Amendment to the Takeover Regulations
July 27, 2020 EDITORIAL TEAM - INSOL India
The following amendments have been introduced by SEBI to the Takeover Regulations: Regulation 3(2): Aproviso has been introduced in regulation 3(2) and is placedbefore the existing provisos with the new proviso reading as follows: “Provided that the acquisition beyond five percent but..
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Securities and Exchange Board of India (“SEBI”) eases norms for preferential issue by listed companies with stressed assets
July 27, 2020 EDITORIAL TEAM - INSOL India
SEBI has announced relaxations in the pricing methodology for preferential issues by listed companies having stressed assets and exempt allottees of preferential issues from open offer obligations in such cases, with immediate effect. The relaxations provided by SEBI are as..
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ALTERNATIVE REMEDIES FOR CREDITORS ON ACCOUNT OF SUSPENSION OF INITIATION OF CIRP UNDER THE IBC
July 27, 2020 EDITORIAL TEAM - INSOL India
During the period of suspension of initiation of CIRP under the IBC, creditors (both financial and operational) have the option of exercising substitute / alternate remedies (to the IBC) for recovery of the debts owed to them. Some alternative remedies..
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The Goods & Services Tax Network (“GSTN”)enables new registration functionality for Insolvency Resolution Professionals
July 27, 2020 EDITORIAL TEAM - INSOL India
The Central Board of Excise & Customs (“CBIC”) had directed, videnotificationdated 23 March 2020, that corporate debtors shall be liable to obtain a new registration under the GST regime throughits appointedInterim Resolution Professionals (“IRP”) or Resolution Professionals (“RP”). A corporate debtor..
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IBBI seeks public comments on existing regulations
July 27, 2020 EDITORIAL TEAM - INSOL India
Continuing its efforts to ensure an updated and functionalregulatory framework conducive for stakeholders, the IBBI has sought comments from the public on the existing regulations under the IBC. The IBBI has also stated that they may also contemplate other important..
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NCLT makes filing record of default with an information utility mandatory
July 27, 2020 EDITORIAL TEAM - INSOL India
The NCLT, vide an order dated 12 May 2020, directed that any new insolvency application filed by a financial creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 (“IBC”) must be accompanied by a record of default from..