IBBI Releases Discussion Paper On Real Estate Issues, Suggests Inclusion Of Land Authorities In CoC Meetings
1 month, 1 week 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. The proposal suggests adding a sub-regulation to Regulation 18 requiring the resolution professional to invite competent authorities as defined in the Real Estate Regulation Act, 2016 to attend CoC meetings as special invitees without voting rights. The proposal suggests amending the IBBI Regulations, 2016 to include a provision requiring the Insolvency Professional to report to the Committee of Creditors and Adjudicating Authority if land allotment is cancelled and possession taken back by authorities before the ICD in real estate insolvency cases. Proposal to disseminate CoC minutes of meeting to all creditors in class of real estate projects The proposal suggests making the CoC meeting minutes accessible to all allottees in real estate insolvency cases by posting the minutes on the website where all CIRP-related information is available.

Land Proposal Estate Real Authorities Suggests Allottees Coc Creditors Ibc Cirp Insolvency Resolution Resolution Applicants Ibbi Land Authorities Coc Meetings  land  creditors  issues  releases  inclusion  meetings  estate  allottees  paper  authorities  ibbi  coc  insolvency  resolution  real  suggests  proposal

History of this topic

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?
3 days, 17 hours ago

Half-Full: Post IBC, How Do We Encourage A Healthy Real Estate Participation?

Live Law  

The valuation of Indian real estate sector has witnessed a surge like none other. While the defaults have been recovered, it implies the grave danger posed by unethical practices in Indian real estate sector. IBBI also plans to streamline real estate insolvency processes by making the CoC meeting minutes for real estate projects accessible to all creditors through a secure …

IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT
3 weeks ago

Insolvency & Bankruptcy Code Does Not Override Public Body's Statutory Authority To Regulate Its Properties: NCLAT

Live Law  

The National Company Law Appellate Tribunal, New Delhi bench of Justice Rakesh Kumar Jain, Naresh Salecha and Mr Indevar Pandey held a liquidator cannot not create sub-leases over public land without adhering to the statutory requirements. Brief Facts: The Corporate Insolvency Resolution Process was commenced against Narmada Cereal Private Ltd.. After the CIRP's failure, the National Company Law Tribunal, New …

IBC Weekly Round-Up [18th November To 24th November 2024]
3 weeks, 6 days ago

IBC Weekly Round-Up [18th November To 24th November 2024]

Live Law  

Nominal Index Siti Networks Ltd. vs. Rajiv Suri NO. Versus Shri Sutanu Sinha Case Reference: Company Appeal No.1927 of 2024 The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The Tribunal further …

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT
4 weeks ago

Property In Possession Of Corporate Debtor Sold When Petition U/S 7 Of IBC Was In Consideration Cannot Be Excluded From Assets: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain has held that property that is sold which was in possession of the corporate debtor immediately before the judgment in a petition under section 7 of the IBC was reserved cannot be excluded from the purview of the assets of the corporate debtor. An IA was filed by …

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT
1 month, 1 week ago

Any Amount Proposed In Settlement Plan U/S 12A Of IBC Cannot Be Refunded If Plan Is Approved: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka held that any amount proposed in the settlement plan under section 12A of the IBC cannot be refunded if the plan is later approved and the CIRP is closed. As per the revised MoU, Corporate Insolvency Resolution Process of the Corporate Debtor as well as related …

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai
1 month, 1 week ago

Extinguishment Of Promoters' Personal Guarantees In Resolution Plan Is Valid If Plan Complies With IBC Provisions: NCLT Mumbai

Live Law  

The NCLT Mumbai Bench of Justices Anil Raj Chellan and Kuldip Kumar Kareer affirmed that the clause in the resolution plan for extinguishing the personal guarantees of promoters furnished in favour of all financial creditors or the commercial decision of the CoC to approve such release of personal guarantees, including guarantees executed in favour of dissenting financial creditors, will not …

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 …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
4 months, 3 weeks ago

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Live Law  

Supreme Court IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court Case no. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case Title: BRS Ventures Investments Ltd. 313 of 2024 The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
4 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

Economic Survey: IBC has transformed credit market landscape for good
5 months ago

Economic Survey: IBC has transformed credit market landscape for good

Live Mint  

New Delhi: The Economic Survey lavished praise on the Insolvency and Bankruptcy Code, saying the 2016 law has had a profound impact on India's credit market landscape. It has helped reduce banks' stress by lowering bad loans, rescued failing corporate debtors, and revitalized distressed assets in the real sector, injecting fresh momentum into the financial markets' recovery segment, the Economic …

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 …

Number of resolutions under IBC to go up every year: IBBI chairman
5 months, 1 week ago

Number of resolutions under IBC to go up every year: IBBI chairman

New Indian Express  

NEW DELHI: Amid criticism over delayed resolution of cases under the Insolvency and Bankruptcy Code, the chairman of insolvency regulator pointed out on Friday that 270 cases defaults were resolved in 2023-24 against the average 125 in the previous years. Ravi Mital, the chairman of Insolvency and Bankruptcy Board of India, said that the number of resolution per year would …

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, 2 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 …

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
9 months ago

Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad

Live Law  

The National Company Law Tribunal Court-1, Hyderabad bench comprising Dr Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh held that a petition under Section 7 of the Insolvency and Bankruptcy Code cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Additionally, the Corporate Debtor referred to a notification issued by the Central Government …

Relief for homebuyers: Allotted flats will not be part of liquidation process, says insolvency and bankruptcy board
10 months ago

Relief for homebuyers: Allotted flats will not be part of liquidation process, says insolvency and bankruptcy board

Hindustan Times  

In a relief to homebuyers who had been given possession of their homes but were left in a lurch after the builder’s company was declared insolvent, the Insolvency and Bankruptcy Board of India, in its latest amendment, has said that assets in a real estate project that have been handed over to the allottees would be exempted from liquidation process. …

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 …

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor
10 months, 3 weeks ago

NCLT Kolkata: Simultaneous CIRP Can Be Initiated Against Principal Borrower And Corporate Guarantor

Live Law  

The National Company Law Tribunal Kolkata comprising Smt. NCLT Verdict: The NCLT Kolkata admitted the CIRP application and held that a simultaneous CIRP can be initiated against Principal Borrower and Corporate Guarantor under IBC. In cases where the corporate person had offered guarantee in respect of loan transaction, the right of the financial creditor to initiate action against such entity …

NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name
1 year ago

NCLT Delhi: Application U/s 7 IBC Cannot Be Initiated Against A Struck-off Company; NCLT cant Suo Motu Restore The Name

Live Law  

The National Company Law Tribunal, Delhi Bench, comprising of Manni Sankariah Shanmuga Sundaram and Dr Binod Kumar Sinha has held that any application under Section 7 of the Insolvency and Bankruptcy Code, 2016 cannot be initiated against a company struck off by Registrar of Company and the power to restore the name of such a company under section 252 of …

The SC’s ruling on personal debt guarantees will help unlock dead capital
1 year, 1 month ago

The SC’s ruling on personal debt guarantees will help unlock dead capital

Live Mint  

The adoption of the Insolvency and Bankruptcy Code in 2016 was one of the most important economic reforms of the past 10 years. Various earlier attempts, such as the very old Sick Industrial Companies Act, the SARFAESI law of 2003 and various debt recovery tribunals, had yielded unsatisfactory results. In the first five years of its operation, the value of …

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 …

Reimagining Insolvency Resolution: Reverse CIRP A Game-Changer For India’s Real Estate Sector
1 year, 1 month ago

Reimagining Insolvency Resolution: Reverse CIRP A Game-Changer For India’s Real Estate Sector

Live Law  

The real estate industry is one of the thriving sectors in the modern business world. Therefore, in 2020 the National Company Law Appellate Tribunal developed the novel concept of ‘Reverse CIRP’ within the framework of the Insolvency and Bankruptcy Code, 2016, allowing the Promoter to induce funds in a specific real estate project as a lender while remaining outside the …

MCA Notification: Moratorium Under IBC Inapplicable To Agreements Under Convention & Protocol Relating To Aircraft, Aircraft Engines, Airframes And Helicopters
1 year, 2 months ago

MCA Notification: Moratorium Under IBC Inapplicable To Agreements Under Convention & Protocol Relating To Aircraft, Aircraft Engines, Airframes And Helicopters

Live Law  

The Ministry of Corporate Affairs, Government of India, has issued a notification dated 03.10.2023 published in the Gazette of India, intimating that Section 14 of the Insolvency and Bankruptcy Code, 2016 would be inapplicable to transactions, arrangements or agreements, under the Convention and the Protocol relating to aircraft, aircraft engines, airframes and helicopters. Brief Background On 16.11.2001, the Convention on …

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, …

Why Centre should prioritise IBC's alignment with other laws
1 year, 3 months ago

Why Centre should prioritise IBC's alignment with other laws

Firstpost  

The Indian Bankruptcy Code provides a comprehensive legal framework but does not eliminate the need for approvals from regulators and government bodies like CCI, RBI, SEBI, and others when resolution plans include their jurisdiction India currently ranks as the fifth largest economy and is projected to become the third largest economy by 2030. The IBC in India has witnessed numerous …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 3 months ago

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

Live Law  

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors under Insolvency and Bankruptcy Code, 2016 even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process an endless process. The Apex Court was considering whether the claim pertaining to an arbitral …

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 …

NCLT Approves Resolution Plan For D S Kulkarni Developers, Homebuyers Will Get Flats Against Their Claims: NCLT Mumbai
1 year, 5 months ago

NCLT Approves Resolution Plan For D S Kulkarni Developers, Homebuyers Will Get Flats Against Their Claims: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Kulkarni Developers Limited, has approved the Resolution Plan submitted by a consortium of Ashdan Properties Pvt. Under the Resolution Plan, the Homebuyers of the Corporate Debtor’s projects will be given flats against their claim amount. Ltd. and Atul Builders submitted a Resolution Plan for the Corporate Debtor, which was …

Weekly Digest Of IBC Cases: 15 To 21 May 2023
1 year, 7 months ago

Weekly Digest Of IBC Cases: 15 To 21 May 2023

Live Law  

Supreme Court Supertech Insolvency: Supreme Court Approves 'Project Wise Resolution' Plan Case Title: Indiabulls Asset Reconstruction Company Limited v Ram Kishore Arora & Ors. 05/MB-IV/2020 The National Company Law Tribunal, Mumbai bench, comprising of Shri Kishore Vemulapalli and Shri Prabhat Kumar, has initiated Corporate Insolvency Resolution Process against M/s Tulip Hotels Private Limited. 827/MB-IV/2022 The National Company Law Tribunal, Mumbai …

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court
1 year, 9 months ago

IBC- Once Resolution Plan Is Approved, No Modifications Are Permissible : Supreme Court

Live Law  

The Supreme Court has held that the declaration made by the NCLT to the effect that the trademarks “Deccan Chronicle” and “Andhra Bhoomi”, which originally belonged to Deccan Chronicle Holdings Ltd., continues to be under the ownership of DCHL post the approval of resolution plan, would amount to impermissible modification of resolution plan as the same was silent on this …

IBC- Resolution Professional Entitled To Take Control Of Corporate Debtor's Rights In Assets Licensed To Third Parties : Supreme Court
1 year, 9 months ago

IBC- Resolution Professional Entitled To Take Control Of Corporate Debtor's Rights In Assets Licensed To Third Parties : Supreme Court

Live Law  

The Supreme Court has held that a resolution professional is entitled to take control of the rights of a corporate debtor in assets which are licensed to third parties. The RP defended the NCLT/NCLAT orders by contending that the impugned orders have not hampered the rights of Victory and what is sought to be included in the Information Memorandum are …

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC
1 year, 9 months ago

NCLAT Delhi Upholds Remitting Of Resolution Plan Back To COC For Compliance Of Sec 30(2) IBC

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Noble Marine Metals Co WLL v Kotak Mahindra Bank Limited & Ors., has upheld the order of Adjudicating Authority whereby a Resolution Plan was remitted back to the Committee of Creditors for making changes, only to the …

The IBC VS. SEBI: Critical Analysis Of Moratorium Under IBC
1 year, 10 months ago

The IBC VS. SEBI: Critical Analysis Of Moratorium Under IBC

Live Law  

Section 28A of the Securities and Exchange Board of India Act, 1992 mentions about the recovery of proceeds from debtors in the form of attachment of immovable and movable property, attachment of bank accounts, etc. In Ms.Anju Agarwal v. Bombay Stock Exchange, the NCLAT decided that section 14 of the IBC will take precedence over section 28A of the SEBI …

The Centre’s proposals should strengthen insolvency code
1 year, 11 months ago

The Centre’s proposals should strengthen insolvency code

Live Mint  

The introduction of the Insolvency and Bankruptcy Code in 2016 was a ‘watershed’ moment in India, its success aided by swift legislative interventions by the government to ensure that the code evolved to address legal and practical challenges in its implementation. India’s rupee trade bid and the math behind it How GST brought cheer to some states, not others RBI …

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 …

AA Empowered To Direct Tenant To Vacate Premises Of Corporate Debtor: NCLAT Delhi
1 year, 11 months ago

AA Empowered To Direct Tenant To Vacate Premises Of Corporate Debtor: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in M/s. Ltd. & Anr., has held that the Adjudicating Authority is empowered under Section 60 of IBC to direct a tenant to vacate the property of Corporate Debtor. The NCLAT Bench has upheld the …

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals
1 year, 11 months ago

All India Annual Digest Of IBC Cases-2022- Supreme Court, High Courts And Tribunals

Live Law  

SUPREME COURT Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations
1 year, 11 months ago

Supreme Court Annual Digest 2022 - Insolvency and Bankruptcy Code (IBC) With Parallel Citations

Live Law  

Insolvency andBankruptcy Code, 2016 - Appealchallenging NCLAT order which reversed the order of the NCLT wherein it hadheld that the application under Section 9 of the Insolvency and BankruptcyCode, 2016 was not time-barred - Allowed - The failure of the NCLAT as thefirst appellate authority to look into a very vital aspect such as this,vitiates its order, especially when NCLT …

NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.
2 years, 1 month ago

NCLT Delhi Initiates Insolvency Process Against Ansal Properties & Infrastructure Ltd.

Live Law  

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Bachu Venkat Balaram Das and Shri L.N. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process against Ansal Properties and Infrastructure Ltd. v M/s Ansal Properties and Infrastructure Ltd., has initiated Corporate Insolvency Resolution Process against Ansal Properties and Infrastructure Ltd. on a Section 7 …

Supreme Court Quarterly Digest on IBC [July - September, 2022]
2 years, 1 month ago

Supreme Court Quarterly Digest on IBC [July - September, 2022]

Live Law  

Insolvency and Bankruptcy Code 2016 - There can be no dispute with the proposition that the period of limitation for making an application under Section 7 or 9 of the IBC is three years from the date of accrual of the right to sue, that is, the date of default. State Tax Officer v. Rainbow Papers Ltd., 2022 LiveLaw 743 …

IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower : Supreme Court
2 years, 3 months ago

IBC - Approval Of A Resolution In Respect Of One Borrower Cannot Discharge A Co-Borrower : Supreme Court

Live Law  

The Supreme Court observed that approval of a resolution in respect of one borrower cannot discharge a co-borrower.If there are two borrowers or if two corporate bodies fall within the ambit of corporate debtors, there is no reason why proceedings under Section 7 of the IBC cannot be initiated against both the Corporate Debtors, the bench of Justices Indira Banerjee …

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 …

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification
2 years, 3 months ago

RP And COC Can Request Resolution Plan For A Second Time; IBBI Notification

Live Law  

The Insolvency and Bankruptcy Board of India has amended the IBBI Regulations, 2016 for a fourth time and has notified the amendment on 16.09.2022. Changes Brought By The Amendment With the objective to maximise value in resolution, the amendment enables the resolution professional and the Committee of creditors to issue request for resolution plan a second time for sale of …

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