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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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.

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S. 59 of IBC and Voluntary Liquidation under Companies Act

The Hon’ble NCLAT has held that the jurisdiction exercised by the Adjudicating Authority is vested in it and cannot be termed improper. Despite being of the view that the claim initially left out by the Respondent No.1 was payable, the Liquidator proceeded to reject the same without any justifiable reason which cannot be supported.

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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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EX-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.

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CIRP 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.

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IBC (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.

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DIRECTORS’ 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.

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