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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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