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News - (Get Professional Updates on Whatsapp, Msg on 8285393786) Category : Insolvent Professional

NCLT admits application for initiating insolvency proceedings against HDIL
Posted Date : 21-Aug-2019 , 10:02:56 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has admitted the insolvency plea filed by public sector lender Bank of India against debt-ridden real estate firm Housing Development and Infrastructure Ltd (HDIL). In a filing to the BSE, the Mumbai-based real estate firm said the company has been admitte...

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Category : Insolvent Professional | Comments : 0 | Hits : 308

Govt plans debt waiver for small distressed borrowers under IBC
Posted Date : 19-Aug-2019 , 09:48:39 am | Posted By CASANSAAR

The government plans to give debt waiver for “small distressed borrowers” under the insolvency law framework, according to a senior official. The proposed waiver would be offered as part of ‘Fresh Start’ provisions under the Insolvency and Bankruptcy Code (IBC). Corpora...

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Category : Insolvent Professional | Comments : 0 | Hits : 409

IBBI to commence individual insolvency process soon
Posted Date : 10-Aug-2019 , 08:41:49 am | Posted By CASANSAAR

As rules and regulations on personal guarantors to corporate debtors are almost prepared, Insolvency and Bankruptcy Board of India (IBBI) may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC), said MS Sahoo, chairperson of IBBI. Talking on the sidelines of a c...

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Category : Insolvent Professional | Comments : 0 | Hits : 823

SC upholds homebuyers' rights as financial creditors under IBC
Posted Date : 09-Aug-2019 , 01:22:55 pm | Posted By CASANSAAR

In a major win for homebuyers, the Supreme Court on August 9 upheld the amendment in the Insolvency and Bankruptcy Code that confers them the status of financial creditors. Dismissing the plea of over 200 real estate companies that had pleaded that the IBC amendment was illegal and unconstitution...

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Category : Insolvent Professional | Comments : 0 | Hits : 333

IBBI prescribes CPE requirement for Insolvency Professionals
Posted Date : 08-Aug-2019 , 08:36:49 am | Posted By CASANSAAR

CPE Requirements. (a) An IP shall undertake a minimum of 10 credit hours of CPE each calendar year and a minimum of 60 credit hours of CPE in each rolling block of three calendar years: Provided that an IP is not required to undertake any CPE in the calendar year in which he is regis...

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Category : Insolvent Professional | Comments : 0 | Hits : 492

Govt moves SC to make NCLT judges stick to deadline for resolving cases
Posted Date : 06-Aug-2019 , 07:46:36 am | Posted By CASANSAAR

The government has sought the Supreme Court’s (SC’s) approval to frame rules for making judges of the National Company Law Tribunal (NCLT) accountable in ensuring corporate insolvency cases are disposed of in time. In the latest amendments to the Insolvency and Bankruptcy Code (IBC), ...

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Category : Insolvent Professional | Comments : 0 | Hits : 292

IBC Bill won't encroach on SC domain - Finance Minister
Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR

The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday. She was replying to a debate on the amendments to the code in the ...

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Category : Insolvent Professional | Comments : 0 | Hits : 449

Rajya Sabha passes The Insolvency and Bankruptcy Code
Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR

The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies. Replyi...

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Category : Insolvent Professional | Comments : 0 | Hits : 736

IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 29-Jul-2019 , 07:55:17 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...

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Category : Insolvent Professional | Comments : 0 | Hits : 511

IBBI amends norms for insolvency resolution process for Corporate Persons
Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process. The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...

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Category : Insolvent Professional | Comments : 0 | Hits : 386

IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...

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Category : Insolvent Professional | Comments : 0 | Hits : 385

IBBI tightens norms for insolvency resolution professionals
Posted Date : 25-Jul-2019 , 07:50:59 am | Posted By CASANSAAR

In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process.  Insolvency resolution professi...

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Category : Insolvent Professional | Comments : 0 | Hits : 505

Cabinet approves eight amendments to IBC for easier resolution
Posted Date : 18-Jul-2019 , 09:23:22 am | Posted By CASANSAAR

The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 285

NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC - NCLAT
Posted Date : 12-Jun-2019 , 08:59:17 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) said that the National Company Law Tribunal (NCLT) has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court. However, a...

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Category : Insolvent Professional | Comments : 0 | Hits : 349

Creditors can expect 100 per cent recoveries under IBC
Posted Date : 07-Jun-2019 , 08:16:57 am | Posted By CASANSAAR

Creditors can expect 100 per cent recoveries from their client companies going under the Insolvency and Bankruptcy Code (IBC) process for resolving cases of stressed assets and non-performing assets.  "This is because new NPA companies going through the IBC system are active businesses,...

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Category : Insolvent Professional | Comments : 0 | Hits : 286

MCA examining pre-packaged insolvency solutions to cut delay under IBC
Posted Date : 04-Jun-2019 , 09:46:21 am | Posted By CASANSAAR

Prepackaged insolvency resolution, allowing creditors and shareholders with a pre-negotiated corporate reorganisation plan to approach NCLT, may be taken forward by the government as a key route in the time to come.  Sources said "this will aid the existing framework and cut costs and t...

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Category : Insolvent Professional | Comments : 0 | Hits : 401

NCLT approves Tata Steel takeover of Bhushan Energy
Posted Date : 31-May-2019 , 12:14:03 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) on May 30 approved the resolution plan of Tata Steel to acquire debt-ridden Bhushan Energy Ltd for around Rs 800 crore. The principal bench of NCLT Delhi also rejected objections from Bhushan Energy's former promoter Neeraj Singal opposing Tata Steels&...

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Category : Insolvent Professional | Comments : 0 | Hits : 200

IPs to act as IRPs and Liquidators (Recommendation) Guidelines, 2019
Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR

Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...

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Category : Insolvent Professional | Comments : 0 | Hits : 292

NCLAT dismisses insolvency plea against SpiceJet
Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier. A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...

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Category : Insolvent Professional | Comments : 0 | Hits : 305

CoCs must share all info on NPA accounts with bidders - IBBI
Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR

The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 614

NCLT begins bankruptcy process for Reliance Communications
Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR

The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...

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Category : Insolvent Professional | Comments : 0 | Hits : 715

Trade Unions can file as Operational Creditors under IBC - SC
Posted Date : 01-May-2019 , 09:07:09 am | Posted By CASANSAAR

While setting aside an NCLAT ruling, the Supreme Court has held that a trade union, for the purpose of triggering insolvency, can be an operational creditor (JK Jute Mill Mazdoor Morcha vs Juggilal Kamlapat Jute Mills). The Court was hearing an appeal against a decision which rejected a Section 9...

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Category : Insolvent Professional | Comments : 0 | Hits : 396

Irregularities found in companies under IBC
Posted Date : 23-Apr-2019 , 08:36:37 am | Posted By CASANSAAR

Forensic audit of over 200 companies facing corporate insolvency resolution action under the Insolvency and Bankruptcy Code (IBC) has revealed irregularities of more than Rs 1 lakh crore, including possible diversion of funds. The ministry of corporate affairs, which is responsible for implementa...

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Category : Insolvent Professional | Comments : 0 | Hits : 359

IBBI is the competent body to act against resolution professionals - NCLAT
Posted Date : 22-Apr-2019 , 09:32:24 am | Posted By CASANSAAR

  The Insolvency and Bankruptcy Board of India (IBBI) will be the competent authority and not the National Company Law Tribunal (NCLT) to act against any resolution professional (RP) for dereliction of duty, the National Company Law Appellate Tribunal has stated in an order recently.  ...

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Category : Insolvent Professional | Comments : 0 | Hits : 385

NCLAT allows promoters under liquidation settle with creditors
Posted Date : 17-Apr-2019 , 10:09:49 am | Posted By CASANSAAR

Opening up a new window for promoters looking to retain control of their companies facing bankruptcy proceedings, the National Company Law Appellate Tribunal (NCLAT) has held that shareholders and owners can reach a settlement with creditors when their entity is under liquidation and an official liq...

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Category : Insolvent Professional | Comments : 0 | Hits : 426

IBC cases admitted over RBI circular to continue - IBBI
Posted Date : 15-Apr-2019 , 09:29:25 pm | Posted By CASANSAAR

Although the Supreme Court has quashed the RBI's February 12, 2018 order on non-performing assets (NPA), the cases admitted for resolution process based on the order would continue, as the NCLT admits cases only if it is sure of the default irrespective of any circular, said the Insolvency and B...

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Category : Insolvent Professional | Comments : 0 | Hits : 271

Govt retains power to direct RBI for referring defaulters to NCLT
Posted Date : 04-Apr-2019 , 08:14:47 am | Posted By CASANSAAR

The Supreme Court's order quashing the RBI's February 12 circular will give the government discretionary power to issue a direction to the apex bank for referring a defaulting company to the NCLT on a case by case basis in public interest, official sources said. The Supreme Court on Tuesd...

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Category : Insolvent Professional | Comments : 0 | Hits : 397

IBC, SARFAESI, RDBA do not prevail over PMLA, to be enforced in harmony - Delhi HC
Posted Date : 03-Apr-2019 , 04:23:47 pm | Posted By CASANSAAR

The Delhi High Court has held that banking legislation and the Insolvency and Bankruptcy Code, 2016 (IBC) do not prevail over the Prevention of Money Laundering Act, 2002 (PMLA) when it comes to attachment of properties obtained as “proceeds of crime”. The Recovery of Debts Due to Ban...

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Category : Insolvent Professional | Comments : 0 | Hits : 674

NCLT cases likely to be relooked after SC order
Posted Date : 03-Apr-2019 , 09:28:24 am | Posted By CASANSAAR

The Supreme Court decision declaring RBI's February 12 circular ultra vires may push for a relook to some of the cases referred to the National Company Law Tribunal (NCLT), said a report on Tuesday. The circular mandates lenders to initiate resolution or restructuring of loans of Rs 2,000 cro...

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Category : Insolvent Professional | Comments : 0 | Hits : 580

SC holds ultra vires RBI’s February 12 circular mandating insolvency proceedings
Posted Date : 02-Apr-2019 , 01:34:03 pm | Posted By CASANSAAR

The Supreme Court on Tuesday declared the Reserve Bank of India circular of February 12, which mandates insolvency proceedings for a debt servicing default beyond 180 days, to be ultra vires. A Bench of Justices Rohinton F. Nariman and Indu Malhotra pronounced the judgment meant to be a relief fo...

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Category : Insolvent Professional | Comments : 0 | Hits : 339

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