264 Big Wilful Defaulters Owe Rs 1.08 Lakh Crore to Banks, Reveals RBI
March 15, 2021 EDITORIAL TEAM INSOL India
In a reply to an application filed under the Right to Information (RTI) Act, 2005 the Reserve Bank of India (RBI) stated that there were 1913 wilful defaulters together owing Rs 1.46 lakh crore to banks as on June 2020...
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Applicability of Section 18 Limitation Act to proceedings under Insolvency & Bankruptcy Code
March 15, 2021 EDITORIAL TEAM - INSOL India
The issue of application of Section 18 of the Limitation Act, 1963 has always remained a contentious issue when presented before courts since the resolution of the dispute is usually fact dependent. Section 18 states that the initial date for the..
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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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Notification under Section 10A of IBC
December 22, 2020 EDITORIAL TEAM INSOL India
The notification extends the application of Section 10A for three more months thereby which effectively disabling the filing of applications for initiation of corporate insolvency resolution of corporate debtors till 25th March 2021. This would extend the suspension period to..
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Situation Demands That Loan Moratorium Be Extended Till 31 March 2021": Plea In Supreme Court Seeks Extension
December 28, 2020 EDITORIAL BOARD INSOL India
An amendment application praying for directions to extend the moratorium period till March 31, 2021 has been filed in the Supreme Court. The Supreme Court is hearing the issue of extension of loan moratorium and waiver of accruing interest. One..