Is Priority Rights not a Priority?
In a recent ruling of NCLAT, it was observed that in the event the Secured Creditor holding priority charge elects to relinquish its security interest then the priority status of such secured creditor is lost and shall rank equally with other Secured Creditors. The Author attempts to capture the existing position and the need for protection of priority rights inter-se Secured Creditors.
Read MorePrepacks for MSMEs
Download the presentation on Prepacks and watch the Video explaining the entire process of Prepacks as envisaged in the Ordinance.
Read MoreSubmission and Updation of Claims during Liquidation – Is there a difference?
July 2019 amendment to the Liquidation Regulations introduced the concept of updating of claims already filed during CIRP. The Article analyses this amendment to understand the difference between submission and updation of claims.
Read MorePre-packs & 29A
The Sub-Committee of ILC recommended retention of Sec. 29A for Pre-packs. The article recommends two key amendments, in light of this.
Read MoreMCA Notification on minimum default of INR 1 Crore applies prospectively, clarifies NCLAT
The Hon’ble NCLAT clarified that the notification of MCA increasing the minimum amount of default to INR 1 Crore shall be applicable prospectively.
Read MoreDoes creation of Pledge of shares by CD constitute debt under IBC?
In the matter of Amtek Auto Ltd, the NCLT and NCLAT analysed the position of law with respect to creation of pledge vis-a-vis debt under IBC
Read MoreMadras 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 Liquidation and Voluntary Process Regulations amended on 05.08.2020
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