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Indian Industries Association (IIA) raises concern over amendments to the Insolvency and Bankruptcy Code, 2016 (“IBC”)
Various people in the IIA have raised concerns in relation to the amendment of Section 4 of the IBC stating that such amendment is against the interests of MSMEs.
In a letter, the IIA has stated …
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IBC Process - New Challenges as some winners look to wriggle out
Resolutions under the IBC may face a difficult time after the pandemic of COVID-19 as bankers fear that winning bidders will review their interest in companies undergoing CIRP and may attempt to …
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NCLT makes Default Records Mandatory from the Information Technology – CIRP
NCLT has made it mandatory for all the financial creditors to file “Default Records” from information utility while filing section 7 of the IBC Code. This is a mandatory directive issued, …
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Telecommunications Department may approach the Supreme Court against moratorium on Aircel Spectrum
The Department of Telecommunications is likely to knock the doors of the Apex Court in order to exclude the spectrum held by Aircel from the scope of moratorium imposed on Aircel. The Department of …
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Changes in IBC Law to ease business: Finance Minister’s Speech
There has been some announcements made by the Finanace Minister in the light of the Covid-19 situation. The government has tried to ease the business by bringing following announcements:
1. …
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NCLAT Bench to be set up at Chennai to help resolve pending cases
A separate bench of the National Company Law Appellate Tribunal will be set up at Chennai with such bench possessing jurisdiction and authority to hear and adjudicate upon appeals against orders of …
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NCLAT - Pendency of SARFAESI proceedings before DRT does not extend the period of limitation under the IBC
It was held by the NCLAT, in Bimal Kumar v. Bank of India(Company Appeal (AT) (Insolvency) No. 1166 of 2019), that pendency of SARFAESI proceedings before Debt Recovery Tribunals (DRT) will not …
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Suspension of Sections 7, 9 & 10 of the IBC for a period of one year
The Finance Minister, Nirmala Sitharaman, has suggested that the continuation of the prevalent situation in the country on account of COVID-19 and any change for the worse in relation to the same …
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Ease of Doing Business: Impact of Covid-19 Measures on Insolvency
1. Special insolvency resolution framework for MSMEs under Section 240A of the Code to be notified soon
2. Empowering Central Government to exclude COVID 19 related debt from the definition …
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Clarification on dispatch of notice under Section 62(2) of Companies Act, 2013
In view of the Covid-19 and the lockdown condition, the Ministry of Corporate Affairs by its General Circular No. 21/2020 dated 11th March 2020, on receiving representations to clarify on the mode of …
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Additional relaxation in relation to compliance with certain provisions of SEBI
In view of the COVID-19 Pandemic, Securities and Exchange Board of India by its circular No. SEBI/HO/CFD/CMD1/CIR/P/ 2020/79 dated 12th May 2020 in exercise of powers conferred by Section 11(1) of …
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Relaxation from the applicability of SEBI Circular dated October 10, 2017 on noncompliance with the Minimum Public Shareholding (MPS) requirements
SEBI vide its circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/81 dated 14th May 2020 in exercise of powers conferred on it under Section 11(1) of the Securities and Exchange Board of India Act, 1992, read …
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Relaxation in timelines for compliance with regulatory requirements
In view of the Covid-19 pandemic, and the lockdown imposed by the Government of India and the State Governments, the SEBI by its circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/82 dated 15th May 2020 in …
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Suspension of IBC
Insolvency filing under the IBC has been barred or suspended for a period of one year. In order to deal with the Covid-19 situation, the Reserve Bank of India is likely to soften its restructuring …
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RERA and Force Majeure
The Ministry of Housing and Urban Affairs (Housing Section), through the Central Advisory Council (“CAC”) vide notification dated 13 May 2020, confirmed Covid-19 as a …
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AMENDMENTS IN THE INSOLVENCY AND BANKRUPTCY LAW
Form INC-28 is to be filed after the appointment:
The IRP/RP/Liquidator is required to file the order of the NCLT approving him/her as the IRP/RP/Liquidator in form INC-28 on the MCA-21 portal. …
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IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2020 dated 20 April 2020
By virtue of Regulation 40C, the period of lockdown imposed by the Central Government due to the outbreak of COVID-19 shall not be counted for the purposes of computation of timeline of CIRP and such …
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IBBI (Liquidation Process) (Second Amendment) Regulations, 2020 dated 20 April 2020
By virtue of Regulation 47A, the period of lockdown imposed by the Central Government due to the outbreak of COVID-19 shall not be counted for the purposes of computation of the timeline for …
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Interpretation of IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 dated 20 April 2020
“(4) The filing of a Form under this Regulation after due date of submission, whether by correction, updation or otherwise, shall be accompanied by a fee of five hundred rupees per Form for …
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Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2020 dated 20 April 2020
1. Payment of registration fees by insolvency professionals:The registration fee, payable by the insolvency professional for the financial year 2019-20, shall be paid to the IBBI on or before …
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