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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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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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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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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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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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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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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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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SC Bench examines validity of NCLT & NCLAT
Posted Date : 28-Mar-2019 , 09:07:40 am | Posted By CASANSAAR
The Supreme Court Constitution Bench is examining a petition filed by the Madras Bar Association challenging the creation of National Company Law Tribunal and National Company Law Appellate Tribunal under the Companies Act 2013.
The constitutional validity of Chapter XXVII comprising Sections 407...
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Over 12,000 cases filed after implementation of IBC
Posted Date : 26-Mar-2019 , 10:26:18 am | Posted By CASANSAAR
As many as 12,000 cases have been filed since the implementation of the Insolvency and Bankruptcy Code (IBC) and setting up of the National Company Law Tribunal (NCLT), a senior government official said on Monday.
Asserting that the code should be the last resort, Corporate Affairs Secretary Inje...
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I-T department, other tax agencies can initiate insolvency resolution process - NCLAT
Posted Date : 22-Mar-2019 , 05:48:14 pm | Posted By CASANSAAR
The Income Tax department of the central government, the sales tax department of the state government and other local authorities “who are entitled for dues arising out of the existing law” can now initiate corporate insolvency resolution process against such companies who owe them the d...
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IBBI signs Memorandum of Understanding with SEBI
Posted Date : 19-Mar-2019 , 12:04:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The MoU was signed by Mr. Anand Baiwar, Executive Director of the SEBI and Mr. Ritesh Kavdia, Executive Director of the IBBI at Mumbai.
2. T...
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Re-Constitution of Insolvency Law Committee for review of implementation of IBC 2016
Posted Date : 12-Mar-2019 , 09:20:13 am | Posted By CASANSAAR
he provisions relating to insolvency resolution for corporate persons (Part II of the Insolvency and Bankruptcy Code, 2016), regulation of insolvency professionals, agencies, information utilities and establishment of the Insolvency and Bankruptcy Board of India (the Board) (Part IV of the Code) and...
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Operational creditors benefits equally from IBC - IBBI
Posted Date : 11-Mar-2019 , 09:25:33 am | Posted By CASANSAAR
The Insolvency and bankruptcy Board of India (IBBI) on Saturday said both operational and financial creditors have benefited alike from resolutions under the IBC.
IBBI chairman M S Sahoo said that it would be unfair to say that resolutions under the Insolvency and Bankruptcy Code (IBC) were tilte...
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51% vote enough for forensic audit of corporate debtor - NCLT
Posted Date : 08-Mar-2019 , 08:09:36 am | Posted By CASANSAAR
The Hyderabad bench of the National Company Law Tribunal (NCLT) on Thursday clarified that a 51 per cent vote of the Committee of Creditors (CoC) was enough to initiate a forensic audit of an insolvent company.
Citing Section 21(8) of the Insolvency and Bankruptcy Code (IBC), the NCLT bench said ...
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IBBI suggests ground rules for Insolvency Professionals, Committee of Creditors
Posted Date : 05-Mar-2019 , 09:39:09 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a charter of responsibilities for Insolvency Resolution Professionals (IRPs) and Committee of Creditors (CoC) so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvenc...
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IBC brought back Rs 3 lakh crore into banking system - FM
Posted Date : 01-Mar-2019 , 08:13:46 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (IBC) has brought back close to Rs 3 lakh crore back into the banking system, Finance Minister Arun Jaitley said on Thursday.
He attributed the IBC's success to the government keeping an arm's length distance from the processes which various institutions...
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IBC reigns supreme over other Civil Laws - Delhi HC
Posted Date : 25-Feb-2019 , 08:22:38 am | Posted By CASANSAAR
The Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said that only the National Company Law Tribunal (NCLT) or similar adjudicating authorities should deal with the cases falling under the cod...
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IICA launches two-year graduate insolvency programme
Posted Date : 16-Feb-2019 , 08:38:52 am | Posted By CASANSAAR
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP).
Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or...
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Board of bankrupt companies can access documents - SC
Posted Date : 04-Feb-2019 , 11:51:08 am | Posted By CASANSAAR
The erstwhile boards of bankrupt companies will now have access to vital documents, including proposed resolution plans of the companies they ran, while participating in the meetings of the lenders, the Supreme Court has ruled.
The apex court in its order dated January 31 also ruled, howeve...
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Supreme Court upholds Insolvency and Bankruptcy Code in its entirety
Posted Date : 25-Jan-2019 , 03:56:26 pm | Posted By CASANSAAR
The Supreme Court of India upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.
The two-judge bench headed by Justice Rohinton Nariman also upheld the ban on promoters’ bids for the defaulting company underg...
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IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2019
Posted Date : 25-Jan-2019 , 11:04:24 am | Posted By CASANSAAR
No. IBBI/2019-20/GN/REG040. -In exercise of the powers conferred by clause (t) of subsection (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Ins...
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IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 25-Jan-2019 , 11:03:19 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 provides for corporate insolvency resolution process for invitation, receipt, and consideration of resolution plans; and approval of a resolution plan to resolve insolvency of the corporate debtor. It envisages that a resolution plan, once approved, must be i...
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Govt weighs introducing Deemed Admission under IBC
Posted Date : 18-Jan-2019 , 08:11:49 am | Posted By CASANSAAR
The government is considering introducing the procedure of “deemed admission” of companies under the Insolvency and Bankruptcy Code (IBC) for faster resolution of debt-laden companies.
In certain cases where the financial creditors have approached the National Company Law Tribunal (NC...
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SC reserves judgment on plea challenging validity of IBC
Posted Date : 16-Jan-2019 , 09:15:48 am | Posted By CASANSAAR
The Supreme Court on Tuesday reserved its judgment in petitions moved by operational creditors challenging the validity of Insolvency and Bankruptcy Code (IBC).
A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing the petitions moved by several operati...
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Creditor Can Proceed Against Guarantor Even Without Proceeding Against Borrower - NCLAT
Posted Date : 14-Jan-2019 , 07:13:41 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor.
It was held :
We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...
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NCLT allows reopening of IL&FS’s Past accounts
Posted Date : 02-Jan-2019 , 10:30:05 am | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on allowed the Govt to reopen and recast the accounts of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years.
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IBBI publishes revised syllabus and other details of valuation examinations
Posted Date : 01-Jan-2019 , 07:38:42 pm | Posted By CASANSAAR
The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017.
2. The Central Government, vide a notification...
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Bidders may face jail term, Rs 1 crore penalty if they pull out of insolvency process
Posted Date : 26-Dec-2018 , 05:50:58 pm | Posted By CASANSAAR
The government and the Insolvency & Bankruptcy Board of India want to invoke certain sections against companies, which have decided to withdraw their offers to buy out stressed companies through the resolution process and derailing the complete process, says a Times of India report.
The publi...
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NCLT helps recover Rs.80,000 crore in 2018 from IBC cases
Posted Date : 26-Dec-2018 , 11:50:36 am | Posted By CASANSAAR
Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than ₹80,000 crore in the year passing-by and the kitty is expected to swell beyond ₹1 trillion in 2019 with several big-ticket default cases pe...
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