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 …
NCLT Kolkata – Arbitral award cannot be set aside by NCLT under IBC Moratorium In the case of Mahavir Industrial Corporation vs. Hindustan Controls and Equipment Private Limited, the National Company Law Tribunal (NCLT) Kolkata ruled that it lacks the jurisdiction to set aside an arbitral award during an Insolvency and Bankruptcy Code (IBC) moratorium. …
Our Opinions on Challenges with Debt Resolution & Insolvency Code in India The Insolvency and Bankruptcy Code (IBC) has been a game-changer in India’s corporate insolvency landscape, but it has also faced significant litigation challenges. When discussing these challenges, it’s essential to understand the fine balance between maximizing value for lenders and adhering strictly to …
What are the basic Issue of sharing confidential information during Corporate Insolvency Resolution Process under the IBC law? An Resolution professional shall ensure that information confidentiality relating to liquidation, CIRP or bankruptcy process, as case may be, Resolution professional should maintained at all times during liquidation, CIRP or bankruptcy process. Resolution professional shall share IM …
Insolvency professional’s to update 16-digit NCLT filing No in all IP Assignments It is compulsory for the Insolvency professional to update sixteen-digit National Company Law Tribunal filing No in all assignments handled by IP’s & same has been approved by IBBI. In order to facilitate the same a tab had been provided under each CD …
Who is ineligible according to Section 29A of IBC law ? When the promoter (or someone in the management or control) of a corporate debtor engages in preferential transactions, undervalued transactions, extortionate credit transactions, or fraudulent transactions, this ineligibility comes into effect. This simply means that an insolvent entity whose accounts are classified as Non-Performing …
No TDS on purchasing property during liquidation : NCLAT Companies Liquidation is set to get easier with the National Company Law Appellate Tribunal throwing out taxman’s claims that the Companies Liquidation has to get TDS while bankrupt company during liquidation under Insolvency and Bankruptcy Code, 2016. . The National Company Law Appellate Tribunal ruled the …
Reasons & Consequences of a company become struck off There are many ways for a company to go out of existence. One of them is having its name removed from the list of company names. This approach may be used by a business that has ceased operations and wants to have its name removed from the …