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| INSOL India is an independent leadership body representing practitioners and other associated professionals specialising in the fields of restructuring, insolvency and turnaround. It is an association with an architecture that facilitates key stakeholders to come together and share experiences while preserving their independence. |
Welcome to INSOL India Newsletter Volume 7, Issue January | Jan 31, 2018
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| Editor's Message |
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Editorial by Ashish Chhawchharia
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2018 could not have started with a flurry of activities for Insolvency professionals and creditors. This month, the Centre has amended several provisions of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Also, in its disclosure norms, Insolvency and Bankruptcy Board of India (IBBI) mandated Insolvency Professionals (IP) and other professionals associated to the CIRP process to disclose their relationship with the corporate debtor and also manner in which the fees and invoices are charged for the bankruptcy proceedings. The IP will have to disclose if she/he or any family members, including spouse, spouse's family, sibling or his family have any relation to the corporate debtor or other agencies.
This move will bring in more transparency in the process aimed at strengthening the operations of the insolvency code.
Hearings on Insolvency cases and numbers of cases being decided by NCLT and nclat are progressing by the day providing for jurisprudence for ongoing and future cases.
Most of the cases admitted out of the Big 12 have received approval for extension of 90 days and resolution plans are being received. The next few weeks are expected to be very interesting as the final outcomes of these landmark cases will emerge.
With the aforementioned developments, PM Narendra Modi-led NDA government seems to be inching closer to its target of making India a stronger economy. All these initiatives will build a solid pitch for recapitalisation for public sector banks in future.
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| President's Message |
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A. S. Chandhiok
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On behalf of INSOL India, I wish all our members and readers a very fruitful 2018. The year 2017 has been an eventful year for the insolvency regime. May the year 2018 further strengthen and streamline implementation of Insolvency and Bankruptcy Code, 2016.
Insolvency and Bankruptcy Code (Amendment) Act, 2018 has come into effect. The insolvency jurisprudence is developing manifold. Many important questions stand answered by judicial pronouncements right from the Apex Court, Appellate and the Adjudicating Authorities, adding value and strength to implementation of the Code. The Insolvency and Bankruptcy Board of India continues to lead the enforcement of the Code from the front and, whenever and wherever required, has promptly come out with the amendments/clarifications.
India has so far weathered the contagion of the global financial crises wonderfully. Everyone is looking at the international monetary fund projection of India to return to 7% path very soon. The resolution process in the 12 cases filed by Financial Institutions are likely to be completed soon. Each stakeholder is awaiting the final outcome.
The first information utility under the Code stands registered and would, in due course, expand to strengthen working of the Code. Each of us connected with the Code must continue to work with determination and total dedication and apply the best of ourselves to achieve the goal of Code. INSOL India is awaiting the personal insolvency regime to be brought into operation, which will open new gates for insolvency professionals.
I am thankful to the editors for their untiring efforts for bringing out the newsletter.
A.S. Chandhiok.
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| E-Newsletter Editorial Board |
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| Articles |
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By Dr Charu Mathur, Supreme Court of India Applicability of Limitation Act to IBC
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DISCLAIMER
INSOL India is a society registered under the provisions of Societies Registration Act XXI of 1860. A certificate to this effect was issued by the Registrar of Societies, Government of National Capital Territory of Delhi on 11th January 2000.
The formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association to promote closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law of insolvency and related lawhe formation of INSOL India fulfilled the long cherished desire of the members of the legal fraternity, chartered accountants, company secretaries and other persons, bodies and institutions in India, to have an association to promote closer co-operation, exchange of ideas, dissemination of information and an empathetic understanding of law of insolvency and related laws.
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