Insolvency Process Versus Liquidation
Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.
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Tax authorities can’t issue notice to freeze accounts of the company during liquidation: NCLAT
The Corporate Debtor went into CIRP vide the Adjudicating Authority (AA) order dated 20.09.2019 and Mr. Hemant Mehta (Appellant) got appointed as Interim Resolution Professional (IRP).
Assignment and valuation of not readily realisable assets
Insolvency and Bankruptcy Board of India (IBBI) mentioned the assignment of not readily realisable assets (NRRA) in the discussion paper on Corporate Liquidation Process dated 26 August 2020.
Voluntary Liquidation
IBBI changed the liquidation procedure to be of a fixed duration. The new rules require the process to be completed within one year of its inception.
THE INSOLVENCY AND BANKRUPTCY CODE, 2016: AN OVERVIEW
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
Conundrum on concept of subordinate charge in CIRP under IBC
Introduction of Insolvency and Bankruptcy Code, 2016 has decreased the idea of Subordinate Charge as Form H and Section 53 of Insolvency and Bankruptcy Code (“IBC”) recognizes only secured creditors.
How is Interim Resolution Professional Appointed under IBC
The resolution professional, as proposed respectively in the application under section 7 or section 10 of IBC, shall be appointed as the interim resolution professional under Section 16(2) of IBC, if no disciplinary proceedings are pending against him.
Filing of claims under IBC
If any individual has any outstanding claims against an organization and the said organization has been exposed to CIRP, the primary thing that must be finished by such bank immediately is to document his/her cases before any IRP/RP.
How is public announcement made?
An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional and that the word ‘immediately’ means not later than three days from the date of his appointment.
What is PPIRP (Pre-Packaged Insolvency Resolution Process) ?
PPIRP (Pre-packaged Insolvency Resolution Process) is an alternate for normal Insolvency Process. It has been announced for MSME Sector.
Why Filing of Claim is Necessary under IBC
Filing Claim under IBC- It becomes very important to understand why every creditor should file their claims?
How to choose your Interim Resolution Professional (IRP) for Insolvency Process
an Insolvency Professional having all the aforementioned requirements may be chosen as An IRP for the corporate debtor. However it may have an advantage over other IRP if the person had already dealt in that specific industry being an RP/IRP.
3 Years since IBC- A road to Success
Since IBC enactments, it is necessary to consider the hits and misses of this momentous legislation so as to truly exploit the potential of the insolvency regime.
Period of Lockdown to be Excluded from Insolvency Process- NCLAT
The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.
New IBC Amendments in work likely to benefit creditors in cases of Cross Border Insolvency
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
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