22 April 2024

Search Results for Tag : liquidation

Judgments

Property becoming more valuable subsequent to conclusion of sale by liquidator is not a relevant consideration in determining the legality of the sale(13.08.2015)

If a higher offer is received in respect of the sale of property of a company in liquidation, the Court is not justified in reopening the concluded pr.....

Tags : liquidation, sale, higher offer, conclusion

State financial corporation's rights impeded by right of workers to wages in insolvency(07.08.2015)

The right of a state financial corporation under Section 29 of the State Financial Corporations Act, 1959 is subject to rights of workers of the compa.....

Tags : state financial corporation, liquidation, rights

No automatic termination of recovery proceedings against members is contemplated on termination of liquidation proceedings(20.08.2019)

The question involved in the present matter is whether under the provisions of Section 109 of the Maharashtra Co-operative Societies Act, 1960 on expi.....

Tags : Liquidation, Liability, Proceedings, Members

After invocation of Section 33 (5) of the IBC, the authority does not have the power to initiate recovery of dues by means of sale/ confiscation(16.10.2023)

Present appeal is directed against the order passed by the National Company Law Tribunal, by which two applications, filed under Section 60 (5) of the.....

Tags : Initiation, Liquidation proceedings, Recovery

International Cases

Creditor and shareholder of holding company of insolvent insurer has no locus standi to seek curatorship of insurer under Section 54 of Insurance Act(24.10.2022)

In present matter, on 6 November 2018, the Prudential Authority, a juristic person that operates within the administration of the South African Reserv.....

Tags : Liquidation orders, Curatorship, Legality

As the blocking orders were still extant at the time of the winding-up of the companies, it is competent for the Reserve Bank to issue the relevant forfeiture orders(23.01.2023)

The Reserve Bank issued three separate forfeiture orders relating to the monies standing to the credit of Sun Candle Products (Pty) Limited (Sun Candl.....

Tags : Liquidation, Forfeiture orders, Validity

Top Story

IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016(07.01.2020)

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulation.....

Tags : Liquidation Process, Regulation, Amendment

IBBI amends the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017(08.04.2022)

The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulat.....

Tags : Amendment, Regulation, Liquidation Process

Notifications & Circulars

Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022(28.04.2022)

In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 .....

Tags : Liquidation Process, Amendment, Regulations, 2022

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2024(05.02.2024)

1. The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regu.....

Tags : Voluntary Liquidation Process, Regulations, Amendment

Insolvency and Bankruptcy Board of India invites public comments on Draft Regulations for Voluntary Liquidation by 8th March, 2017(14.02.2017)

The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working.....

Tags : Regulations, Voluntary Liquidation, Comments, Invitation

Compliances for initiation of Voluntary Liquidation of a Financial Service Provider(13.02.2024)

1. The Code provides for the voluntary liquidation process of corporate persons. However, the definition of 'corporate person' in sub-section (7) of s.....

Tags : Compliances, Voluntary Liquidation, Financial Service Provider

News

IBBI Exempts Lockdown Period from Time Line of Activity in Relation to Liquidation Process(20.04.2020)

Insolvency and Bankruptcy Board of India has stated that the period of lockdown imposed by the Central Government shall not be counted for the purpose.....

Tags : Insolvency and Bankruptcy Board of India, Time Line of Liquidation Process

ITAT, Ahmedabad: IBC to Have Overriding Effect Over Income Tax Proceedings(28.03.2022)

Income Tax Appellate Tribunal (ITAT), Ahmedabad has held that since the Insolvency and Bankruptcy Code, 2016 has overriding effect over the income tax.....

Tags : Income Tax Appellate Tribunal, Income Tax Proceedings, Liquidation

Calcutta HC: Income Tax Dues of Company Couldn’t Recover Post-Liquidation(28.04.2022)

Calcutta High Court has upheld the notices issued against two directors of the Company by allowing for the fact that the income tax department was una.....

Tags : Calcutta High Court, garnishee notices, Income tax department, liquidation process

NCLT, Kolkata: Corporate Debtor Cannot Be Sent Into Liquidation(08.04.2022)

National Company Law Tribunal, Kolkata has observed that just because the liquidation value is being projected higher than the value of the resolutio.....

Tags : National Company Law Tribunal, liquidation value, resolution plan, Corporate Debtor, liquidation

Delhi HC Dismisses Tax Appeals Against Moser Baer in View of Liquidation Proceedings(12.04.2022)

Delhi High Court has dismissed the appeals against Moser Baer, filed by the income tax department in the light of the liquidation proceedings pending .....

Tags : Delhi High Court, Moser Baer, Liquidation Proceedings, income tax department, National Company Law Tribunal

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

NCLAT: COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT(19.10.2022)

National Company Law Appellate Tribunal, Delhi has ruled that when the Committee of Creditors (CoC) decides to liquidate the Corporate Debtor, the dec.....

Tags : National Company Law Appellate Tribunal, Committee of Creditors, Corporate Debtor, liquidation

Promoter too can Seek Revival During Liquidation: NCLAT(18.04.2019)

National Company Law Appellate Tribunal (NCLAT) has held that erstwhile promoter of a company undergoing liquidation under old Companies Act among its.....

Tags : NCLAT, Revival, Liquidation

Government Notifies Regulations for Voluntary Liquidation(24.05.2017)

Government has notified regulations for voluntary liquidation under IBC which states that a corporate person may initiate voluntary liquidation procee.....

Tags : Voluntary Liquidation

Insolvency and Bankruptcy Board of India (IBBI): Unclaimed Dividend to Go to IBBI Account(17.01.2020)

Insolvency and Bankruptcy Board of India has notified an amendment to the Voluntary Liquidation Process Regulation, 2017, whereby all unclaimed divide.....

Tags : Insolvency and Bankruptcy Board of India, Amendment in Voluntary Liquidation Process Regulation, 2017

Supreme Court: No IBC Provision that Resolution Plan Should Match Liquidation Value(28.01.2020)

Supreme Court has held that there is no requirement under the Insolvency and Bankruptcy Code (IBC), 2016 that the resolution plan should match the liq.....

Tags : Supreme Court, Resolution Plan Not to Match Liquidation Value

NCLAT: Asset Can be Kept Out of Liquidation Estate if Asset is Sub-Judice Before High Court(24.01.2022)

National Company Law Appellate Tribunal has held that an asset can be kept out of liquidation estate if the said asset is sub-judice before the High C.....

Tags : National Company Law Appellate Tribunal, Asset, Liquidation

Insolvency and Bankruptcy Board of India Disqualifies Parties Barred from Liquidation Process(08.01.2020)

Insolvency and Bankruptcy Board of India has issued a notification whereby promoters or related parties disqualified from taking part in the insolvenc.....

Tags : Insolvency and Bankruptcy Board of India, Liquidation

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