Category: bankruptcy
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 …
Initiation of CIRP suspended for a further period of three months from 25.12.2020 The Ministry of Corporate Affairs (MCA) vide notification SO. 4638(E) dated 22nd December 2020 has further suspended the initiation of CIRP for a further period of three months from 25.12.2020 Download Notification Click Here …
Refund of excess fee paid for delay in filings under regulation 40B of IBBI CRIP Regulations 2016 According to sub-regulation (4) of regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations), a fee has to be paid for delay after 1st October, …
High Court order rejecting transfer of pending winding up proceeding to NCLT on the basis of Rule 26 of the Companies (Court) Rules 1959 was flawed – SC ABCAUS Case Law CitationABCAUS 3422 (2020) (11) Important case law relied upon by the parties:Forech India Ltd. vs. Edelweiss Assets …
Record or evidence of default by financial creditor in Insolvency Resolution Process INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 13th November, 2020 Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020. No. IBBI/2020-21/GN/REG066. —In exercise …
Creditor may assign/transfer debt during liquidation process under Bankruptcy. Liquidator may assign/transfer a not readily realisable asset. INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 13th November, 2020 Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020. IBBI/2020-21/GN/REG067.—In exercise of the powers conferred …
Supreme Court to decide constitutional validity of provisions of IBC 2016 to the extent they apply to personal guarantors of corporate debtors ABCAUS Case Law CitationABCAUS 3416 (2020) (10) SC The Ministry of Corporate Affirs (MCA) by Notification dated 15.11.2019 had brought personal guarantors to corporate debtors under …
Govt suspends initiation of corporate insolvency resolution process of corporate debtor for a further period of three months from 25.09.2020 MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 24th September, 2020 S.O. 3265(E).—In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016 …
Use of Caveats, Limitations and Disclaimers by the Registered Valuers in Valuation Reports – IBBI Guidelines The IBBI has issued Guidelines called the Insolvency and Bankruptcy Board of India (Use of Caveats, Limitations, and Disclaimers in Valuation Reports) Guidelines, 2020. The Guidelines are issued in exercise of the …
Payment received for shares, duly issued cannot be a debt under Insolvency and Bankruptcy Code. Personal loan to Promoter/Director cannot trigger CRIP -SC ABACUS Case Law CitationABCAUS 3375 (2020) (08) SC Important case law relied upon by the parties:Innoventive Industries Ltd. v. ICICI Bank and Anr.B. K. Educational …