Insolvency and Bankruptcy Code

News, Blog, Insolvency and Bankruptcy Code

October 5, 2021

IBBI directs IP to pay 10% of fee as penalty and undergo pre-registration course from IPA for contravening section 208

Case Details: Ms. Kumudini Paranjape, … Continue reading “IBBI directs IP to pay 10% of fee as penalty and undergo pre-registration course from IPA for contravening section 208”

Blog, News, Insolvency and Bankruptcy Code

October 4, 2021

NCLT’s decision to liquidate corporate debtor was upheld as the CIRP period was completed and there was no resolution plan

Case Details: Dinesh Gupta v. … Continue reading “NCLT’s decision to liquidate corporate debtor was upheld as the CIRP period was completed and there was no resolution plan”

Blog, News, Insolvency and Bankruptcy Code

October 1, 2021

Withdrawal of CIRP plea not allowed where purported plan was not a settlement simpliciter as envisaged u/s 12A

Case Details: Siva Industries and … Continue reading “Withdrawal of CIRP plea not allowed where purported plan was not a settlement simpliciter as envisaged u/s 12A”

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October 1, 2021

NCLAT allows exclusion of time spent in passing of order for disbursing amount to financial creditors

Case Details: Rajesh Goyal v. … Continue reading “NCLAT allows exclusion of time spent in passing of order for disbursing amount to financial creditors”

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May 31, 2022

Proceedings against ex-directors u/s 70 couldn’t be sustained as RP could’ve obtained a/c details from creditor bank

Case Details: Venugopal Dhoot v. … Continue reading “Proceedings against ex-directors u/s 70 couldn’t be sustained as RP could’ve obtained a/c details from creditor bank”

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September 28, 2021

Act of financial creditor-Bank to adjust corporate debtor’s credit balance in cash towards debit balance couldn’t be justified

Case Details: Bank of India … Continue reading “Act of financial creditor-Bank to adjust corporate debtor’s credit balance in cash towards debit balance couldn’t be justified”

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September 28, 2021

‘New’ MSME criteria to apply even under Liquidation: Scheme 230 Revival for dead Corporare Debtor

[2021] 130 taxmann.com 416 (Article) … Continue reading “‘New’ MSME criteria to apply even under Liquidation: Scheme 230 Revival for dead Corporare Debtor”

News, Blog, Insolvency and Bankruptcy Code

September 25, 2021

Once resolution plan of a resolution applicant is approved it cannot file an avoidance application u/s 43: NCLT

Case Details: Tuf Metallurgical (P.) … Continue reading “Once resolution plan of a resolution applicant is approved it cannot file an avoidance application u/s 43: NCLT”

Blog, Insolvency and Bankruptcy Code

June 6, 2022

Pre-packaged Insolvency Resolution Process (PPIRP)

Table of Contents: 1. Background … Continue reading “Pre-packaged Insolvency Resolution Process (PPIRP)”

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September 24, 2021

Bank officer who was conferred power of attorney to initiate CIRP can file petition u/s 7 against corporate debtor: NCLT

Case Details: Punjab National Bank … Continue reading “Bank officer who was conferred power of attorney to initiate CIRP can file petition u/s 7 against corporate debtor: NCLT”