Tag: ibc
Provisions of personal guarantors to corporate debtors under IBC 2016 under notification dated 15th November, 2019 is legal and valid – Supreme Court The Central Government, vide notification dated 15th November, 2019, brought into force provisions relating to the personal guarantors (PGs) to Corporate Debtors with effect from …
IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations 2021 INSOLVENCY AND BANKRUPTCY BOARD OF INDIA NOTIFICATION New Delhi, 27th April, 2021 Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021 …
Appellate Tribunal cannot sit in appeal on commercial wisdom of the ‘Committee of Creditors’ and to annul the resolution plan. SC dismissed SLP ABCAUS Case Law CitationABCAUS 3488 (2021) (04) SC Important case law relied referred:Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & …
Consideration of matters / issues by the committee of creditors on request by members of the committee Insolvency and Bankruptcy Board of India7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CLARIFICATION No.: IBBI/CIRP/202116thApril, 2021 To All Registered Insolvency ProfessionalsAll Recognised Insolvency Professional EntitiesAll Registered Insolvency Professional Agencies (By …
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 …
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 …
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 …
