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

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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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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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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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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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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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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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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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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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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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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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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Category : Insolvent Professional | Comments : 0 | Hits : 125

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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Category : Insolvent Professional | Comments : 0 | Hits : 210

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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Category : Insolvent Professional | Comments : 0 | Hits : 264

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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Category : Insolvent Professional | Comments : 0 | Hits : 180

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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Category : Insolvent Professional | Comments : 0 | Hits : 315

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

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