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. The Liquidator shall endeavour to complete the liquidation process of the corporate person within 270 days from the liquidation commencement date, where the creditors have approved the resolution under Section 59 or Regulation 3, and 90 days from the liquidation commencement date in all other cases. In order to provide summary of actions taken by the Liquidator during the voluntary liquidation process, the amended Voluntary Liquidation Regulations specify a compliance certificate which is required to be submitted along with application under Section 59 to the Adjudicating Authority, by the Liquidator.

Process Voluntary Liquidation Ibbi Voluntary Liquidation Voluntary Liquidation Regulations  voluntary  notifies  stipulated  insolvency  liquidation  ibbi  bankruptcy  amendments  process  date  liquidator  days  regulations  india  board  shall

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 …

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT
1 month, 1 week ago

Sale Of Corporate Debtor As Going Concern Under Liquidation Regulations Takes Precedence Over Scheme Of Compromise U/S 230: NCLAT

Live Law  

The NCLAT Chennai bench of Justice Sharad Kumar Sharma and Jatindranath Swain affirmed that the sale of the Corporate Debtor as a going concern under Regulations 32 & 32A of the Liquidation Regulations is more transparent and effective; therefore, the sale of the Corporate Debtor as a going concern will have precedence, rather than resorting to the Scheme of Compromise …

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 …

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 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 …

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 …

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 …

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
1 year ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

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 …

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC
1 year, 2 months ago

NCLT Mumbai: Penalty Imposed By SEBI During Liquidation Can Be Claimed Before Liquidator And Considered U/S 53 Of IBC

Live Law  

The National Company Law Tribunal, Mumbai Bench comprising of Ms. Lakshmi Gurung and Shri Charanjeet Singh Gulati, allowed the appeal filed in Securities Board of India vs. Mr. Vishal Ghisulal Jain, Liquidator of, Sterling International Enterprises Ltd. The Tribunal held that a penalty imposed by SEBI’s Adjudicating Officer during the liquidation can be claimed before the Liquidator and can be …

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 Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations
1 year, 2 months ago

IBBI Clarifies Interpretation Regarding Liquidator’s Fee Under Regulation 4(2)(B) Of Liquidation Process Regulations

Live Law  

The Insolvency and Bankruptcy Board of India has released a circular dated 28.09.2023, clarifying the interpretation and computation of the Liquidators’ fee under Regulation 4 of IBBI Regulations, 2016. If liquidators’ fee is not fixed under Regulation 4 and 4, then Regulation 4 provides that the liquidator shall be entitled to a fee as a percentage of the amount realised …

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, …

NCLT Hyderabad: Asset Becomes Part Of Liquidation Asset If The Secured Creditor Fails To Comply With Regulation 21A
1 year, 3 months ago

NCLT Hyderabad: Asset Becomes Part Of Liquidation Asset If The Secured Creditor Fails To Comply With Regulation 21A

Live Law  

The National Company Law Tribunal, Hyderabad Bench comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Sh. The Tribunal held that when the secured creditor fails to comply with Regulation 21A of the Insolvency and Bankruptcy Board of India Regulations, 2016, the asset that is subjected to security interest shall become part of the liquidation asset. Where a secured creditor proceeds …

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 …

SEBI Introduces Alternate Dispute Resolution Amendment Regulations 2023
1 year, 5 months ago

SEBI Introduces Alternate Dispute Resolution Amendment Regulations 2023

Live Law  

The Securities and Exchange Board of India issued a notification on July 3, 2023, introducing amendments to the Alternative Dispute Resolution Mechanism Regulations. Amendments to the Securities and Exchange Board of India Regulations, 1996: A new regulation, 17A, is inserted, stating that all claims, differences, or disputes between a custodian and its client shall be submitted to a dispute resolution …

IBBI seeks changes to empower investors
1 year, 6 months ago

IBBI seeks changes to empower investors

Live Mint  

NEW DELHI : The Insolvency and Bankruptcy Board of India has proposed a series of changes to its regulations, including an important new voting method on bids from investors for bankrupt companies which would allow creditors to rank their preferences rather than merely vote in favour or against bids. In a discussion paper published on Wednesday, IBBI also proposed that …

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 …

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 …

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 …

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 …

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 …

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 …

Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016
2 years, 3 months ago

Supreme Court Half Yearly Digest 2022 (Jan - Jun) Insolvency and Bankruptcy Code, 2016

Live Law  

Companies Act, 1956 - Insolvency and Bankruptcy Code, 2016 - Appeal against NCLAT order which dismissed appeals against NCLT order denying relief to appellant workmen/employees with regard to their claim relating to salary, which they claimed for the period involving CIRP- Partly allowed - That the wages/salaries of the workmen/employees of the Corporate Debtor for the period during CIRP can …

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi
2 years, 4 months ago

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. 143 of 2021 before the Adjudicating Authority, seeking dissolution of the Corporate Debtor and vide an order dated 15.07.2021 the Corporate Debtor stood dissolved. Dissolution of corporate debtor – where the …

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 …

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 …

Economic Survey urges need for simplifying voluntary liquidation process
2 years, 10 months ago

Economic Survey urges need for simplifying voluntary liquidation process

The Hindu  

The Economic Survey 2021-22 has stressed on the need for a simplified procedure for voluntary liquidation of companies.“There is a case for simplifying the problems in the Voluntary Liquidation process, to improve ease of exit for business,” the Survey said. Economic Survey 2022 updates Liquidation can be involuntary as in the case of insolvency or bankruptcy; or voluntary which could …

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 …

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 …

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, …

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. …

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, 3 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 …

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 …

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]
4 years, 5 months ago

IBC Ordinance Suspending Insolvency Process Applicable To Pending Applications With Respect To Defaults Arising On Or After March 25: NCLT [Read Order]

Live Law  

The National Company Law Tribunal, Chennai Bench has ruled that Section 10A of the Insolvency and Bankruptcy Code, 2016, which bars the initiation of insolvency proceedings against a defaulter, will be applicable to pending applications with respect to defaults arising on or after March 25. "The date of filing cannot determine the rights of the parties in view of the …

Discover Related