Madras HC: IBBI is empowered to levy fee as a % of Annual Remuneration drawn as an IP
The power of the Insolvency And Bankruptcy Board Of India (the “IBBI”) to levy fee of 0.25% of the professional fee earned for services rendered as an IP in the preceding financial year and also 0.25% of the turnover of an IPE in the preceding financial year and the regulations thereof were challenged before the Hon’ble High Court of Judicature at Madras.
Read MoreWHEN THERE’S NO WISDOM, HOW COME “COMMERCIAL WISDOM”?
An interesting case where the Adjudicating Authority made critical comments on the so-called Commercial Wisdom of the Committee of Creditors. It emphasised that the CoC has not at all applied its mind and that there was no element of wisdom displayed, leave alone the ‘commercial wisdom’…
Read MoreIBBI AMENDS LIQUIDATION PROCESS AND VOLUNTARY LIQUIDATION PROCESS REGULATIONS
IBBI AMENDS LIQUIDATION AND VOLUNTARY LIQUIDATION PROCESS REGULATIONS The IBBI made the following amendments to the Regulations pertaining to Liquidation Process and Voluntary Liquidation Process on August 5, 2020: In the IBBI (Liquidation Process) Regulations, 2016: A clarification is inserted in Regulation 4 clarifying that where a liquidator realising any amount on sale of assets
Read MoreJUDICIAL INTERVENTION AND IBC
The article tries to establish how the judicial intervention of NCLT, NCLAT and Supreme Court helped establish the objective of the IBC
Read MoreSC: NOT INCLINED TO INTERFERE WITH THE DECISION OF CoC OF DHFL TO COMMENCE LENDING OPERATIONS
The Supreme Court rejected the plea of depositors of DHFL and opined that it is not inclined to interfere with the decision of CoC. This article is an attempt to explore FRDI Bill assuming DHFL is being resolved under FRDI.
Read MoreNCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT
NCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT CASE SUMMARY Mrs. Vandana Garg – Appellant vs Reliance Capital Ltd. & Anr. – Respondent (Company Appeal (AT) (Insolvency) No. 603 of 2019) Order dated July 2, 2019 by Justice S.J. Mukhopadhaya (Chairperson), Justice A.I.S.
Read MoreMONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT
MONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT CASE SUMMARY Gaurav Agrawal, Director M/s. Albus India Ltd. – Appellant vs M/s Tuf Metallurgical (P) Ltd. & M/s Albus India Ltd. – Respondents (Company Appeal (AT) (Ins) No.212 of 2019) Order dated September 4, 2019 by
Read MorePF, PENSION AND GRATUITY CANNOT BE CONSIDERED AS LIQUIDATION ESTATE UNDER IBC: NCLAT
PF, PENSION AND GRATUITY CANNOT BE CONSIDERED AS LIQUIDATION ESTATE UNDER IBC: NCLAT CASE SUMMARY STATE BANK OF INDIA – Appellant vs MOSER BAER KARAMCHARI UNION & ANR – Respondent (COMPANY APPEAL (AT)(INSOLVENCY) NO. 396 of 2019) Order dated 19.08.2019 by Justice S.J.MUKHOPADHAYA and Justice A.I.S. CHEEMA 1. Issue in Consideration Whether the provident fund,
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