IBC News
SC Stays NCLAT Order That Said Limitation Act Doesn't Apply To Proceedings Under IBC [Read Petition]
The Supreme Court on Wednesday stayed the order of the National Company Law Appellate Tribunal which said the provisions of the Limitation Act were not applicable for initiation of Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code (IBC).A bench of Justices Rohinton Fali Nariman and Navin Sinha stayed the November 7, 2017 order of NCLAT and issued notices on...
The Insolvency And Bankruptcy Amendment Bill, 2017: What Has Changed?
On November 23, 2017, President Ram Nath Kovind had given assent to the Insolvency and Bankruptcy Code Amendment Ordinance, 2017, making major amendments to the Insolvency and Bankruptcy Code. The aim of the Ordinance was to prevent certain parties from bidding for companies as resolution applicants due to their questionable antecedents. This was done to protect the credibility of the...
Disputing "Dispute" Under IBC
Recent order of NCLT at Hyderabad in the matter of K Sashidhar, MD of Kamineni Steel & Power India Private Limited vs Kamieneni Steel & Power India Ltd[1] passed on November 27, 2017 has thrown open lots of questions which all the stake holders would need to address in time.Kamineni Steel & Power India Private Limited is a Private incorporated on 20 October 2008. In connection...
Information Utilities 101 And A Primer On Compliance With RBI's Dec. 19, 2017 Notification On Information Utilities
The Reserve Bank of India on December 19, 2017, issued a notification directing all financial creditors to submit financial information and information relating to assets in relation to which any security interest has been created to the National E-Governance Services Ltd (NeSL), which is India's first registered information utility (IU). This article aims to address the fundamental concepts...
Insolvency And Bankruptcy Code & Ordinance Challenged Before Gujarat HC; Notice Issued
The Gujarat High Court has issued notice on a Petition challenging the constitutional validity of the Insolvency and Bankruptcy Code, 2016 and the recent ordinance barring Promoters from submitting a resolution plan.The notice returnable on 22 January, 2018 was issued by a Bench comprising Chief Justice R. Subhash Reddy and Justice Vipul M. Pancholi on a Petition filed by Accord...
Information With Information Utilities Under IBC-How It Works
"Creditor has the incentive to close out its investment quickly so as to avail of alternative investment opportunities. The debtor on the other hand has the incentive to hold on to the assets" [1]Gathering and Preservation of information is a challenge especially when there are conflicting forces, each trying to present it in a manner to suit their own interest. Banks have been facing...
MCA Constitutes Insolvency Law Committee, Invites Suggestions from Stakeholders
The Insolvency Section, Ministry of Corporate Affairs, in a notice dated 12th December 2017, has announced the constitution of the Insolvency Law Committee. The Committee shall be chaired by the Secretary, Ministry of Corporate Affairs, as per a notification dated 16th November 2017.The Committee has been constituted to take stock of the functioning and the implementation of the Insolvency...
Breaking: IBC-Lawyer Can Issue Demand Notice Of Unpaid Operational Debt On Behalf Of Operational Creditor: SC [Read Judgment]
Also holds Section 9(3)(c) of the Insolvency and Bankruptcy Code is not mandatory for initiating insolvency proceedings.Answering two important issues of the Insolvency and Bankruptcy Code, the Supreme Court, in Macquarie Bank Limited vs Shilpi Cable Technologies Ltd, has held that a lawyer on behalf of the operational creditor can issue a demand notice of an unpaid operational debt. The...
SC stays NCLT Order Allowing Centre To Take Over Unitech ManagementÂ
Attorney General K. K. Venugopal admitted that the Ministry of Corporate Affairs had committed an error in filing a petition before the NCLT.The Supreme Court bench of Chief Justice Dipak Misra, Justice D. Y. Chandrachud and Justice A. M. Khanwilkar on Wednesday granted stay on the interim order dated December 8 of the NCLT, suspending 8 directors of Unitech Ltd., further restraining them...
Insolvency and Bankruptcy Code- Background And The Road Ahead
As the Indian economy attempted to move from an agrarian economy and adopted economic plan to foster industrialization, major policies of the government, including legislative provisions, were directed to achieve rapid industrialization. With focus on industry and to provide basic legislative support for the development and regulation of industries, the Industries (Development and Regulation)...
SC To Hear Tomorrow Unitech's Grievance Against NCLT Order Suspending 8 Directors
On Monday, the Supreme Court bench of Chief Justice Dipak Misra, Justice DY Chandrachud and Justice AM Khanwilkar agreed to hear on Tuesday the plea on behalf of civil construction and housing development giant Unitech against the interim order dated December 8 of the NCLT, suspending 8 directors of the company and directing the Centre to nominating 10 directors to the Board of Directors of...
Madras HC Puts Interim Stay On NCLT Order Telling Advocates To Wear Gowns Before NCLT Benches [Read Order]
The Madras High Court has stayed for now the operation of the order issued by the Registrar of the National Company Law Tribunal (NCLT) which made it mandatory for advocates to wear gowns while appearing before any bench of NCLT.A bench of Justice TS Sivagnanam and Justice K Ravichandrabaabu placed the November 14 order issued by NCLT Registrar under interim stay while holding that the...