Reconsideration of Reliance Industries Limited and JM Financial Asset Reconstruction Company’s bid for Alok Industries

July 13, 2018 Insol India Editorial

National Company Law Tribunal, Ahmedabad bench (“NCLT”) had admitted insolvency proceedings against Alok Industries Ltd. (“Alok Industries”) in July 2017 under the Code. Reliance India Limited (“RIL”) and JM Financial Asset Reconstruction Company (“ARC”) jointly submitted a resolution plan in..

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Circular on fee and expenses

July 13, 2018 INSOL India Editorial Team

Pursuant to the comments received from the stakeholders by the IBBI on its discussion paper “Regulation of fee payable to insolvency professionals and other process costs under Corporate Insolvency Resolution Process’, the IBBI has issued a circular on fee and..

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Comments on Cross Border Insolvency chapter

July 13, 2018 INSOL India Editorial Team

The Code provides for recognition and enforcement of insolvency proceedings initiated in India on the basis of reciprocal agreements between government of India and governments of other country. However, with the Indian businesses expanding its footprints in offshore jurisdictions and..

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IBBI’s communication to Insolvency Professionals- in aid of them conducting the CIRP

July 13, 2018 INSOL India Editorial Team

IBBI has issued a communication to Insolvency Professionals to highlight to them that law facilitates and empowers the IP to discharge his responsibilities effectively. The communication cites various cases where Adjudicating Authority has issued orders to aid and assist insolvency..

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Discharge of Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the Code

July 13, 2018 INSOL India Editorial Team

Keeping in mind the timelines prescribed under the IBC and role of an insolvency resolution professional, the IBBI has issued a discussion paper Discharge from Responsibility as Interim Resolution Professional, Resolution Professional or Liquidator of the Corporate Processes under the..

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The Insolvency Bankruptcy Code (Amendment) Ordinance, 2018 

July 13, 2018 INSOL India Editorial Team

With a view to strengthen the insolvency resolution framework within the country, changes were introduced to the IBC after taking into consideration the recommendations of the Insolvency Committee Report published in March 2018. The Insolvency Bankruptcy Code (Amendment) Ordinance 2018..

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