Effective Management of Personal Insolvency
Do’s and Don’ts for Resolution Professionals Filing Application under Section 95 of IBC Do’s 1. Ensure Accurate and Complete Facts: a. Do state all facts correctly and based on documentary evidence when filing an application on behalf of any creditor under Section 95. b. Do take an undertaking from the creditor that no information has been withheld […]
Insolvency Professionals in India play a crucial role in resolving distressed assets and reviving financially troubled entities. Staying updated with the latest legal developments, regulatory changes, and industry best practices is essential for their success. Here is a comprehensive guide to the most important websites that IPs should visit regularly. 1. Insolvency and Bankruptcy Board […]
Background In a recent case before the Telangana High Court (decided on 27th June, 2024), two applications were filed under Section 11(6) of the Arbitration and Conciliation Act, 1996. The applicant sought the appointment of an arbitrator to resolve disputes arising from two agreements with the respondent: the Facilities Service Agreement and the Catering Service […]
Introduction The discussion paper, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 19, 2024, seeks comments on four proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This article analyses IBBI’s second proposal to amend CIRP Regulations relating to the appointment of […]
Introduction The discussion paper, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 19, 2024, seeks comments on four proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper critically assesses IBBI’s first proposal to amend CIRP Regulations relating to the appointment […]
The National Company Law Appellate Tribunal (NCLAT) recently delivered a judgment concerning the application of Section 33(5) of the Insolvency and Bankruptcy Code, which mandates prior approval from the Adjudicating Authority for any legal proceedings initiated by a liquidator post-liquidation. This case, involving RMOL Engineering and Offshore Ltd., Company Appeal (AT) (Insolvency) No. 690 of […]
Introduction The Insolvency and Bankruptcy Board of India (IBBI) has recently issued a discussion paper on proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper, dated June 19, 2024, aims to solicit feedback on several key issues related to valuation, representation, and the treatment […]
On May 27, 2024, the National Company Law Tribunal (NCLT) issued a significant order in the case of Indiabulls Housing Finance Ltd. Vs. Dr. Subhash Chandra, where the Tribunal decided to replace the Resolution Professional, Mr. Raj Kamal Saraogi, with Mr. Shiv Nandan Sharma. While the order aimed to uphold the integrity of the Insolvency […]
The significant legal gap in the Code gives personal guarantors the means to challenge the roles of insolvency professionals as Resolution Professionals or Bankruptcy Trustees under Part III of the Insolvency and Bankruptcy Code, 2016 (IBC). This critical issue demands immediate attention from the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of […]
Introduction There exists a prevalent misapprehension regarding the scope of Part III of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”), which pertains to the insolvency and bankruptcy of individuals and partnership firms. It is commonly believed that Part III has been operational solely for individuals acting as personal guarantors to corporate […]