Appointment of IRP/RP by Financial Creditors – Still call it a fair game play?
The Author made an attempt to expose adverse effects of possible collusion of Insolvency Professionals and Financial Creditors.
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 MoreTIMELINES IN RESOLUTION PLAN RELAXED BY NCLT ON ACCOUNT OF COVID-19
The Adjudicating Authority found that there is no material change in the Resolution plan save and except modification/concession/relaxation in respect of time line of payment to the creditors and/ or stake holders and the relief sought appears to be genuine and bonafide. Therefore, the Resolution plan has been approved by the adjudicating authority with a modified time frame/timeline.
Read MoreEX-EMPLOYEE OF FINANCIAL CREDITOR CANNOT ACT AS IRP/RP
The NCLAT upheld the order passed by the Adjudicating Authority holding that apprehension of biasness raised by the Corporate Debtor cannot be dismissed offhand and that NCLT is justified in changing the IRP.
Read MoreCIRP APPLICATION CAN BE ADMITTED EX-PARTE
According to Section 7 of the code, application for initiation of CIRP is admitted after ascertaining the existence of default in respect of debt owed. In this case, the CD has acknowledged the existence of default but neither repaid it nor filed any reply-affidavit to the notices which clearly indicates that there is no violation of principles of natural justice by the Adjudicating Authority. Accordingly, the NCLAT dismissed the appeal.
Read MoreIBC (Amendment) Ordinance, 2019: Practical Difficulties in filing CIRP Application by Home Buyers
The Insolvency and Bankruptcy (Amendment) Ordinance, 2019, introduced many important amendments and one among them is the threshold requirement for initiation of CIRP by home buyers. The Author made an attempt to highlight practical difficulties in filing CIRP application by home buyers after this Ordinance.
Read MoreDIRECTORS’ DUTIES DURING TWILIGHT ZONE
During twilight zone, it is highly likely that the directors or the senior management might enter into vulnerable transactions which can be prejudicial to the interests of stakeholders. The Author made an attempt to highlight the do’s and dont’s of a director during twilight zone.
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 MoreWITHDRAWAL OF CIRP APPLICATION: ONLY POSSIBLE WAY TO REGAIN CONTROL BY PROMOTERS UNDER IBC
WITHDRAWAL OF CIRP APPLICATION: ONLY POSSIBLE WAY TO REGAIN CONTROL BY PROMOTERS UNDER IBC Withdrawal of application for initiation of corporate insolvency resolution process (“CIRP”) after its admission was originally not part of the Insolvency and Bankruptcy Code, 2016 (“Code” or “IBC”) as passed by the Parliament nor its originally notified rules or regulations. It
Read MoreFALL OF ‘DEFAULTER’S PARADISE’: HOW THREE YEARS LATER, IBC IS INDIA’S MOST AGILE ECONOMIC REFORM.
FALL OF ‘DEFAULTER’S PARADISE’: HOW THREE YEARS LATER, IBC IS INDIA’S MOST AGILE ECONOMIC REFORM. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated by the President on December 28, 2019. This is the fourth amendment to the Insolvency and Bankruptcy Code, 2016 (“Code” or “IBC”) ever since it was enacted three years ago
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