Search Results for Tag : IBC
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Cabinet Approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019(11.12.2019)
The Union Cabinet chaired by the Prime Minister approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (Code), through t.....
Tags : IBC, Second Amendment, Approval
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Government suspends IBC qua fresh bankruptcy proceedings amid covid pandemic(05.06.2020)
In an unprecedented move, the Government of India has suspended fresh proceedings under Sections 7, 9 and 10 of the Insolvency and Bankruptcy Code, 20.....
Tags : Fresh proceedings, Suspension, IBC
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Judgments
Provisions of Section 96 of the IBC are not applicable on a complaint filed under Section 138 of NI Act(15.05.2023)
The facts of the present case are that, the complaint was filed by Respondent No. 1 against the Petitioner and Respondent Nos. 2, under Section 138 re.....
Tags : IBC, Provision, Applicability
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News
Creditor Need Not Give Notice of Default to Corporate Debtor: NCLT(13.06.2018)
Mumbai Bench of National Company Law Tribunal (NCLT) has observed that prior notice is not required to be given by a creditor under the Insolvency & B.....
Tags : Insolvency, IBC
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Notifications & Circulars
IBBI, SEBI sign MoU for better implementation of IBC(19.03.2019)
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (.....
Tags : MOU, Signing of, Implementation, IBC
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NCLT Admits Videocon Case for Insolvency Proceedings(08.06.2018)
National Company Law Tribunal (NCLT) has admitted the case of Videocon Industries for insolvency proceeding.
Tags : Insolvency, IBC
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SC: Moratorium u/s 14 IBC Covers Section 138 NI Act Proceedings Against Corporate Debtor(01.03.2021)
Supreme Court has held that the declaration of moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016 covers criminal proceedin.....
Tags : Supreme Court, Moratorium u/s 14 IBC
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Delhi HC Seeks Response on Plea Against Rules Allowing NBFCs Resolution Under IBC(04.02.2021)
Delhi High Court has sought responses of the Centre, the Reserve Bank of India and Dewan Housing Finance Corporation Ltd (DHFL) on a writ petition cha.....
Tags : Delhi High Court, NBFC Resolutions Under IBC
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Hind Dorr-Oliver, HDO Tech to Be Liquidated: NCLT(09.07.2018)
Mumbai bench of National Company Law Tribunal (NCLT) has ordered liquidation of engineering, procurement and construction (EPC) company Hindustan Dorr.....
Tags : Insolvency, IBC
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NCLT Asks Alok Industries RP to Reconsider Plan Submitted by RIL(12.06.2018)
Ahmedabad bench of National Company Law Tribunal (NCLT) has directed the Resolution Professional (RP) for Alok Industries to reconsider the resolution.....
Tags : Insolvency, IBC
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SC: EPFO Employees Must Ensure Compliance with the Timelines Provided Under IBC(01.09.2023)
Supreme Court has held that Commissioner and employees of EPFO must take steps to ensure that there is compliance with timelines provided under Insolv.....
Tags : Supreme Court, EPFO Employees, IBC
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NCLT Admits Andhra Bank’s Insolvency Plea Against Sterling(12.06.2018)
National Company Law Tribunal (NCLT) has admitted the insolvency petition filed by Andhra Bank against Mumbai-based Sterling Biotech Ltd, which owes a.....
Tags : Insolvency, IBC
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NCLT Grants Additional 20 Days for Adhunik Metaliks to Complete CIRP(19.06.2018)
Kolkata Bench of National Company Law Tribunal (NCLT) has granted an additional 20 days time for Adhunik Metaliks to complete its ongoing insolvency r.....
Tags : Insolvency, IBC
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NCLT: Transaction Cannot be Held as Fraudulent Without Proper Enquiry into Allegations(06.06.2022)
National Company Law Tribunal (NCLT), Kolkata Bench has held that a transaction cannot be alleged to be preferential, fraudulent or avoidable by the R.....
Tags : NCLT, IBC, Resolution Professional
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Calcutta HC: Writ Jurisdiction Shall Exist IBC Matters Despite Alternative Remedy(10.03.2021)
Calcutta High Court held that the writ jurisdiction can be invoked in the Insolvency and Bankruptcy Code (IBC) matters, despite the availability of an.....
Tags : Calcutta High Court, Writ Jurisdiction in IBC Matters
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NCLT Approves GMSPL Plan for Orissa Manganese(25.06.2018)
National Company Law Tribunal (NCLT), Kolkata has approved the resolution plan of Ghanshyam Mishra & Sons (GMS) for revival of debt-ridden Orissa Mang.....
Tags : Insolvency, IBC
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NCLAT Refuses to Defer Order on Uttam Galva Units’ Insolvency Case(26.06.2018)
National Company Law Appellate Tribunal (NCLAT) has refused to direct the Mumbai bench of National Company Law Tribunal (NCLT) to defer its pronouncem.....
Tags : Insolvency, IBC
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IBBI Denies Registration as IP Against Whom Criminal Proceedings Are Pending(26.06.2018)
Insolvency and Bankruptcy Board of India ( IBBI ) has rejected an application for registration as an Insolvency Professional (IP) of an individual aga.....
Tags : Insolvency, IBC
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Delhi HC Directs RBI and Finance Ministry to Bring Parity in Sections of IBC(19.03.2021)
Delhi High Court has asked the finance ministry and the Reserve Bank of India (RBI) to consider bringing in parity in certain sections of the Insolven.....
Tags : Delhi High Court, Parity in Sections of IBC
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NCLAT Refuses to Stay Electrosteel Delisting(28.06.2018)
National Company Law Appellate Tribunal (NCLAT) has refused to stay the delisting of Electrosteel Steels shares by its new promoter Vedanta.
Tags : Insolvency, IBC
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SC Orders Transfer of All Pleas Challenging Provisions of IBC on Personal Guarantors(29.10.2020)
Supreme Court has ordered the transfer of petitions pending across High Courts, challenging the provisions of Insolvency & Bankruptcy Code, 2016 perta.....
Tags : Supreme Court, Transfer of All Pleas Challenging Provisions of IBC
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NCLAT Stays NCLT Order on Appointment of Directors to 63 Moons(28.06.2018)
National Company Law Appellate Tribunal (NCLAT) has stayed an order of Chennai Bench of National Company Law Tribunal (NCLT), which allowed the govern.....
Tags : Insolvency, IBC
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ITAT: Income Tax Appeal Not Maintainable During the Course of IBC Proceedings(16.08.2022)
Income Tax Appellate Tribunal (ITAT), Hyderabad Bench has held that an Income tax appeal is not maintainable during Insolvency and Bankruptcy Code (IB.....
Tags : ITAT, Income Tax Appeal, IBC
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NCLAT Seeks Explanation for Rejection of Essar Steel Bids(03.07.2018)
National Company Law Appellate Tribunal (NCLAT) has sought an explanation from the insolvency resolution professional of Essar Steel Ltd for rejecting.....
Tags : Insolvency, IBC
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NCLT Reserves Order on Srei Infra’s Plea Against Sterling Units(03.07.2018)
Mumbai bench of National Company Law Tribunal has reserved its order in an insolvency plea filed by Srei Infrastructure Finance Ltd against Sterling S.....
Tags : Insolvency, IBC
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Corporate Debtor can Withdraw Application Filed Under IBC on Making OTS Offer to Creditor : NCLT(28.01.2019)
NCLT has allowed the a corporate debtor to withdraw petition for its insolvency, though with costs, besides allowing ex-director of corporate debtor t.....
Tags : NCLT, Corporate Debtor can Withdraw Application Filed Under IBC
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Central Government hereby notifies further period of three months for the purposes of Section 10A of the Insolvency and Bankruptcy Code, 2016(22.12.2020)
In exercise of the powers conferred by section 10A of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Central Government hereby notifies fu.....
Tags : Extension, Time period, IBC
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SC: Insolvency And Bankruptcy Code Will Prevail Over The Customs Act(26.08.2022)
Supreme Court had held that the Insolvency and Bankruptcy Code (IBC) will prevail over the Customs Act and that the customs authority can only determi.....
Tags : Supreme Court, IBC, Customs Act
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Centre Notifies Regulations for Liquidation Process Under New Bankruptcy Code(19.12.2016)
Central Government has notified rules by which companies can go through liquidation under Insolvency and Bankruptcy Code (IBC), 2016.
Tags : Central Government, liquidation, Insolvency and Bankruptcy Code (IBC), 2016
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Ker. HC: Mere Uploading of Appln. u/s 96 IBC Can’t be Considered as Filing(20.11.2023)
Kerala High Court has held that only when an application under Section 96 of IBC is filed without any defects and satisfying the statutory procedural .....
Tags : Kerala High Court, Application, IBC
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SC: Application for Withdrawal of CIRP is Maintainable Prior to Constitution of CoC(29.03.2023)
Supreme Court has held that Section 12A of the Insolvency and Bankruptcy Code, 2016 does not debar entertaining applications for withdrawal of Corpora.....
Tags : Supreme Court, CIRP, CoC, IBC
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IBBI Gives Timelines for Insolvency Process, Allows Withdrawal of Application(06.07.2018)
Insolvency and Bankruptcy Board of India (IBBI) has notified norms to allow homebuyers to get relief as financial creditors, permitted withdrawal of i.....
Tags : Insolvency, IBC
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Delhi HC Issues Notice on Challenge to Centre's Notification of IBC Part III(05.08.2020)
Delhi High Court has issued notice on a plea challenging the gazette notification bringing into effect certain provisions of Part III of the Insolvenc.....
Tags : Delhi High Court, Challenge to Centre's Notification of IBC
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Jhar. HC: Resolution Professional Under IBC Falls Within Ambit of 'Public Servant' Under POCA(07.04.2023)
Jharkhand High Court has held that Resolution Professional under Insolvency and Bankruptcy Code (IBC) will be considered a public servant under both s.....
Tags : Jharkhand High Court, Resolution Professional, Public Servant, IBC
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No Provision of Summer Break for NCLT, NCLAT: Government(12.06.2018)
Government has said that there’s no provision for vacation under the rules framed in 2016 for National Company Law Tribunals (NCLT) and National Compa.....
Tags : Insolvency, IBC
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SC: No Priority For Workers' Dues After Liquidation of Company Under IBC(03.05.2023)
Supreme Court while holding that workers' dues will not get preferential payment in the event a company undergoes liquidation as per the provisions of.....
Tags : Supreme Court, IBC, Companies Act, 2013
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CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)
Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantee.....
Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC
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NCLT Reserves Order on Jyoti Structures’ Resolution Plan(22.06.2018)
Mumbai bench of the National Company Law Tribunal (NCLT) has reserved its order on both the plan placed before it by the resolution professional of Jy.....
Tags : Insolvency, IBC
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Delhi HC: Parties Can’t be Referred to Arbitration When Moratorium Issued by NCLAT(23.12.2022)
Delhi High Court has held that moratorium granted by NCLAT after resolution process is initiated against it is akin to an order of moratorium passed u.....
Tags : Delhi High Court, Moratorium, NCLAT, Arbitration, IBC
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NCLAT Seeks Status Report on Jaypee Infratech Insolvency Resolution(16.07.2018)
National Company Law Appellate Tribunal (NCLAT) has asked the resolution professional (RP) for Jaypee Infratech to submit details on the progress of i.....
Tags : Insolvency, IBC
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NCLAT: IBC Proceedings Valid Even if Company's Name Struck Off From Register(13.09.2019)
National Company Law Appellate Tribunal (NCLAT) has reiterated that an application under Section 7 and 9 of the Insolvency and Bankruptcy Code, 2016 f.....
Tags : NCLAT, IBC
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Government Notifies IBC Amendment Act, 2021 Enables Pre-Packaged Insolvency Resolution for MSMEs(13.08.2021)
Central Government has notified the Insolvency and Bankruptcy Code Amendment Act, 2021 which has enabled Pre-packaged Insolvency Resolution for MSMEs......
Tags : Central Government, IBC Amendment Act, 2021
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NCLAT Sets Aside NCLT Order to Add MCA as Party in All IBC Cases and Company Petitions(26.05.2020)
National Company Law Appellate Tribunal (NCLAT) has set aside an order of National Company Law Tribunal (NCLT) which mandated the impleadment of the U.....
Tags : National Company Law Appellate Tribunal, Ministry of Corporate Affairs, Party to IBC Matters
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NCLT Admits Insolvency Petition Against Uttam Galva Steel Subsidiary(27.06.2018)
Mumbai bench of National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by State Bank of India (SBI) against Uttam Value Steel .....
Tags : Insolvency, IBC
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NCLT: Guarantor’s Mortgaged Asset Can be Liquidated(28.06.2018)
National Company Law Tribunal has ordered liquidation of mortgaged property of a guarantor as part of the recovery of loans to a bankrupt company.
Tags : Insolvency, IBC
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SC: IBC Overrides Provisions of Electricity Act, 2003(18.07.2023)
Supreme Court while observing that Section 238 of Insolvency and Bankruptcy Code (IBC) override provisions of the Electricity Act, 2003, has held that.....
Tags : Supreme Court, IBC, Electricity Act, Secured Creditors
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SC: Authorities Under IBC Cannot Direct Parties to Proceedings Before Settling Dispute(15.12.2021)
Supreme Court has observed that Adjudicating Authority and Appellate Authority under Insolvency and Bankruptcy Code cannot compel a party to the proce.....
Tags : Supreme Court, Authorities Under IBC
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SC: Disqualification u/s 29A (h) IBC Will Stand Attracted on Mere Invocation of Personal Guarantee(19.01.2022)
Supreme Court has interpreted the scope of Section 29A(h) of the Insolvency and Bankruptcy Code, 2016 (IBC), adopting a purposive interpretation of th.....
Tags : Supreme Court, Disqualification u/s 29A (h) IBC
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SC Upholds Validity of IBC Provisions Relating to Personal Guarantors(09.11.2023)
Supreme Court has upheld the constitutional validity of IBC provisions (Section 95 to Section 100) relating to Personal Guarantors Insolvency Resoluti.....
Tags : Supreme Court, IBC, Constitutional Validity, Personal Guarantors
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IBBI Prohibits Empanelment of Insolvency Professional Entities with Market Participants(11.07.2018)
Insolvency and Bankruptcy Board of India (IBBI) has expressly prohibited the empanelment of Insolvency Professional Entities with market participants.
Tags : Insolvency, IBC
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Central Government Notifies New IBC Rules to Cover Financial Service Providers(18.11.2019)
Central Government has put out the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to.....
Tags : Central Government, IBC
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Supreme Court on IBC: No Moratorium for Personal Guarantors(16.08.2018)
Supreme Court has clarified that the statutory moratorium period provided for corporate debtors facing insolvency proceedings will not apply to person.....
Tags : Supreme Court, IBC
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SC: Enforcement date of IBC Wholly Irrelevant to Triggering of any Limitation for Applications(03.10.2019)
Supreme Court has observed that the enforcement date of the Insolvency and Bankruptcy Code, 2016 does not and cannot form a trigger point of limitatio.....
Tags : SC, IBC
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President Okays IBC Ordinance, Home Buyers To Be Treated As Financial Creditors(07.06.2018)
Home buyers will now be recognised as financial creditors under the insolvency law, with the Government promulgating an ordinance. President Ram Nath .....
Tags : IBC Ordinance
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NCLAT Asks RP, CoC of Bhushan Power to Address Liberty House's Grievances(10.07.2018)
National Company Law Appellate Tribunal has directed resolution professional and Committee of Creditors (CoC) of Bhushan Power & Steel to address gri.....
Tags : Insolvency, IBC
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Karnataka High Court Issues Notice on Plea Challenging Constitutionality of Sections 99 & 100 of IBC(10.12.2021)
Karnataka High Court has issued notice to the Union of India and two others on a petition seeking to declare section 99 and 100 of the Insolvency and .....
Tags : Karnataka High Court, Constitutionality of Sections 99 & 100 of IBC
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NCLT: Ministry of Corporate Affairs Should be Party in all IBC Proceedings(26.11.2019)
National Company Law Tribunal, Principal Bench has ruled that it will be mandatory to make Ministry of Corporate Affairs a party to all the cases unde.....
Tags : NCLT, IBC
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NCLAT: Guarantors’ Assets Cannot be Liquidated Under IBC(08.03.2018)
National Company Law Appellate Tribunal (NCLAT) has ruled that personal assets of guarantors, who in most cases are promoters, cannot be liquidated in.....
Tags : NCLAT, IBC
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NCLT Directs Alok Industries’ RP to Submit Approval for RIL-JM Fin Plan(26.06.2018)
Ahmedabad bench of National Company Law Tribunal (NCLT) has directed the Resolution Professional (RP) of Alok Industries to submit an application for .....
Tags : Insolvency, IBC
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SC: Person Ineligible Under IBC Cannot Propose Compromise Scheme Under Companies Act(16.03.2021)
Supreme Court has held that a person who is ineligible under Section 29A of the Insolvency Bankruptcy Code, 2016 to submit a resolution plan, cannot p.....
Tags : Supreme Court, Person Ineligible Under IBC
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NCLT Allows Extension of Deadline to Evaluate Bidders of Mandhana Industries(25.06.2018)
Mumbai bench of National Company Law Tribunal (NCLT) has allowed Resolution Professional (RP) of Mandhana Industries (MIL) to exclude the time between.....
Tags : Insolvency, IBC
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IBBI Prescribes Norms for Fee and Other Expenses Incurred for CIRP(13.06.2018)
Insolvency and Bankruptcy of India ( IBBI ) has prescribed fee and other expenses incurred for Corporate Insolvency Resolution Process.
Tags : Insolvency, IBC
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SC: Proceedings u/s 34 Arbitration Act Also Covered by Moratorium Under Section 14 IBC(03.03.2021)
Supreme Court has observed that an application under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside an award is covered by mora.....
Tags : Supreme Court, Moratorium Under Section 14 IBC
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SC: 2019 Amendment to Section 31 IBC has Retrospective Operation(14.04.2021)
Supreme Court has held that 2019 amendment to Section 31 of the Insolvency and Bankruptcy Code, 2016 has retrospective operation. The Court has stated.....
Tags : Supreme Court, 2019 Amendment to Section 31 IBC
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CIVIL - IBC Reigns Supreme Over Other Civil Laws: Delhi High Court(25.02.2019)
Delhi High Court has upheld supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said.....
Tags : Delhi High Court, Insolvency and Bankruptcy Code, IBC
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NCLT, Kochi: Only Debts Under ‘Operational Debt’ Can File Application u/s 9 of IBC(26.03.2021)
National Company Law Tribunal (NCLT), Kochi has ruled that only debts covered under the definition of ‘Operational Debt’ can file an application under.....
Tags : National Company Law Tribunal, Application u/s 9 of IBC
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NCLT Allows Admission of Claims at Liquidation Stage(21.06.2018)
National Company Law Tribunal (NCLT), Delhi has ruled that claims made by creditors that were not admitted by the resolution professional during morat.....
Tags : Insolvency, IBC
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Cal. HC: Object of S. 60(2) IBC is to Group Together CIRP Proceedings Before Single Forum(21.12.2022)
Calcutta High Court has held that object of Section 60(2) of IBC 2016 is to group together CIRP of corporate debtor and insolvency liquidation proceed.....
Tags : Calcutta High Court, IBC, CIRP, National Company Law Tribunal
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President Gives Assent to Insolvency Second Amendment Law(20.08.2018)
President Ram Nath Kovind has given his assent to Insolvency and Bankruptcy Code (Second Amendment) Act 2018 which replaces the June 6 insolvency ordi.....
Tags : Insolvency, IBC, Amendment
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