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Posted Date : 23-Apr-2024 , 08:07:10 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance. A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment En...
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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- GST Important Update - Enhancement in the GST Portal
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- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
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- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
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- Maha expects Rs 15 crore entertainment tax revenue from IPL
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- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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