AMENDMENT IN THE INSOLVENCY AND BANKRUPTCY LAW

December 28, 2020 EDITORIAL TEAM INSOL India

The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2016 The following amendments have been made:  1.   In Regulation 2A which specifies the requirement to record the evidences of default by financial creditor :-  “(a) Certified copy..

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AMENDMENTS IN THE INSOLVENCY AND BANKRUPTCY LAW

December 28, 2020 EDITORIAL TEAM INSOL India

Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020[1] 1.    30A is inserted[2].Regulation 30A, which specifies the transfer of debt due to the creditors, has been inserted, namely:  “A creditor may assign or transfer the debt due to him or it..

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Asset Reconstruction Companies as Resolution Applicants

March 24, 2021 EDITORIAL TEAM INSOL India

The inconsistency between the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 and those of the IBC regarding asset reconstruction companies (“ARCs”) had come up recently when the resolution plan submitted by..

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Summary Report of the Sub-Committee of the Insolvency Law Committee on Prepackaged Insolvency Resolution Process

March 15, 2021 EDITORIAL TEAM INSOL India

A Pre-Packaged Insolvency or Bankruptcy Scheme has been drafted by the Sub-Committee on Prepackaged Insolvency Resolution Process headed by Venkata Subbarao Kalva. Section 10A of the Code has prohibited the initiation of CIRP in respect of defaults arising due to..

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Circular No.: IBBI/CIRP/38/2021

January 6, 2021 EDITORIAL TEAM - INSOL India

A circular dated 6th January 2021 (“Circular”) was issued by Insolvency and Bankruptcy Board of India (IBBI) to all the registered and recognized insolvency professionals (“IP”), entities and agencies. The circular was regarding the maintenance of several records in relation..

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Ex- employee of Financial Creditor can be a Resolution Professional

October 31, 2020 INSOL India - Editorial Team

Supreme Court, in the case of Metenere Ltd. where SBI is the financial creditor and its ex-employee is receiving pension, observed at the outset that NCLAT’s approach was not correct that merely Resolution Professional who remained in the service of..

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