Tag: ibc

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 …

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 …

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. …

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), …

Procedure for Filing of forms in Registry (MCA-21) by Insolvency Professional/ Liquidator appointed under IBC 2016. NCLT appointment order to be filed first in Form INC-28 at MCA21  General Circular No. 04/2020 F.No.01/02/2019- CL-VGovernment of IndiaMinistry of Corporate Affairs 5th Floor ‘A’ Wing, Shastri Bhawan,Dr. Rajendra Prasad Road, …

IBC (Amendment) Ordinance 2019 Promulgated, gives immunity against prosecution of corporate debtor The President of India has promulgated the Insolvency and Bankruptcy Code (amendment) ordinance, 2019 to amend the Insolvency and Bankruptcy Code. As stated, the Ordinance was brought in view of the need to give the highest …

Section 87 of Arbitration and Conciliation Act 1996 struck down by Supreme Court as constitutional invalid. The said section had provided for an automatic stay on arbitral award when challenged in court ABCAUS Case Law Citation:ABCAUS 3190 (2019) (11) SC Important case law relied upon by the parties:BCCI …

Insolvency resolution and liquidation proceedings of NBFC with asset size of Rs.500 crore or more  MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 18th November, 2019 S.O. 4139(E).—In exercise of the powers conferred by section 227 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central …

Provisions related to personal guarantors to corporate debtors under Insolvency and Bankruptcy Code, 2016 effective from 1st day of December, 2019  MINISTRY OF CORPORATE AFFAIRSNOTIFICATION New Delhi, the 15th November, 2019 S.O. 4126(E).―In exercise of the powers conferred by sub-section (3) of section 1 of the Insolvency and …

MCA notifies framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and …