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.

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WHEN 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’…

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IBBI 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

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IBBI AMENDS INSOLVENCY RESOLUTION PROCESS REGULATIONS

A glimpse on the amendments made by IBBI to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

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JUDICIAL 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

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SC: 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.

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“GOVERNING LAW” CLAUSE OF AN AGREEMENT CANNOT RESTRICT THE JURISDICTION OF NCLT: NCLAT

“GOVERNING LAW” CLAUSE OF AN AGREEMENT CANNOT RESTRICT THE JURISDICTION OF NCLT: NCLAT CASE SUMMARY EXCEL METAL PROCESSORS LIMITED – Appellant Vs BENTELER TRADING INTERNATIONAL GMBH AND ANR. – Respondents  (Company Appeal (AT) (Insolvency) No. 782 of 2019) Judgment dated 21.08.2019 by Justice S. J. Mukhopadhaya and Justice A.I.S. Cheema 1. Issue in Consideration: Whether the

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NCLT 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.

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MONEY 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

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PF, 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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