NCLAT Bench to be set up at Chennai to help resolve pending cases
June 1, 2020 INSOL India - Editorial Team
A separate bench of the National Company Law Appellate Tribunal will be set up at Chennai with such bench possessing jurisdiction and authority to hear and adjudicate upon appeals against orders of NCLT benches located in Tamil Nadu, Karnataka, Kerala,..
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Changes in IBC Law to ease business: Finance Minister’s Speech
June 1, 2020 INSOL India - Editorial Team
There has been some announcements made by the Finanace Minister in the light of the Covid-19 situation. The government has tried to ease the business by bringing following announcements: 1. Section 240A of Insolvency and Bankruptcy Code, 2016 to be notified soon; 2. No..
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Telecommunications Department may approach the Supreme Court against moratorium on Aircel Spectrum
June 1, 2020 INSOL India - Editorial Team
The Department of Telecommunications is likely to knock the doors of the Apex Court in order to exclude the spectrum held by Aircel from the scope of moratorium imposed on Aircel. The Department of Telecommunications (DoT) wants the telecom operator..
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NCLT makes Default Records Mandatory from the Information Technology – CIRP
June 1, 2020 INSOL India - Editorial Team
NCLT has made it mandatory for all the financial creditors to file “Default Records” from information utility while filing section 7 of the IBC Code. This is a mandatory directive issued, otherwise no petition will be entertained. NCLT has also..
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IBC Process - New Challenges as some winners look to wriggle out
June 1, 2020 INSOL India - Editorial Team
Resolutions under the IBC may face a difficult time after the pandemic of COVID-19 as bankers fear that winning bidders will review their interest in companies undergoing CIRP and may attempt to re-negotiate bids or pull out altogether. Bankers also fear..
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Indian Industries Association (IIA) raises concern over amendments to the Insolvency and Bankruptcy Code, 2016 (“IBC”)
June 1, 2020 INSOL India - Editorial Team
Various people in the IIA have raised concerns in relation to the amendment of Section 4 of the IBC stating that such amendment is against the interests of MSMEs. In a letter, the IIA has stated that, “The Finance Ministry has..