Category: bankruptcy
Entry in balance sheet of a corporate debtor may amount to an acknowledgement of liability u/s 18 of the Limitation Act if such entry is not with any caveat ABCAUS Case Law CitationABCAUS 3485 (2021) (04) SC Important case law relied referred:V. Padmakumar vs. Stressed Assets Stabilisation FundSesh …
IBBI (Information Utilities) (Amendment) Regulations 2021. Quarterly publication by information utility of statistics of debt related information in its possession. An Information Utility(IU) stores financial information that helps to establish defaults as well as verify claims expeditiously and thereby facilitate completion of transactions under the Code in a …
The Central/State Government/local authority bound by the resolution plan once approved by Adjudicating Authority (i.e. NCLT) retrospectively. ABCAUS Case Law CitationABCAUS 3484 (2021) (04) SC Important case law relied referred:K. P. Varghese vs. Income Tax Officer, Ernakulam and Another (1981) 4 SCC 173B. K. Educational Services Private Limited …
Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations 2021 The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4thApril, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises. The Insolvency and Bankruptcy Board of India …
Pre-packaged insolvency resolution process for micro small and medium enterprises- IBC (Amendment) Ordinance 2021 The President of India has Promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2021to amend the Insolvency and Bankruptcy Code, 2016. According to the Ordinance, due to the COVID-19 pandemic impact on businesses, financial …
Timeline for reporting of status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7 Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No.: IBBI/CIRP/41/2021 18th March, 2021 To All Registered Insolvency ProfessionalsAll Recognised Insolvency Professional EntitiesAll Registered Insolvency Professional Agencies …
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, 15th March, 2021 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021. No. IBBI/2020-21/GN/REG070.—In exercise of the powers conferred …
Person ineligible u/s 29A of IBC 2016 to submit a resolution plan, also barred from proposing a scheme of compromise and arrangement u/s 230 of the Companies Act 2013 ABCAUS Case Law CitationABCAUS 3473 (2021) (03) SC Important case law relied referred:Swiss Ribbons Private Limited vs. Union of …
IBC is special statute, must prevail over Companies Act 2013. Section 7 IBC Petition maintainable post admission of winding up Petition – SC ABCAUS Case Law CitationABCAUS 3461 (2021) (03) SC Important case law relied referred:Action Ispat and Power Pvt. Ltd. vs Shyam Metalics and Energy Ltd. 2020 …
IBBI prescribes Retention period of records by Insolvency Professional relating to Corporate Insolvency Resolution Process Retention period of records of CIRP Insolvency and Bankruptcy Board of India 7thFloor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No.: IBBI/CIRP/38/2021 6th January, 2021 ToAll Registered Insolvency ProfessionalsAll …
