Insolvency and Bankruptcy Code set for major overhaul
Posted Date : 02-Apr-2018 , 09:35:11 am | Posted By CASANSAAR
India’s bankruptcy law, the Insolvency and Bankruptcy Code (IBC), is set for a major overhaul as policymakers seek to decisively deal with business failures that slow down expansion in Asia’s third-largest economy.
The ministry of corporate affairs is finalizing a series of IBC amendm...
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IBBI invites suggestions on regulation of fee payable to IPs and other process costs under CIRP
Posted Date : 02-Apr-2018 , 09:16:37 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper today on regulation of fee payable to insolvency professionals (IPs) and other process costs under Corporate Insolvency Resolution Process (CIRP). The discussion paper is availabl...
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IBBI commences conduct of online valuation examinations for registration of Valuers
Posted Date : 30-Mar-2018 , 10:58:44 pm | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India (IBBI) is commencing on 31st March, 2018, the conduct of online Valuation examination related to for registration of Valuers under the Companies ( Registered Valuers and Valuation) Rules, 2017.
IBBI, being the Authority, in pursuance of the first pro...
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IBBI notifies amendments to insolvency code; applicable from April 1
Posted Date : 30-Mar-2018 , 10:02:52 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 (Amendment Regulations), effective April 1.
According to the amendment regulations, subject to meeting other requirements...
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IBBI notifies amendments to the IBBI (Insolvency Professionals) Regulations, 2016
Posted Date : 28-Mar-2018 , 08:46:43 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has evolved a transparent and consultative process for making regulations. It has been endeavour of the IBBI to effectively engage stakeholders in the regulation making process to factor in ground reality, secure ownership of regulations and make r...
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NCLT orders liquidation for two Rotomac companies
Posted Date : 28-Mar-2018 , 10:15:09 am | Posted By CASANSAAR
The National Company Law Tribunal has ordered liquidation of two Rotomac group companies -- Global and Exports -- whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLT’s Allahabad chapter.
The initial period of 180 days exp...
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MCA mulls legal ways to stall bankruptcy proceedings in US in PNB Scam
Posted Date : 26-Mar-2018 , 08:40:10 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modi's group firm Firestar Diamond, amid stepped up action in the over Rs 130 billion scam at Punjab National Bank, according to officials.
The move comes ...
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Govt to set up more NCLT benches to handle wave of bankruptcy cases
Posted Date : 22-Mar-2018 , 11:13:06 pm | Posted By CASANSAAR
The government is set to increase the number of bankruptcy courts to ease the load on existing benches overburdened by creditors suing defaulting businesses and expedite resolution of insolvency cases, corporate affairs secretary Injeti Srinivas said.
The government will also hire more judicial a...
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IBBI nvites comments on the Draft Syllabus of Limited Insolvency Examination.
Posted Date : 21-Mar-2018 , 07:51:57 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...
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Resolution professional doesn’t require nod of shareholders/members for insolvency resolution
Posted Date : 13-Mar-2018 , 08:35:36 pm | Posted By CASANSAAR
Ministry vide its circular no. IBC/01/2017 dated 25.10.2017 clarified that Section 30 and 31 of the Code provide a detailed procedure from the time of receipt of resolution plan by the resolution professional to its approval by the Adjudicating Authority and there is no requirement for obtaining app...
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IBBI signs a Memorandum of Understanding with the RBI
Posted Date : 12-Mar-2018 , 07:51:15 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Reserve Bank of India (RBI). The MoU was signed by Mr. Sudarshan Sen, Executive Director of the RBI and Dr. (Ms.) Mamta Suri, Executive Director of the IBBI in the august presence of Mr. Inj...
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Govt gets NCLT nod to attach properties of Nirav Modi, Mehul Choksi
Posted Date : 23-Feb-2018 , 10:03:53 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on Friday evening allowed the government to attach 64 properties belonging to individuals as well as companies that are part of groups headed by Nirav Modi and Mehul Choksi and find mention in the complaint lodged by state-run Punjab Natio...
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IBBI seeks public comments on contents of Request for Proposal (RFP)
Posted Date : 24-Feb-2018 , 09:21:39 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) is inviting public comments on contents of Request for Proposal (RFP). An RFP is an invitation for resolution plans from prospective resolution applicants who wish to bid for business of a corporate debtor going through Corporate Insolvency Resolut...
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Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017
Posted Date : 08-Feb-2018 , 08:34:42 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given Ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and which has been passed by the Parliament as the Insolvency and Ban...
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Amendments to the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
Posted Date : 08-Feb-2018 , 08:27:31 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
2. According to the amendments,
a. The resolution professional shall appoint registered valuers to determ...
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Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 08-Feb-2018 , 08:23:32 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
2. According to the amendments,
a. The resolution professional shall appoint two registered valuers to determine th...
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40 corporate insolvency resolutions completed - Govt
Posted Date : 07-Feb-2018 , 08:41:52 am | Posted By CASANSAAR
As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said today.
The Code, which provides for market--determined and time-- bound resolution process, is being implemented by the Insolvency and Bankruptcy ...
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Time limit to Bankuptcy resolution process may be extended by 60 days
Posted Date : 27-Jan-2018 , 02:19:51 pm | Posted By CASANSAAR
The government is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter.
This could...
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Companies facing insolvency action to get MAT relaxation
Posted Date : 07-Jan-2018 , 08:23:01 pm | Posted By CASANSAAR
In a bid to provide taxation relief to the companies facing corporate insolvency proceedings, the Income Tax Department has decided to relax norms for levy of Minimum Alternate Tax (MAT) from the current financial year 2017-18. The government will now allow such companies to reduce the amount of tot...
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IBBI publishes syllabus and other details of educational courses and valuation examinations
Posted Date : 02-Jan-2018 , 08:34:02 am | 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.
Vide a notification dated 23rd October, 2017, ...
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Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill
Posted Date : 29-Dec-2017 , 06:39:53 pm | Posted By CASANSAAR
The Lok Sabha today passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017 with a voice vote.
The bill prohibits certain persons from submitting a resolution plan in case of defaults.
These include wilful defaulters, promoters or management of the company having an outsta...
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Over 2,400 fresh cases of insolvency filed before NCLT
Posted Date : 19-Dec-2017 , 08:14:31 am | Posted By CASANSAAR
As many as 2,434 new cases have been filed before the National Company Law Tribunal (NCLT) since the enactment of Insolvency and Bankruptcy Code last year, Parliament was informed today.
"Since the enactment of Insolvency and Bankruptcy Code, 2016, 2,434 fresh cases have been filed bef...
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Govt Panel invites suggestions/comments from stakeholders about the provisions of the IBC and the Rules and Regulations
Posted Date : 15-Dec-2017 , 08:49:15 am | Posted By CASANSAAR
Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under
Comments/suggestions along with the brief justification may be sent through the online facility only availa...
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IBBI issues guidelines for Technical Standards for Core Services
Posted Date : 15-Dec-2017 , 08:47:04 am | Posted By CASANSAAR
Based on recommendations of the Technical Committee, the Insolvency and Bankruptcy Board of India (IBBI) has laid down the Technical Standards for the performance of Core Services for the following matters under Regulation 13 of the IBBI (Information Utilities) Regulations, 2017:...
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Govt asks panel to review amendment to Insolvency and Bankruptcy Code
Posted Date : 13-Dec-2017 , 08:10:20 am | Posted By CASANSAAR
The government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said.
The committee...
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IBBI notifies Regulations for handling of Grievances and Complaints
Posted Date : 10-Dec-2017 , 07:58:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 in the Gazette of India on 7th December, 2017. The Regulations enable a Stakeholder, namely, debtor, creditor, claimant, service provider, resolution applicant or ...
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Insolvency ordinance may see 100-150 cases reopen
Posted Date : 25-Nov-2017 , 05:41:52 pm | Posted By CASANSAAR
The ordinance to make several companies as well as some promoters ineligible to bid for ailing companies may result into reopening of 100-150 cases with insolvency professionals beginning to dispatch letters to bidders to disclose if they are facing action in various forums. "Insolvency profess...
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