Our bankruptcy code deserves credit for what it has achieved
3 years, 4 months ago

Our bankruptcy code deserves credit for what it has achieved

Live Mint  

Notwithstanding the different legal frameworks for bankruptcy and insolvency in place in various countries, all of them have two leading objectives: to facilitate liquidation of financially unviable companies, and to protect the rights of and provide equal treatment to similarly-situated creditors and other stakeholders. The Indian insolvency framework in the form of the Insolvency and Bankruptcy Code, 2016, is unique as it has a business-rescue mechanism, thereby providing resolution options for financially viable companies as yet another objective. Of the 1,270 liquidations ordered under the IBC for which information is available with the Insolvency and Bankruptcy Board of India, 944 were already defunct or BIFR cases till 31 March 2021. In fact, there are companies such as Raman Ispat Pvt Ltd and Infinity Fab Engineering, which were defunct but their resolution plans received value greater than the admitted claims.

India Market Insolvency Resolution Companies Code Ibc Liquidation 31 March Defunct 31  market  law  achieved  deserves  bankruptcy  resolution  credit  ibc  outcomes  liquidation  defunct  31  insolvency  code  companies

History of this topic

NCLT member crunch slows down bankruptcy resolution
2 weeks, 5 days ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

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 …

The Insolvency Code’s progress: From deep haircuts to fuller recoveries
1 month, 2 weeks ago

The Insolvency Code’s progress: From deep haircuts to fuller recoveries

Live Mint  

The Insolvency and Bankruptcy Code has long been associated with delays and financial creditors taking significant losses in high-profile corporate insolvencies. The National Company Law Appellate Tribunal dismissed challenges from competing bidders and upheld the resolution plan of Sarda Energy, ensuring full recovery for financial creditors. Similarly, in the more recent case of Sripriya Kumar, financial creditors received more than …

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 …

Vendors, suppliers may get to try mediation before moving bankruptcy courts
1 month, 2 weeks ago

Vendors, suppliers may get to try mediation before moving bankruptcy courts

Live Mint  

New Delhi: The Insolvency and Bankruptcy Board of India has proposed that operational creditors such as vendors and service providers, which account for the largest number of admitted cases, should have the option of exploring mediation with a defaulting company before dragging them to overburdened tribunals. If mediation fails, the operational creditors may approach a tribunal, the bankruptcy rule-maker said …

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 …

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
4 months, 2 weeks ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

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, …

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs
5 months ago

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs

The Hindu  

Finance Minister Nirmala Sitharaman has proposed to set up an integrated technology platform to improve the outcomes under the Insolvency & Bankruptcy Code for achieving transparency, consistency, timely settlement and better oversight of all resolution cases. She also said that the government would set up additional National Company Law Tribunals to expedite resolution of cases under the IBC. Commenting on …

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 …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
6 months, 2 weeks ago

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024

Live Law  

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

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 …

IBC Recovery Rate at 32 Per Cent By Dec Quarter
10 months ago

IBC Recovery Rate at 32 Per Cent By Dec Quarter

Deccan Chronicle  

CHENNAI: The overall recovery rate under Insolvency and Bankruptcy Code till the December quarter was 31.86 per cent implying a haircut of approximately 68 per cent. The overall recovery rate till Q3FY24 was 31.86 per cent implying a haircut of approximately 68 per cent. The cumulative recovery rate has been on a downtrend, decreasing from 43 per cent in Q1FY20 …

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
10 months ago

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23

New Indian Express  

NEW DELHI: The Insolvency and Bankruptcy Code has resolved 891 cases of defaults involving banks loans worth R10 lakh crore till December 2023. According to IBBI’s quarterly report, 27,500 applications for initiation of corporate insolvency resolution process against companies involving defaults of R9.74 lakh crore were withdrawn before admission. As many as 79 corporate insolvency cases were resolved in the …

Weekly Digest Of IBC Cases: 5th To 11th February 2024
10 months, 1 week ago

Weekly Digest Of IBC Cases: 5th To 11th February 2024

Live Law  

NCLAT NCLAT Delhi: Adjudicating Authority Should Grant Extension Of Time To Consider Resolution Plan Crucial To Fulfill Object Of IBC Case Title: Nimai Gautam Shah, Resolution Professional of Sintex Plastics Technology Ltd. vs. RBL Bank Ltd. Case No. : Company Appeal No.82 of 2024 The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and …

Monthly Digest Of IBC Cases: January 2024
10 months, 3 weeks ago

Monthly Digest Of IBC Cases: January 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 …

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 …

SC Upholds Validity of Key Provisions of Insolvency and Bankruptcy Code
1 year, 1 month ago

SC Upholds Validity of Key Provisions of Insolvency and Bankruptcy Code

News 18  

The Supreme Court on Thursday upheld certain key provisions of the Insolvency and Bankruptcy Code amid the claim of several petitioners that that they are violative of fundamental rights like the right to equality of those against whom insolvency proceedings are initiated. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra decided as …

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 …

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 …

Book on Insolvency and Bankruptcy Code 2016 launched
1 year, 3 months ago

Book on Insolvency and Bankruptcy Code 2016 launched

The Hindu  

Defaulter’s Paradise Lost- Demystifying the Insolvency and Bankruptcy Code, 2016, a book written by advocate Anant Merathia, was launched here on Friday. Mr. Merathia said the Insolvency and Bankruptcy Code 2016 was one of the unique legislations which had brought together in the same sphere of discussion, varied subjects such as business, economy, finance, commerce, law and a lot more. …

Corporate Distress And Compassion: Integrating Humanitarian Values Into NCLT's Decisions
1 year, 4 months ago

Corporate Distress And Compassion: Integrating Humanitarian Values Into NCLT's Decisions

Live Law  

The Insolvency and Bankruptcy Code, 2016 is a landmark legislation that aims to provide a speedy and efficient resolution of Insolvency and Bankruptcy cases in India. The NCLT may admit insolvency cases after going through the facts of the case and examining the operational status and viability of the Corporate Debtor. For example, if the Corporate Debtor is a vaccine …

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 …

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 …

Bankruptcy resolutions expected to soar after Budget spells relief for RPs
1 year, 10 months ago

Bankruptcy resolutions expected to soar after Budget spells relief for RPs

Live Mint  

Liquidators in India, who are entrusted with winding up bankrupt companies, will no longer be prosecuted for failing to comply with income tax regulations. The Union Budget 2023 has decriminalized section 276A of the Income Tax Act which enabled criminal prosecution of a liquidator for failing to give notice of his/her appointment within 30 days or set aside amount or …

Monthly Digest Of IBC Cases: January 2023
1 year, 10 months ago

Monthly Digest Of IBC Cases: January 2023

Live Law  

Supreme Court “Inappropriate, Almost Bordering On Contempt”: SC Deprecates NCLAT Order Impeding Implementation Of SC Order Case Title: Indiabulls Housing Finance Ltd. v Iirf India Realty Xii Ltd. & Ors. 1417 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr Alok Srivastava and Mr. Barun Mitra, has held that the Adjudicating Authority is …

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 …

Banks bear brunt of IBC’s quick resolutions
1 year, 11 months ago

Banks bear brunt of IBC’s quick resolutions

New Indian Express  

The Insolvency and Bankruptcy Code was expected to vastly improve recovery for banks and reduce the time taken to resolve default cases. Recently, the Reserve Bank of India in its Financial Stability Report said that recovery through resolutions should not be compared with claims submitted by banks. Before IBC came into force, average recoveries were 26% and the time taken …

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 …

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 …

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 …

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?
2 years, 2 months ago

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?

The Hindu  

The story so far: Speaking at the sixth anniversary of the Insolvency and Bankruptcy Board of India on October 1, Union Finance Minister Nirmala Sitharaman said that the country could not afford to lose the “sheen” of its insolvency law, the Insolvency and Bankruptcy Code. Addressing the issue of haircuts— the debt that banks forgo— she said it was unacceptable …

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 …

IBC Cases Weekly Round-Up: 5 September To 11 September, 2022
2 years, 3 months ago

IBC Cases Weekly Round-Up: 5 September To 11 September, 2022

Live Law  

Supreme Court Case Title: K Paramasivam vs Karur Vysya Bank Ltd Case No. 1035 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, has allowed an appeal which was re-filed after 197 days of delay by the Appellant, subject to payment of cost of Rs. 1074 …

Insolvency and Bankruptcy Code To Take Precedence Over Customs Act: SC
2 years, 3 months ago

Insolvency and Bankruptcy Code To Take Precedence Over Customs Act: SC

News 18  

The Supreme Court on Friday held that the Insolvency and Bankruptcy Code will take precedence over the Customs Act. CJI Ramana, while pronouncing the judgment, said Customs authorities have only limited jurisdiction to assess the quantum and they cannot take steps to recover the dues, once the moratorium under IBC is declared, the report added. “Thus, this will help in …

Bankruptcy Code Dilemma and Challenges
2 years, 5 months ago

Bankruptcy Code Dilemma and Challenges

Live Law  

It Is Time For The Stakeholders And Authorities To Go Back And Analise And Not To Change The Board Recent detailed order of June 13, 2022 of NCLT Allahabad in the matter of Rathi Graphic Technologies Limited Vs Rajkumar Rathi and Others, has tried to open up debate on appropriateness of the law introduced through the provisions of the Insolvency …

IBC Cases Weekly Round Up: 20 June To 26 June, 2022
2 years, 5 months ago

IBC Cases Weekly Round Up: 20 June To 26 June, 2022

Live Law  

NCLAT Case Title: Prashant Agarwal v Vikash Parasprampuria Case No. 690 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice M. Venugopal and Shri Kanthi Narahari, has stayed the constitution of the Committee of Creditors in the Corporate Insolvency Resolution Process of Bombay Rayon Fashions Ltd. : CP No.1337/MB/2020 The National Company Law Tribunal, Mumbai …

Let’s promote mediation as a way to resolve IBC delays
2 years, 6 months ago

Let’s promote mediation as a way to resolve IBC delays

Live Mint  

India’s Insolvency and Bankruptcy Code, 2016, was designed to focus on addressing stress in chronically sick companies through either resolution or liquidation, as warranted back then by mounting non-performing assets in our banking sector that the prevalent system could not adequately fix. Globally, a mechanism like the IBC’s corporate insolvency resolution process has been a last-resort measure; i.e., once all …

Bettering Results : Partners From Top Law Firms Teach The Insolvency & Bankruptcy Code, 2016: Register Now!
2 years, 6 months ago

Bettering Results : Partners From Top Law Firms Teach The Insolvency & Bankruptcy Code, 2016: Register Now!

Live Law  

The Insolvency and Bankruptcy Code, 2016 is one of the most significant economic reforms implemented by the Indian government in recent years. Bettering Results is here to help you gain detailed knowledge and understanding from both theoretical and practical standpoints with the help of Top IBC Lawyers and leading insolvency professionals. Through this Certificate Course & Mentorship Program on "Insolvency …

Discover Related