RP required to Disclosure of Information Relating to Carry Forward of Losses in Information Memorandum IPs shall include a dedicated section in the Information Memorandum, explicitly detailing the carryforward of losses under the Income Tax Act, 1961. IBBI had earlier amended Regulation 36 of the IBC (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP …
Bank can strictly enforce of financial obligations in loan transactions on corporate guarantees This case highlights the binding nature of corporate guarantees and the strict enforcement of financial obligations in loan transactions. In the matter of SBI vs. India Power Corporation Limited case, a legal or financial case involving India Power Corporation Limited (IPCL) and …
IBBI Circular: IPs explicitly disclose carry forward losses in IM This IBBI circular reinforces the importance of transparency in the insolvency resolution process by mandating that insolvency professionals explicitly disclose carry-forward losses in the information memorandum. On March 12, 2025, the Insolvency and Bankruptcy Board of India issued a circular mandating that all insolvency professionals …
Applicability of Interim moratorium u/s 96 of the IBC: In the case of Saranga Anilkumar Aggarwal vs. Bhavesh Dhirajlal Sheth & Ors., the Supreme Court addressed the applicability of the interim moratorium under Section 96 of the Insolvency and Bankruptcy Code (IBC) concerning penalties imposed by regulatory bodies. The Court clarified that such penalties do …
Overview on Mandatory Requirement of AFA under IBC Code This document provides an overview of the Authorisation for Assignment under the IBBI (Insolvency Professionals) Regulations, outlining its meaning, eligibility criteria, procedural aspects, and key do’s and don’ts for Insolvency Professionals. The AFA is a crucial requirement for insolvency professionals under the Insolvency and Bankruptcy Code, …
Comprehensive Breakdown Critical Analysis of Sec 29A of the IBC code The introduction of Sec 29A in the IBC, 2016, marked a critical step in preventing errant promoters and connected parties from misusing insolvency proceedings to regain control of their defaulting businesses. Sec 29A of the IBC outlines the ineligibility criteria for resolution applicants during …
Sale certificates issued by courts or public authorities function as documentary evidence of title The Supreme Court’s ruling in The State of Punjab & Anr. v. M/s Ferrous Alloy Forgings Pvt. Ltd. provides significant clarification regarding the issuance, registration, and applicability of stamp duty on sale certificates issued pursuant to court-ordered auctions. The Supreme Court’s recent …
Amendment to Reg 36 of CIRP Reg- for CIRP effectiveness in MSME The discussion paper from the Insolvency and Bankruptcy Board of India on August 23, 2024, proposes a significant amendment to Regulation 36 of the CIRP Regulations. The proposal aims to address the current gap in the disclosure requirements for Corporate Debtors under the …
IBBI Form E- Compliance (Annual Statement of Professional Fee of IP) for the FY 2023-24 As per Regulation 7(2)(ca) of the IBBI (Insolvency Professionals) Regulations, 2016, insolvency professionals (IPs) must submit an annual statement of professional fees to the Insolvency and Bankruptcy Board of India (IBBI). This is done through Form E. Below is a …
A Legal Perspective under Personal Insolvency under the IBC Code The Insolvency and Bankruptcy Code, 2016 (IBC) marked a significant advancement in India’s approach to insolvency by establishing a comprehensive mechanism for resolving corporate insolvency. However, the IBC also addresses personal insolvency, a critical but often overlooked aspect of economic jurisprudence. This legal perspective explores …