Search Results for: moratorium under the IBC

Provisions of IBC to be rechecked said Uday Kotak

The Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset

Proposed Amendment by the Ministry of Corporate Affairs

Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.

Covid-19 Impact on the Insolvency Bankruptcy Code

In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.

High Court to intervene against orders of the NCLT

A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.

Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs

Case of “Sundaresh Bhatt, Liquidator of ABG shipyard vs. Central Board of Indirect Taxes and Customs, in which it was held that the IBC provisions will prevail over the provisions laid down in the “Customs Act, 1962” and also set aside the order of the NCLAT”.

Judges & Social Media: Managing the Risks

Criminal Procedure Jurisprudence explains the evidentiary value that social media posts carry. Certainly, there are advantages and good policy reasons for accessing social media evidence used in criminal proceedings.

Structure of Pre-packaged Insolvency Resolution Process

A brief information of how a PPRIRP works in the real sense, making the resolution of Micro, small and medium scale enterprises not just speedy but also smooth.

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.

Rejection of claims to be notified to financial creditors in appeals as well: SC

Directing the Appellate Tribunal to reconsider the matter, the apex court said that the NCLAT must have notified the bank (Financial Creditor) before closing the CIRP initiated by the NCLT.

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.

Prosecution u/s 138 of NI Act cannot be quashed on grounds of acceptance of CIRP: Madras HC

If the corporate debtor’s resolution plan was authorised and declared binding on the corporate debtor and its workers, members, creditors, guarantors, and other stakeholders under Section 31 of the Code, criminal proceedings under Section 138 will continue.

Section 14 of the I&B Code does not apply to personal guarantors

SBI initiated proceedings against Veesons under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), demanding an outstanding amount of approximately INR 61 crores as Veesons did not pay its debts on time.

If default has occurred, petition must be admitted: Supreme Court

The Supreme Court of India issued its first comprehensive ruling on the operation and functioning of the Insolvency and Bankruptcy Code, 2016 in the case of Innoventive Industries Limited vs ICICI Bank Limited.

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.

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.