IBC News
President Promulgates Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018; Home-buyers Recognized As Financial Creditors [Read Notification]
Homebuyers will now be recognized as financial creditors, with the promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 on Wednesday.The recognition would give them due representation in the Committee of Creditors, and would also enable them to initiate corporate insolvency resolution process under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016...
Bad Is Turning Good- From SICA To IBC-The Journey Of Bad Loans In India
India's bad account market is turning good. Investors are upbeat and banks are also looking for alliances to start funds. Huge amount of money from global and domestic capital market is being pumped-in in stressed assets market in India. Big assets undergoing Corporate Insolvency Restructuring Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC) are hot targets. Funds are hoping...
NCLT Kolkata Rejects Resolution Plan Of Dalmia Group For Binani Cement
In a significant order in the highly-contested insolvency proceedings between Dalmia Group, and Binani Industries and Ultra Tech for the resolution of Binani Cement, the NCLT Calcutta on Wednesday directed the Committee of Creditors (CoC) to consider the revised offer from Ultra Tech within 3 days. Earlier, Live Law had reported about the case here.The significant directions are:...
SC Orders Deletion Of Adverse Remarks Made By NCLAT Against Resolution Professional
The Supreme Court has directed deletion of adverse remarks made against a Resolution Professional (RP) registered with the Insolvency and Bankruptcy Board of India by the National Company Law Appellate Tribunal (NCLAT) questioning his competence without any reasons and despite the Committee of Creditors (CoC) voting in favour of his appointment as the liquidator for the liquidation of...
Arbitration Award Directing Transmission Of Shares Can Be 'Enforced' Through NCLT: SC [Read Judgment]
The award postulates a transmission of shares to the claimant. The directions contained in the award can be enforced only by moving the tribunal for rectification in the manner contemplated by law, the bench observed.A three-judge bench of the Supreme Court headed by Chief Justice of India Dipak Misra, in Cheran Properties Limited Vs. Kasturi And Sons Limited, has upheld proceedings...
Insolvency Litigation, High Stakes, Big Battles, Hair Cuts and Head Cuts
The Insolvency and Bankruptcy Code is slowly evolving and coming of age through hundreds of petitions being instituted in various Benches of the National Company Law Tribunal (NCLT). When the stakes involved are of thousands of crores of rupees, the competition among stakeholders becomes intense; few crores get spend on lawyers' fees, every single day.The high-stake litigants are...
The First Year At Glance For NCLAT Post-Merger With COMPAT
Close on the heels of 1st February 2017 whereby the Hon'ble Finance Minister of India, Mr. Arun Jaitley presented the Union Budget 2017 in Parliament, the day can be marked as historical for the long lasted empirical legislative history of India. Mr. Jaitley robustly highlighted the key significant work executed by his administration in the last two and a half years headed by NDA Government....
OakBridge Publishing's Seminar on Insolvency & Bankruptcy Code [20th April; New Delhi]
OakBridge Publishing is conducting a seminar on the theme 'Insolvency & Bankruptcy Code: Demystified'.Date: 20th April, 2018 (9:00 AM to 5:30 PM)Venue: Shangri-La Hotel, New DelhiThe seminar seeks to be a platform for an in-depth discussion on law, procedure, and practice around the Code and interpretation of the amendments by the best minds in this domain. It endeavors to achieve a...
IBBI Invites Comments On Draft IBBI Regulations, 2018
The IBBI has invited comments from the public, including the stakeholders, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018.Section 240 of the Insolvency and Bankruptcy Code, 2016 empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: carry out the provisions...
The Insolvency And Bankruptcy Code: Some Fundamentals And Issues
The Insolvency and Bankruptcy Code, 2016 ("Code") was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote entrepreneurship and balance...
Legal Assistant (Senior & Junior) Vacancy At NCLAT
Applications are invited by National Company Law Appellate Tribunal on or before 16 Apr 2018 for 5 vacancies.Posts: Senior Legal Assistant:No. of posts: Two postsQualification: Degree in Law from a recognized University. Minimum three years' experience of Legal Research. Knowledge of computer operations.Pay Scale: Pay Level 7 (₹44,900-1, 42,400)Post: Junior Legal AssistantNo. of posts: Three postsQualification: Degree in Law from a recognized University. Knowledge of computer operations.Pay...
9073 Cases Currently Under Consideration Of NCLT: Corporate Affairs Minister
Minister of State for Corporate Affairs and Law & Justice PP Chaudhary has said in the Rajya Sabha that as on this March 12, only one case under Section 55(3) of the Companies Act, 2013 is pending before the NCLT. Section 55 of the 2013 Act contains provisions on redemption of preference shares.The minister further stated that a total of 9,073 cases were under consideration in NCLT as...