Search Results for: provisions of the IBC

Important compliances for private limited company

It is often said that one major disadvantage of a company structure is that there are more compliances. The cost of non-compliance is always more than the cost of compliance.

Threshold limit of the Corporate Insolvency Resolution Process as per NCLT

There is no specific threshold limit for the NCLT Delhi under the IBC 2016. The IBC provides that a financial creditor, operational creditor, or the corporate debtor itself can initiate the insolvency resolution process with the NCLT.

The Conundrum of Reverse Corporate Insolvency Resolution Process

Reverse CIRP is still in an experimentation process and we should wait for more cases in which Reverse CIRP is applied and then observe its effect.

Service of Advance Copy of Applications to IBBI for Initiating CIRP under IBBI Rules, 2016

the advance copy of the Application for initiating CIRP under Section 7, Section 9, or Section 10 of IBC, 2016 needs to be served to the Insolvency & Bankruptcy Board of India.

Insolvency Resolutions:  A special case for MSMEs

The government has introduced the pre-packaged insolvency resolution process (PPIRP) for MSMEs, which allows them to initiate an insolvency process with the approval of two-thirds of their creditors.

Are Corporate Guarantors equivalent to Corporate Debtors

The Supreme Court has made an attempt to shed light on this matter recently in K. Paramasivan v. The Karur Vysya Bank Ltd. An appeal is preferred before the apex court under which the NCLAT decision is challenged.

Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs

Case of “Sundaresh Bhatt, Liquidator of ABG shipyard vs. Central Board of Indirect Taxes and Customs, in which it was held that the IBC provisions will prevail over the provisions laid down in the “Customs Act, 1962” and also set aside the order of the NCLAT”.

CROSS-BORDER INSOLVENCY DISPUTES

The UNCITRAL Model Law has been strongly recommended for providing a wide-ranging solution for resolving cross-border insolvency issues.

Proposed Amendment by the Ministry of Corporate Affairs

Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.

Judges & Social Media: Managing the Risks

Criminal Procedure Jurisprudence explains the evidentiary value that social media posts carry. Certainly, there are advantages and good policy reasons for accessing social media evidence used in criminal proceedings.

Cheque Bouncing Versus Insolvency– Whether proceedings under Section 138 and 141 of N.I. Act, 1881 can be initiated against Corporate Debtor during Moratorium period?

The institution or continuation of a proceeding of dishonour of cheque against company under the provisions of Negotiable Instruments Act, 1888 fall within the ambit of moratorium provision of the IBC.

Centre Proposes to Submit Model Builder-Buyer Agreement with mandatory RERA clauses before Supreme Court

A builder-buyer agreement with mandatory clauses that the states or union territories cannot change has been proposed to the Supreme Court by the federal government.

NCLAT Chennai condones a delay of 147 days in filing of Appeal before the Appellate Tribunal

The National Company Law Appellate Tribunal in the matter of M. K. Resely & Ors. Vs Union Bank of India has condoned a delay of 147 days in filing of appeal before NCLAT upon equity.

Supremacy of Insolvency and Bankruptcy Code

The code has helped the creditors to recover their amount from defunct companies and bring them back to their actual position. IBC was introduced so as to reduce India’s long-standing problem of NPAs.

6 Steps of Corporate Insolvency Process

CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.