Tag: ibc
Agreement validly terminated prior to initiation of CIRP did not constitute “assets” or “property” of the corporate debtor u/s 14 of the IBC In a recent judgment, Hon’ble Supreme Court has held that Development Agreement and Supplementary Agreements validly terminated prior to the initiation of the second CIRP …
Mere filing a defective affidavit with IBC application not render the application non est and liable to be rejected In a recent judgment, Hon’ble Supreme Court had held that mere filing of a ‘defective’ affidavit in support of IBC application would, however, not render the very application non …
Non-redemption does not result in preference shareholders becoming creditors or debt of the company – Supreme Court In a recent judgment, Hon’ble Supreme Court has held that non-redemption does not result in preference shareholders becoming creditors or debt of the company. Preference shares can be redeemed only out …
Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous – Supreme Court dismissed Special Leave Petition (SLP) of Revenue Income tax proceedings relating to the period prior to the approval of the resolution plan infructuous as upon completion of the CIRP, …
Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2025 The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 by notifying the Insolvency and Bankruptcy Board of …
NCLAT do not have power to condone the delay beyond the prescribed and condonable period under the IBC – Supreme Court In a recent judgment, Hon’ble Supreme Court held that under IBC 2016 once the prescribed and condonable periods (i.e., 30 + 15 days grace) expire, the NCLAT …
Director was not guilty of offence u/s 138 of NI Act in view of initiation of insolvency proceedings and moratorium order – Supreme Court In a recent judgment, the Hon’ble Supreme Court quashed the complaint case under Section 138 of Negotiable Instruments Act, 1881 against the director for …
High Court incorrectly exercised writ jurisdiction to preclude statutory mechanism and procedure under IBC from taking its course –Supreme Court In a recent judgment, the Hon’ble Supreme Court set aside the order of the High Court and held that it incorrectly exercised writ jurisdiction as it precluded the …
IBBI extends time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016 Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 Circular No. IBBI/LIQ/80/2024 09th January, 2025 To All Registered Insolvency Professionals All Recognised Insolvency Professional …
Generation of Valuation Report Identification Number for valuation conducted by Register Valuer under Insolvency and Bankruptcy Code, 2016. IBBI has mandated generation of a unique Valuation Report Identification Number (VRIN) to be mentioned on the front page of the valuation reports issued under the provisions of Insolvency and …
