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

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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Category : Insolvent Professional | Comments : 0 | Hits : 113

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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Category : Insolvent Professional | Comments : 0 | Hits : 254

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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Category : Insolvent Professional | Comments : 0 | Hits : 259

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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Category : Insolvent Professional | Comments : 0 | Hits : 234

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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Category : Insolvent Professional | Comments : 0 | Hits : 206

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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Category : Insolvent Professional | Comments : 0 | Hits : 163

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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Category : Insolvent Professional | Comments : 0 | Hits : 509

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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Category : Insolvent Professional | Comments : 0 | Hits : 437

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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Category : Insolvent Professional | Comments : 0 | Hits : 1064

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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Category : Insolvent Professional | Comments : 0 | Hits : 212

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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Category : Insolvent Professional | Comments : 0 | Hits : 325

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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Category : Insolvent Professional | Comments : 0 | Hits : 380

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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Category : Insolvent Professional | Comments : 0 | Hits : 786

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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Category : Insolvent Professional | Comments : 0 | Hits : 260

Relief Measures Under IBC due to COVID-19 Outbreak
Posted Date : 28-Mar-2020 , 08:59:24 am | Posted By CASANSAAR

Relief Measures Under IBC announced by Hon.Finance Minister due to COVID-19 Outbreak discussed by CA.Vivek Khurana (Insolvency Professional). Watch this Video,,, https://youtu.be/sAhv8jNO2_E ...

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Category : Insolvent Professional | Comments : 0 | Hits : 110

Lok Sabha passes IBC (Amendment) Bill 2020
Posted Date : 07-Mar-2020 , 08:27:02 am | Posted By CASANSAAR

The Lok Sabha on Friday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, by voice vote. Aimed at easing the insolvency resolution process, the Bill was introduced in the house by Finance Minister Nirmala Sitharaman on December 12, last year. After having been scrutinized b...

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Category : Insolvent Professional | Comments : 0 | Hits : 487

IBC provides lifeline for distressed companies: Sahoo
Posted Date : 06-Mar-2020 , 06:24:59 pm | Posted By CASANSAAR

The insolvency law provides a new lifeline for stressed companies to save them from premature death, IBBI Chairman M S Sahoo said on Friday. The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution of stressed assets. Speaking at an event here, Sahoo said t...

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Category : Insolvent Professional | Comments : 0 | Hits : 116

Insolvency and Bankruptcy Code amendment | Effects of IBC Amendments on Home Buyers
Posted Date : 25-Feb-2020 , 10:11:36 am | Posted By CASANSAAR

Amendment in Insolvency and Bankruptcy Code And Its effect on Home Buyers explained by CA.Charu Gupta. Watch This Video,,,, https://youtu.be/tWSZiS2iVUI ...

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Category : Insolvent Professional | Comments : 0 | Hits : 400

Lenders set to recover 43.1% from insolvency proceedings
Posted Date : 15-Feb-2020 , 09:48:57 am | Posted By CASANSAAR

Successful resolutions of corporate insolvency proceedings till the end of 2019 are set to result in recoveries of Rs 1.52 lakh crore for lenders, averaging 43.1% of their admitted claims of Rs 3.52 lakh crore, according to data released by the Insolvency and Bankruptcy Board of India (IBBI). Res...

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Category : Insolvent Professional | Comments : 0 | Hits : 154

Insolvency to be limited to realty project concerned - NCLAT
Posted Date : 12-Feb-2020 , 07:26:27 am | Posted By CASANSAAR

In a relief to realty players, the National Company Law Appellate Tribunal (NCLAT) has held that any insolvency process initiated by a flat buyer or financial institution would be limited to the project concerned only and not impact other projects of developers. A NCLAT bench headed by Chairman J...

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

NCLT ban on ex-bankers appointment as Resolution Professionals - NCLAT
Posted Date : 22-Jan-2020 , 10:06:39 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) last week stayed a recent order by the National Company Law Tribunal’s New Delhi Bench, which prohibited appointing a former bank official as independent resolution professional (IRP) of a bankrupt company because of the possibility of &ldquo...

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Category : Insolvent Professional | Comments : 0 | Hits : 518

IBBI amends voluntary liquidation process regulations
Posted Date : 18-Jan-2020 , 09:49:45 am | Posted By CASANSAAR

A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI. The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the volu...

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Category : Insolvent Professional | Comments : 0 | Hits : 261

SC exempts retrospective petitions from IBC amendment
Posted Date : 14-Jan-2020 , 08:18:54 am | Posted By CASANSAAR

The Supreme court of India on Monday gave a status quo order regarding the amendment of section 3 of the Insolvency and Bankruptcy Code that homebuyers set stringent conditions for individual financial creditors to approach the bankruptcy court. The Monday's order by the SC has exempted the peti...

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Category : Insolvent Professional | Comments : 0 | Hits : 411

CBI arrests insolvency resolution professional in case of Bribe
Posted Date : 14-Jan-2020 , 08:07:13 am | Posted By CASANSAAR

The CBI has arrested an insolvency resolution professional (IRP) appointed by the NCLT and another person for allegedly receiving a bribe of Rs 3.5 lakh from a consultant by threatening him with a criminal case, officials said on Monday. In what is likely to be the first corruption case by the CB...

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Category : Insolvent Professional | Comments : 0 | Hits : 473

IBBI amends liquidation process norms
Posted Date : 07-Jan-2020 , 03:15:25 pm | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has amended the norms for liquidation process wherein a secured creditor is barred from selling assets of a company to any person restricted from submitting insolvency resolution plan.The Insolvency and Bankruptcy Code (IBC) provides for time-bound...

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Category : Insolvent Professional | Comments : 0 | Hits : 336

Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 114

Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR

Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...

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

IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
Posted Date : 21-Dec-2019 , 09:58:47 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday. He pointed out that though 44 per cent of recovery may not look very rosy but one should view ...

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Category : Insolvent Professional | Comments : 0 | Hits : 427

Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
Posted Date : 12-Dec-2019 , 09:21:33 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi today approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being face...

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Category : Insolvent Professional | Comments : 0 | Hits : 198

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