Search Results for: resolution process

Corporate Insolvency Resolution Process (IRP)

The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.

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.

Powers and Duties of Resolution Professional during Insolvency Process

The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process

Insolvency Resolutions:  A special case for MSMEs

The government has introduced the pre-packaged insolvency resolution process (PPIRP) for MSMEs, which allows them to initiate an insolvency process with the approval of two-thirds of their creditors.

Should resolution professionals admit time-barred claims of homebuyers?

the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.

Water connection cannot be restored automatically to the successful resolution applicant

The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.

Putting Resolution Professionals under the spotlight: The latest IBC Amendments

The resolution professional (RP), appointed under the Code, is at the heart of these endeavors and has the mandate to complete this process in a time-bound manner.

Role of Mediation in the Insolvency Process

Specifically in insolvency proceedings, mediation as a tool can be employed to resolve issues and clear the bottleneck in the resolution process which had led to delays.

When COC approves a resolution plan it is presumed to be viable and feasible

When a Resolution Plan is approved by the CoC in its commercial wisdom, it has to be presumed that the approval was given to a viable and feasible plan. Once approved, the Tribunal cannot interfere with the commercial wisdom.

Insolvency Process Versus Liquidation

Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.

6 Steps of Corporate Insolvency Process

CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.

Eligibility of Resolution Applicant: Section 29A of IBC Code, 2016

Section 29A of the Insolvency and Bankruptcy Code has emerged as one of the key aspects in determining the Eligibility of the Potential Resolution Applicants in a tedious attempt to save the company in question under the Corporate Insolvency Resolution Process (CIRP).

Resolution Plan has to be completed within the stipulated period

As per proviso to Section 12 of the IBC, the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of CIRP granted under Section 12 of the IBC.

PRE-PACKAGED INSOLVENCY PROCESS FOR MSMEs

To provide a relief to MSME and to offer them some respite from this pandemic, the process of pre-packaged insolvency resolution was introduced. This PIRP was introduced by way of ordinance dated 04.04.2021 by the Ministry of Law and Justice.