Robust Insolvency Bankruptcy Laws to deal with bad Loans
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.
Search Results for: Insolvency and Bankruptcy Code
Lanco lenders to searching for time extension to complete insolvency process
The committee of lenders (COC) of LancoInfratech (LIPL) determined to are searching for an extension of time from National Company Law Tribunal (NCLT) to complete the continuing insolvency decision process as the lenders need to have a full clarity on feasible situations of decision. “The COC had held a meeting on Monday and determined to … Continue reading “Lanco lenders to searching for time extension to complete insolvency process”
Bankruptcy Code to get substantive amendments in budget
The government is likely to make substantive amendments in upcoming budget into Insolvency and Bankruptcy Code (IBC).
IBBI Chairman in no mood to review amendments in Bankruptcy Rules
The Insolvency and Bankruptcy Board of India (IBBI) appears to be in no mood to review amendments made in the bankruptcy code.
Norms for insolvency resolution professionals code by SEBI
Securities and Exchange Board of India (SEBI) is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better. The new guidelines will be issued this year. Source: Times of India
Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies
The Ministry of Corporate Affairs had set-up a working group consisting of practitioners and experts for making recommendation for drafting regulations in respect of registration and regulations of Insolvency and Insolvency professionals and Insolvency professional agencies envisaged under the code. The following regulations have been drafted and made available on the Ministry’s website: (1) Insolvency … Continue reading “Recommendations for Insolvency, Insolvency professionals and Insolvency professional agencies”
Deciphering the Enigma of Interim Moratorium under IBC
Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.
Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016
The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.
Personal Guarantor under section 95 is exempted from section 10A of IBC, 2016
Section 10A proceedings are not applicable against the Personal Guarantor under section 95 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Guarantor can initiate CIRP against the Corporate Debtor under “Right to subvention”
Proceeding against the Corporate Debtor for the recovery of the dues and hence can file a petition against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority.
Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws
Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.
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.
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.
Assocham requests Finance Ministry to re-impose moratorium under IBC
Due to the outbreak of Second wave of Coronavirus, Assocham has requested the finance ministry to re-impose a moratorium on bringing debt-ridden firms to NCLT under the Insolvency and Bankruptcy Code (IBC) until December 2021.
Section 7 of the IBC is covered by Section 14 of the Limitation Act
Hon’ble Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.
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