Category: bankruptcy
Limitation period for making application for initiation of CIRP is three years from date of default. IBC not a money recovery legislation for creditors – SC ABACUS Case Law CitationABCAUS 3365 (2020) (08) SC Important case law relied upon by the parties:B. K. Educational Services Pvt. Ltd. vs. …
Three Insolvency Professionals offered by interim resolution professional must be from the State/UT which has highest number of creditors. IBBI (Insolvency Resolution Process for Corporate Persons) (4th Amendment) Regulations, 2020. The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution …
Determination of Liquidator Fee where realised amount not distributed or amount distributed but not realised Determination of Liquidator Fee IBBI (Liquidation Process) Regulations, 2016 require the committee of creditors to fix the fee payable to the liquidator. Where the fee has not been fixed by the committee of …
Corporate person may replace liquidator in voluntary liquidation process by appointing another insolvency professional. The Insolvency and Bankruptcy Code, 2016 enables a corporate person to initiate voluntary liquidation process if it has no debt or it will be able to pay its debts fully from the proceeds of …
Useful and important judgments for Insolvency Professionals conducting Liquidation Process giving Significant directions and observations Insolvency and Bankruptcy Board of India (IBBI) has issued a communication consisting of significant directions and observations derived from the judgments of the Adjudicating Authority (AA), the National Company Law Appellate Tribunal (NCLAT), …
LLP, registered partnership firm/company to be recognised as an insolvency professional entity only if their sole objective is to provide support services to IPs INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, the 30th June, 2020 Insolvency and Bankruptcy Board of India (Insolvency …
IBBI Valuation Exams with revised syllabus to commence from 16.06.2020 Insolvency and Bankruptcy Board of India Valuation Examinations Division INFORMATION FOR CANDIDATES The Valuation Examinations with revised syllabus shall commence from 16th June,2020 in areas/locations where such activities have been permitted under State and local guidelines. The number …
Ordinance to suspend initiation of corporate insolvency resolution process The President of India has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2020. As per the Ordinance, COVID-19 pandemic has impacted business, financial markets and economy and created uncertainty and stress for business. Further the Ordinance …
Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2020 2nd June, 2020 Corporate Insolvency The Insolvency and Bankruptcy Board of India (Board) is required under the Insolvency and Bankruptcy Code, 2016 (Code) to recommend name of an Insolvency Professional (IP) …
Resumption of Limited Insolvency Examination in areas/locations where such activities have been permitted under State and local guidelines. Resumption of Limited Insolvency Examination INFORMATION FOR CANDIDATES The Limited Insolvency Examinations have resumed in areas/locations where such activities have been permitted under State and local guidelines. …
