Search Results for: Insolvency Professional

Liquidation under Insolvency and Bankruptcy Code

Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.

Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016

The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.

Liabilities of the directors or Promoters or partners during or before the Insolvency Resolution Process

The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.

Operational Creditors still unable to gain from Insolvency Resolution

According to the terms of loan resolution in the Insolvency and Bankruptcy Code, the first preference on recovery is to secured financial creditors, followed by unsecured financial creditors, and then operational creditors.

Insolvency and Resolution Process of Corporate Debtor

In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.

Inordinate delays demolishing the purpose of Insolvency Code

The Essar Steel matter has raised a valid and crucial point of inordinate delays which is a big concern as it was the important provision of IBC, time bound resolution. If this purpose fails, the whole motive of IBC will fall apart.

National Company Law Tribunal recommends review of Insolvency Code

The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.