notified amendments to the IBBI Regulations, 2016 and IBBI Regulations, 2016 for a second time. Detailed Overview In exercise of the powers conferred by Section 196 read with Section 240 of the Insolvency and Bankruptcy Code, 2016, the IBBI has introduced the following amendments to the Voluntary Liquidation Regulations and …

IBBI Notifies Second Amendment To Insolvency Professional Regulations
2 years, 3 months ago

IBBI Notifies Second Amendment To Insolvency Professional Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a second time and has notified the amendment on 13.09.2022. The amendment has added Clause 26A to the IP Regulations which states that an Insolvency Professional shall not accept /share any fees or charges from any professional and/or support service provider who are appointed under the …

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations
2 years, 3 months ago

Fee Payable To Insolvency Professional ; IBBI Notifies Third Amendment To CIRP Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a third time and has notified the amendment on 13.09.2022. The amendment has introduced Clause 34B and Schedule II to the CIRP Regulations which have brought about the following changes: The fee of the interim resolution professional or the resolution professional, appointed on or after 1st …

IBBI Amends Its Regulations On Information Utilities
2 years, 6 months ago

IBBI Amends Its Regulations On Information Utilities

Live Law  

The Insolvency and Bankruptcy Board of India has introduced second round of amendments to the Insolvency and Bankruptcy Board of India Regulations, 2017 vide a notification dated 14.06.2022, bearing No. Few prominent amendments as per the Notification dated 14.06.2022 are listed as follows: Before filing an application to initiate Corporate Insolvency Resolution Process under Section 7 or 9 of the …

Awareness Program On Insolvency Profession With Special Reference To Graduate Insolvency Program
2 years, 6 months ago

Awareness Program On Insolvency Profession With Special Reference To Graduate Insolvency Program

Live Law  

As part of the Azadi Ka Amrit Mahotsav, Insolvency and Bankruptcy Board of India, in association with the Insolvency Professional Agency of the Institute of Cost Accountants of India, conducted an "Awareness Program on Insolvency Profession with special reference to Graduate Insolvency Program" on 07th June 2022 at the Hidayatullah National Law University, Raipur. In his inaugural speech, Prof. Dr …

IBBI Rescinds Its Previous Circulars
2 years, 6 months ago

IBBI Rescinds Its Previous Circulars

Live Law  

The Insolvency and Bankruptcy Board of India vide its circular dated 23.05.2022 has rescinded various earlier circulars issued by IBBI by exercising its power under Section 196 of the Insolvency and Bankruptcy Code, 2016. As per circular dated 23.05.2022, IBBI conducted an exercise of review of its circulars and withdrew its earlier circulars as these circulars are no longer required …

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022
2 years, 7 months ago

Weekly Digest Of IBC Cases: 25th April To 1st May, 2022

Live Law  

Insolvency and Bankruptcy Code Is Not For Money Recovery Proceedings: Supreme Court Reiterates Case Title: Invest Asset Securitisation and Reconstruction Pvt. 583/2021 National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has held that the look back period prescribed under Section 46 of Insolvency & Bankruptcy Code, 2016 does not …

IBBI Notifies The Amended Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017
2 years, 8 months ago

IBBI Notifies The Amended Insolvency And Bankruptcy Board Of India (Voluntary Liquidation Process) Regulations, 2017

Live Law  

The Insolvency and Bankruptcy Board of India has issued a Press Release on 08.04.2022 notifying the public that amendments have been made to Insolvency and Bankruptcy Board of India Regulations, 2017. Therefore, in order to curtail such delays and ensure faster exit for firms, amendments have been made to modify the timelines for activities undertaken during the voluntary liquidation process. …

IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT
2 years, 9 months ago

IBBI Has Jurisdiction To Regulate Payment Of IRP And RP: NCLAT

Live Law  

The NCLAT, Principal Bench consisting of Justice Ashok Bhushan, Chairperson and V.P. Singh, Technical Member in the case of Sumit Bansal, Insolvency Professional v. Committee of Creditors of JP Engineers held that the IBBI is clothed with the jurisdiction to regulate payment of remuneration of the RP and IRP both by framing regulations or by issuing executive instructions till regulations …

NUJS And IBBI: Three Day Certificate Course On "Changing Paradigms Of Insolvency And Bankruptcy Code, 2016"
2 years, 11 months ago

NUJS And IBBI: Three Day Certificate Course On "Changing Paradigms Of Insolvency And Bankruptcy Code, 2016"

Live Law  

Centre for Insolvency and Bankruptcy Studies, NLU, Jodhpur in collaboration with the Insolvency and Bankruptcy Board of India is organizing a three-day online certificate course programme on "Changing Paradigms of Insolvency and Bankruptcy Code, 2016" The course is intended to further the primary object of the IBBI to create awareness among various stakeholders- Legal Practitioners, Academicians, Professionals and students about …

IBBI, SBI And Indian Banks' Association: Workshop On 'Committee Of Creditors: An Institution Of Public Faith' For Bank Officers [7th January, 2022]
2 years, 11 months ago

IBBI, SBI And Indian Banks' Association: Workshop On 'Committee Of Creditors: An Institution Of Public Faith' For Bank Officers [7th January, 2022]

Live Law  

The Insolvency and Bankruptcy Board of India in association with the State Bank of India and the Indian Banks' Association is organizing a one-day workshop on 'Committee of Creditors: An Institution of Public Faith' for Bank Officers. The workshop will be conducted in Hybrid Mode on 7th January, 2022. The workshop is intended to develop an understanding of the role …

RFMLR-IBBI Blog Series Competition On Evolving Dynamics Of The Insolvency Regime In India [Submit by January 15, 2022]
3 years ago

RFMLR-IBBI Blog Series Competition On Evolving Dynamics Of The Insolvency Regime In India [Submit by January 15, 2022]

Live Law  

About Rajiv Gandhi National University of Law: The Rajiv Gandhi National University Of Law, Patiala Is An Autonomous National Law University That Was Established In 2006 And Has Garnered A Pan-India Reputation As A Stellar Institution For Legal Research And Education. The Blog Series Competition aims to further discourse on the practical and critical challenges faced by the insolvency regime …

𝙸𝚄𝚁𝙸𝚂 𝙹𝚄𝚁𝙰: 5 – Day Live Lecture Series On "IBC (Insolvency And Bankruptcy Code) 2016"
3 years ago

𝙸𝚄𝚁𝙸𝚂 𝙹𝚄𝚁𝙰: 5 – Day Live Lecture Series On "IBC (Insolvency And Bankruptcy Code) 2016"

Live Law  

About The Organization Iuris Jura started in the year 2020, aiming to create legal awareness and provides learning related to the law topics. About The 4 – Day Live Lecture Series 𝙸𝚄𝚁𝙸𝚂 𝙹𝚄𝚁𝙰 takes immense pride in announcing that we are organizing a 5 Day - Live Lecture Series on •"IBC 2016 ". Section 10, 238 and 95 of IBC …

IBC - The Journey So Far – Part I
3 years, 4 months ago

IBC - The Journey So Far – Part I

Live Law  

This write up trace evolution of jurisprudence and short legal history under Insolvency and Bankruptcy Code, 2016. The system also envisaged time bound admission and disposal of application by the judicial authority namely National Company Law Tribunals. Resolution Under IBC& Recovery for Banks : As per the statistic under the Economic Survey 2020-2021 Report, the Code has rescued 308 CDs …

IBC Amendment Bill Passed In Lok Sabha To Allow Pre-Packaged Insolvency Process For MSMEs
3 years, 4 months ago

IBC Amendment Bill Passed In Lok Sabha To Allow Pre-Packaged Insolvency Process For MSMEs

Live Law  

The Lok Sabha on Wednesday passed the Insolvency and Bankruptcy Code Bill, 2021. It was introduced in the house on Monday, July 26 and passed without any discussion due to disruptions caused by opposition protests.As per the Government, the Covid-19 pandemic has taken a hit on the businesses, especially micro, small or medium enterprises which is critical to the. Thus, …

Formation of the Committee Of Creditors under the Insolvency and Bankruptcy Code: A Visible Collusion
3 years, 6 months ago

Formation of the Committee Of Creditors under the Insolvency and Bankruptcy Code: A Visible Collusion

Live Law  

The Insolvency and Bankruptcy Code, with the primary motive of rehabilitation of financially distressed corporates, came into force with effect from 1st December 2016. In State bank of India Vs. Metenere Ltd the NCLAT though upheld the NCLT ruling directing the SBI to substitute its nominee and Ex-OGM of theirs, to act as the Interim Resolution Professional to ensure CIRP …

India’s bankruptcy resolution professionals are under siege
3 years, 8 months ago

India’s bankruptcy resolution professionals are under siege

Live Mint  

MUMBAI : He was at his sister’s house in Mumbai when policemen from Uttar Pradesh came knocking last month. What followed was a nightmare—recalcitrant law enforcement officials, a surveillance operation gone wrong and a general lack of awareness about the protection guaranteed to resolution professionals under India’s Insolvency and Bankruptcy Code. “A lot of intimidation is faced by resolution professionals …

President Promulgates IBC Amendment Ordinance To Allow Pre-Packaged Insolvency Process For MSMEs
3 years, 8 months ago

President Promulgates IBC Amendment Ordinance To Allow Pre-Packaged Insolvency Process For MSMEs

Live Law  

The Central Government has promulgated Insolvency and Bankruptcy Code Ordinance 2021 to allow pre-packaged insolvency resolution process for corporate debtors classified as micro, small or medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006.The Ordinance amends the Insolvency and Bankruptcy Code 2016 to allow the Central Government to notify. The Central Government has promulgated Insolvency and Bankruptcy …

"Book Review Of "Insolvency And Bankruptcy Code- Law And Practice"
3 years, 11 months ago

"Book Review Of "Insolvency And Bankruptcy Code- Law And Practice"

Live Law  

Writing a commentary on a law that is still growing at a pace faster than the fortunes of e-commerce businesses is, painful and challenging. The sheer volume of judgments from the Constitutional Courts and the National Company Law Appellate Tribunal and National Company Law Tribunals constitute the judicial side of the scheme of things under the Insolvency and Bankruptcy Code. …

Personal insolvency: SC to decide on transferring pending cases to itself
4 years, 1 month ago

Personal insolvency: SC to decide on transferring pending cases to itself

Live Mint  

The Supreme Court Wednesday said it would pass orders on a batch of pleas filed by Insolvency and Bankruptcy Board of India seeking transfer of all petitions pending before different high courts challenging the provisions of IBC with regard to personal insolvency. Additional Solicitor General Madhavi Divan, appearing for IBBI, said that questions of law raised in these writ petitions …

The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2020 And Remedies Available To Creditors
4 years, 2 months ago

The Insolvency And Bankruptcy Code (Amendment) Ordinance, 2020 And Remedies Available To Creditors

Live Law  

The speculations over altering the operation of Insolvency and Bankruptcy Code, 2016 have been doing rounds since the outbreak of COVID-19. Section 10 A introduced in the principal act in effect suspends initiation of corporate insolvency resolution process contained under Section 7 which empowers a financial creditor to initiate it, Section 9 initiation by operational creditors and Section 10 initiation …

[IBC] Suspension Of Initiation Of Corporate Insolvency Resolution Process Further Extended By Three Months [Read Notification
4 years, 2 months ago

[IBC] Suspension Of Initiation Of Corporate Insolvency Resolution Process Further Extended By Three Months [Read Notification

Live Law  

No application for initiation of corporate insolvency resolution process of a corporate debtor can be filed, for any default arising on or after 25th March, 2020 for a period further period of three months from the 25th September, 2020.Notification to this effect has been published in the official Gazette of India on Thursday.Recently, the Parliament had passed the Insolvency and …

NLUD CTCL 4th International Insolvency & Bankruptcy Moot [10th-12th Dec]
4 years, 3 months ago

NLUD CTCL 4th International Insolvency & Bankruptcy Moot [10th-12th Dec]

Live Law  

The National Law University, Delhi, in collaboration with INSOL India, supported by the Insolvency and Bankruptcy Board of India and UNCITRAL Regional Centre for Asia and the Pacific, has initiated the International Insolvency and Bankruptcy Moot Court Competition. Dates: 10th -12th December 2020 Theme: Corporate Insolvency Resolution, including issues on Individual Guarantors and Cross-Border Insolvency Format: The format of the …

Delhi HC Stays Insolvency Proceedings Initiated Against Anil Ambani For Rs 1200 Crores Personal Guarantee To SBI
4 years, 3 months ago

Delhi HC Stays Insolvency Proceedings Initiated Against Anil Ambani For Rs 1200 Crores Personal Guarantee To SBI

Live Law  

In a plea moved by Anil Ambani challenging the appointment of a Resolution Professional for a personal guarantee given by him for loans taken by Reliance Communications Ltd and Reliance Infratel Ltd from the State Bank of India, the Delhi High Court has issued notice and stayed the proceedings initiated against him under Part III of the Insolvency & Bankruptcy …

Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended
4 years, 4 months ago

Delhi HC Issues Notice In Plea Challenging The IBC Ordinance Whereby The Operation of Section 10 Has Been Suspended

Live Law  

Delhi High Court has issued notice in a plea challenging the validity of Insolvency and Bankruptcy Code Ordinance, 2020 whereby the operation of sections 7,9 and 10 of the IBC has been suspended. Filed by Mr Rajiv Suri, the petition claims that the impugned Ordinance suspends the operation of sections 7, 9 and 10 of the IBC, depriving the corporate …

IBBI Amends Regulations Governing Corporate Insolvency Resolution Process
7 years, 1 month ago

IBBI Amends Regulations Governing Corporate Insolvency Resolution Process

Live Law  

The article outlines the amendments made to the Insolvency and Bankruptcy Board of India (IBBI) regulations governing the corporate insolvency resolution process. These amendments aim to ensure that the resolution plan of the debtor company leads to a credible resolution plan that maximizes the value of assets of the corporate debtor.

Discover Related