IBBI invites suggestions to simplify, ease & reduce cost of compliance of Regulations notified under IBC
Posted Date : 13-Oct-2023 , 12:04:23 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance.
The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by ...
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Govt considers giving financial creditor status to insurers issuing surety bond during resolution
Posted Date : 24-Sep-2023 , 09:08:17 pm | Posted By CASANSAAR
To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects.
The surety bond issued by a general insurance company is a three-party ...
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IBC Cannot Be Used As A Tool For Recovery - NCLT Delhi
Posted Date : 23-Sep-2023 , 07:51:49 am | Posted By CASANSAAR
The National Company Law Tribunal Delhi recently observed that the Insolvency and Bankruptcy Code cannot be used as a recovery tool.
“We are of the view that in the present case the applicants are already having demands drafts of amount exceeding the defaulted amount in this petition and mo...
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Go First Airlines files for Voluntary Insolvency before NCLT
Posted Date : 03-May-2023 , 08:39:52 am | Posted By CASANSAAR
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT).
The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to...
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IBBI Suspends Registration of IP for outsourcing his responsibilities
Posted Date : 23-Jul-2022 , 02:39:37 pm | Posted By CASANSAAR
This Order disposes the Show Cause Notice (SCN) No. IBBI/IP/INSP/2020/63/3525/526 dated 10th May 2022 issued to Mr. Anil Tayal, Insolvency Professional under section 220 of the Insolvency and Bankruptcy Code, 2016 (Code) read with regulation 13 of the Insolvency and Bankruptcy Board of India (Inspec...
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Supreme Court urges company tribunals to quickly clear IBC cases
Posted Date : 14-Sep-2021 , 08:24:02 am | Posted By CASANSAAR
The Supreme Court on Monday said “judicial delay” was the main reason for the failure of the insolvency regime in India prior to the 2016 Insolvency and Bankruptcy Code (IBC), as it urged company law tribunals to “strictly adhere” to the timelines under the new law and clear ...
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Lok Sabha passes IBC amendment bill without debate
Posted Date : 29-Jul-2021 , 09:00:13 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the IBC amendment bill without debate, which among other things provide for a pre-packaged resolution process for stressed MSMEs.
Minister of State for Corporate Affairs Rao Inderjit Singh moved the bill for consideration and passage amid the din. The bill was ap...
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Insolvency and Bankruptcy Code (Amendment) Bill to be taken up for consideration and passing in Lok Sabha
Posted Date : 28-Jul-2021 , 09:33:16 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 is likely to be taken up for consideration and passing in Lok Sabha today. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by President Ram Nath Kovind on 4th of April to offer an alternate bankruptcy resolutio...
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BSE, NSE issue guidelines for companies undergoing insolvency proceedings
Posted Date : 10-Jul-2021 , 09:50:04 am | Posted By CASANSAAR
In a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process.
In the recent past, the exchanges have come across instances where the approved resolution pl...
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Personal guarantors accountable in IBC - Supreme Court
Posted Date : 22-May-2021 , 09:31:48 am | Posted By CASANSAAR
Lenders can initiate insolvency proceedings against promoters, managing directors and chairpersons who have signed personal guarantees on corporate loans in case the borrowers default, the Supreme Court ruled.
The apex court on Friday upheld the central government’s November 2019 notificati...
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NLIU becomes first IBBI approved university to offer Graduate Insolvency Program
Posted Date : 15-Apr-2021 , 07:39:13 am | Posted By CASANSAAR
The National Law Institute University (NLIU) had submitted the Expression of Interest to the Insolvency and Bankruptcy Board of India (IBBI) for the conduct of the Graduate Insolvency Program (GIP) on 15 January, 2021.
A month later, the IBBI formally approved NLIU for conducting the Graduate Ins...
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IBBI releases Handbook of Ethics for IPs
Posted Date : 22-Mar-2021 , 09:19:40 am | Posted By CASANSAAR
Insolvency regulator IBBI has come out with a “Handbook on Ethics” for Insolvency Professionals to stimulate the highest standards of ethics and professionalism.
This handbook has been prepared by the Insolvency and Bankruptcy Board of India in association with the British High Commis...
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Cheque Bounce cases can't be filed or continued against firms facing IBC proceedings - SC
Posted Date : 02-Mar-2021 , 08:30:21 am | Posted By CASANSAAR
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.
The top co...
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Govt extends IBC suspension till March 2021
Posted Date : 22-Dec-2020 , 10:06:46 am | Posted By CASANSAAR
Fresh corporate bankruptcy filings for loans defaulted during the pandemic will remain suspended till the end of the fiscal, with the government extending the ongoing freeze.
The Insolvency and Bankruptcy Code (IBC) was initially suspended for six months from March 25, which was later extended by...
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Govt likely to extend IBC suspension to prevent cos from being forced into insolvency proceedings
Posted Date : 21-Dec-2020 , 08:49:39 am | Posted By CASANSAAR
Much to the relief of small businesses, the government is likely to extend IBC suspension further to prevent companies from being forced into insolvency proceedings due to debt defaults triggered by the COVID-19 crisis. The government may extend IBC suspension by another three months, reported Econo...
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IBBI approaches SC to club all cases on personal guarantee pending in HCs
Posted Date : 29-Oct-2020 , 09:10:48 am | Posted By CASANSAAR
The Supreme Court on Wednesday heard the petition of the Insolvency and Bankruptcy Board of India (IBBI) to transfer all the ongoing cases of personal guarantee invocation currently under dispute including Reliance Group’s Anil Ambani from various high courts to the apex court and club them to...
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IBC operations suspended for another three months
Posted Date : 25-Sep-2020 , 10:13:34 am | Posted By CASANSAAR
The Centre on Thursday suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months to protect companies in distress from being dragged into bankruptcy tribunals in view of the crisis.
The ministry of corporate affairs said the suspension of the Code, issued initial...
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Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 22-Sep-2020 , 09:30:47 am | Posted By CASANSAAR
Parliament passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, with Lok Sabha passing it with a voice vote today.
Earlier, Rajya Sabha had passed the bill on Saturday. The bill amends the Insolvency and Bankruptcy Code, 2016 which provides a time bound process for resolving i...
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NCLT begins bankruptcy proceedings against Anil Ambani
Posted Date : 22-Aug-2020 , 10:17:04 am | Posted By CASANSAAR
The NCLT has directed to initiate insolvency proceedings against Reliance Communications Chairman Anil Ambani to recover Rs 1,200 crore under the personal guarantee clause of the bankruptcy law.
Anil Ambani had given a personal guarantee to the loans given by State Bank of India (SBI) to Reliance...
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SC dismisses IBC application filed more than three years after default
Posted Date : 17-Aug-2020 , 09:43:05 am | Posted By CASANSAAR
In what could be another blow to the Insolvency and Bankruptcy Code (IBC), the Supreme Court has said that the insolvency law is not out of purview of the Limitation Acts as it rejects an application for a default committed more than three years from the date of insolvency petition.
The apex cour...
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IBBI comes up with Red Flags for IPs to detect avoidance transactions
Posted Date : 11-Aug-2020 , 10:49:43 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a document which lists 'red flags' to detect avoidance transactions by corporate debtors.
The document provides guidelines to insolvency professionals (IPs) for understanding certain warnings, or red flags, in this...
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IBBI amends rules for corporate resolution, voluntary liquidation process
Posted Date : 08-Aug-2020 , 09:53:29 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation.
The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to repr...
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IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
Posted Date : 07-Aug-2020 , 10:41:07 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.
The Regulations require the committee of creditors to fix the fee payable to the liquidator. Where the...
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IBBI proposes to limit number of assignments handled by IPs
Posted Date : 03-Jul-2020 , 10:30:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has proposed to limit the number of corporate insolvency cases a single insolvency professional (IP) is permitted to handle at any given time.
Currently, there is no limit on the number of assignments an IP is permitted to take; however the code...
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Supreme Court seeks govt response on plea challenging IBC validity
Posted Date : 19-Jun-2020 , 10:03:02 am | Posted By CASANSAAR
The Supreme Court has sought response from the government on a petition challenging the validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2020 that introduced a threshold of at least 10% of homebuyers in a project or 100 of the total allottees for initiating insolvency proceedings agai...
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IBBI reconstitutes advisory panel on insolvency, liquidation
Posted Date : 16-Jun-2020 , 10:19:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has reconstituted its advisory committee on corporate insolvency resolution and liquidation.
The committee headed by Kotak Mahindra Bank CEO Uday Kotak, among other changes, has seen its expansion to 14 members instead of 12.
“The...
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Cabinet nod to suspend IBC proceedings initiation for 1 year
Posted Date : 05-Jun-2020 , 09:01:39 am | Posted By CASANSAAR
The union Cabinet has approved a proposal to suspend initiation of bankruptcy proceedings against companies under the Insolvency and Bankruptcy Code (IBC) for a period of six months, which could be extended to one year, sources aware of developments said.
“The proposal is to suspend section...
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IBBI slaps Rs 34.22 lakh penalty on an Insolvency Professional
Posted Date : 04-Jun-2020 , 09:52:37 am | Posted By CASANSAAR
Insolvency regulator IBBI’s Disciplinary Committee(DC) has slapped a penalty of Rs 34.22 lakhs on an insolvency professional, for violations of certain provisions of the Insolvency and Bankruptcy Code (IBC).
The penalty imposed is equal to 25 per cent of the fee that he had received as reso...
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Govt plans pre-packaged IBC deals to ease caseload
Posted Date : 07-May-2020 , 09:39:08 am | Posted By CASANSAAR
The pause in bankruptcy resolutions because of the covid-19 pandemic has prompted the government to legislate changes to the insolvency code to fast-track processing of cases where a restructuring plan has been agreed in advance between the company and its creditors, two people aware of the developm...
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Lockdown period won’t be counted in IBC timeline - IBBI
Posted Date : 30-Mar-2020 , 09:07:37 am | Posted By CASANSAAR
Lockdown period will not be counted towards the timeline for any activity under the corporate insolvency resolution process.
“...the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any acti...
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