IBC News
Writing Of Debt And Debt Restructuring: Another Conundrum With The Ordinance Amendment To The Insolvency Bankruptcy Code
Economic development needs an evolved legal system that can support and complement it. The need for refined corporate case resolution with the rise in complexity of investments and global market integration was one of the intentions of a consolidated comprehensive law on corporate insolvencies and bankruptcies in India. This took the shape of the Insolvency and Bankruptcy Code, 2016 (IBC)....
Procedural Deficiencies for Insolvency Offences
Insolvency and Bankruptcy Code, 2016 has created several special offences. It has provided for trial of these offences by special mechanism. Section-236 reads as under:"236. Trial of offences by Special Court.- (1) Notwithstanding anything in the Code of Criminal Procedure, 1973 (2 of 1974), offences under this Code shall be tried by the Special Court established under Chapter XXVIII of the...
Union Cabinet Approves Ordinance To Amend Insolvency And Bankruptcy Code
The Union Cabinet, on Wednesday, reportedly approved an Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (IBC).The changes are expected to address concerns regarding ability of willful defaulters to bid for stressed assets under the present regime. Currently, the IBC does not specify the kind of buyers who can bid for stressed assets of companies that are undergoing...
Deposit 275Cr By Dec 31,Do Not Alienate Property: SC To Jaypee Directors [Read Order]
The Supreme Court bench of Chief Justice Dipak Misra, Justice DY. Chandrachud and Justice AM Khanwilkar on Wednesday issued injunction restraining the 13 directors of Jaiprakash Associates Ltd. (JAL), the parent company of the debt-ridden Jaypee Infratech Ltd (JIL), from transferring, alienating or otherwise dealing with, or disposing of, any property and assets belonging to them without...
IBBI Amends Regulations Governing Corporate Insolvency Resolution Process
On 07 November 2017, the Insolvency and Bankruptcy Board of India (IBBI) amended: (A) The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) and (B) The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (Fast Track CIRP Regulations),...
Deposit "Substantial Amount" To Prove Bonafide : SC To Jaypee
Real estate giants Jaypee Associates suffered a setback today when the Supreme Court refused to allow it to deposit to Rs 400 crore with its registry as against Rs 2,000 crore directed by it earlier.The company argued :"no company possessed such a huge amount of liquid fund" but the bench headed by Chief Justice Dipak Misra asked it to submit a "substantial amount" to establish its...
Arbitration Proceedings After The Imposition Of Moratorium Under S.14 Of Insolvency And Bankruptcy Code Is Non Est In Law: SC [Read Order]
In Alchemist Asset Reconstruction Company Limited v. M/s Hotel Gaudavan Private Limited, the Supreme Court bench comprising of Justices Rohinton Fali Nariman and Sanjay Kishan Kaul held that arbitration proceedings instituted after the imposition of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 is non est in law.In the instant case, NCLT had admitted a petition...
Analysis of the Extension of Moratorium Period under IBC
Year 2016 marked the inception of The Insolvency and Bankruptcy Code, 2016 ('Code') of India. The Regulation coming into existence with an aim to revitalise and resolve the sick companies and bring it back to a better financial condition, has gained a lot of recognition in the present market condition. Among other features, one of the important feature of the Code is its time bound...
Time Limit Prescribed In IBC- Not Mandatory
In the case of Surendra Trading Company v. Juggilal Kamlapat Jute Mills CO. Ltd. & Ors.[1], the Apex Court was concerned with the correctness of the order passed by the National Company Law Appellate Tribunal (NCLAT) whereby it was held that the time of 7 (Seven) days prescribed in proviso to section 9(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), for admitting or rejecting a...
NCLT Dismisses Cyrus Mistry's Plea To Transfer Case Against Tata Sons, Imposes Rs 10-L Cost [Read Order]
The National Company Law Tribunal (NCLT) has dismissed a petition moved by Cyrus Mistry's firms seeking transfer of their company petition against Tata Sons out of Mumbai bench.Justice MM Kumar dismissed the petition moved by Cyrus Investments Pvt Ltd and Anr and also imposed a cost of Rs 10 lakh.Cyrus Investments Ltd and Sterling Investments Ltd had applied for transfer of case against Tata...
Is The Purpose Of NCLTs Being Defeated?
The NCLT was constituted on June 1, 2016, with 10 benches and one principal bench. It consolidates the corporate jurisdiction of the Company Law Board, Board for Industrial and Financial Reconstruction (BIFR), Appellate Authority for Industrial and Financial Reconstruction (AAIFR) and powers related to the winding up or restructuring of a company and other provisions, earlier vested in...
NLU Delhi Conference on Insolvency Resolution and Cross-Border Insolvency
The Centre for Transnational Commercial Law, National Law University Delhi, in collaboration with UNCITRAL, Insolvency and Bankruptcy Board of India and International Law Institute is organising a two-day conference to commemorate the 2017 UNCITRAL Asia Pacific Day.Date: 27th to 28th October, 2017 (Proposed)Venue: Silver Oak Hall, India Habitat Centre, New DelhiTiming: 09:00 am - 06:00 pmTheme: Centre for Transnational Commercial Law, NLU Delhi is hosting the UNCITRAL Asia Pacific Day on the...