The Adjudication of Disputed Claims under IBC: A Lacunae Left Unattended?
September 5, 2020 INSOL India Editorial Team
The Insolvency and Bankruptcy Code, 2016 (“IBC”) is silent on the appropriate authority which would exercise adjudicatory functions to adjudicate the disputed claims. The Supreme Court in Essar Steel allowed a resolution plan to admit disputed claims at the notional value of..
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Plea against Insolvency code ordinance; Delhi High Court seeks Centre's stand
August 30, 2020 INSOL INDIA EDITORIAL TEAM
The Delhi High Court sought the Centre's reply on a plea challenging the Insolvency and Bankruptcy Code (IBC) Ordinance 2020 which suspended proceedings against defaults arising on or after March 25 for a period of six months, in view of..
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IBBI lists out potential red flags to detect avoidance transactions
August 30, 2020 INSOL INDIA EDITORIAL TEAM
Pre-dominance of cash transactions, independence of directors, and frequent changes of auditors are among the potential red flags for insolvency professionals in detecting avoidance transactions during insolvency proceedings, according to an Insolvency and Bankruptcy Board of India (IBBI)IBBI document titled..
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Limit on the number of assignments for an Insolvency Professional
August 30, 2020 INSOL INDIA EDITORIAL TEAM
The Insolvency & Bankruptcy Board of India (IBBI) has proposed to impose a limit on the number of assignments to be handled by an Insolvency Professional (IP) at a certain point of time in a discussion paper dated July 1,..
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Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020
August 30, 2020 INSOL INDIA EDITORIAL TEAM
On August 7, 2020, the IBBI enacted the IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2020 (“CIRP Amendment Regulations”). The CIRP Amendment Regulations has made the following amendments to the IBBI (Insolvency Resolution Process for Corporate Persons)..
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Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020
August 30, 2020 INSOL INDIA EDITORIAL TEAM
On August 5, 2020, the IBBI enacted the IBBI (Voluntary Liquidation Process) (Second Amendment) Regulations, 2020 (“VLP Amendment Regulations”). The VLPAmendment Regulations substituted regulation 5 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, (“VLP Regulations”) which provides for the appointment..