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 …
What is Implications of Investing in Distressed Assets in India From the beginning of the 21st century, India has been experiencing strong growth along with many companies expanding their capacities. With the expansion of companies loan books of the companies also increasing at the same pace. Although, since 2012, the country has a sudden growth …
Introduction One of the important laws in establishing the eligibility of Resolution Applicants in the CIRP is Section 29A of the IBC 2016 (“). In its original form, the Code did not contain any clauses that would have prohibited defaulting promoters from repurchasing the corporate debtor at substantial discounts. Section 29A was subsequently added with …