Summary: In this case, RP filed an application seeking post-facto approval for the payment of pre-CIRP dues, which were made to avoid work stoppage, termination of contracts, invocation of bank guarantees and to maintain the CD as a going concern. Hon’ble NCLT Hyderabad Bench held that: (i) There is no provision under IBC or regulations […]
An interesting question came up before the SC, on the right to claim set-off in the Corporate Insolvency Resolution Process, when the Resolution Professional proceeds in terms of clause (a) to sub-section (2) of Section 25 of the Insolvency and Bankruptcy Code, 2016 to take custody and control of all the assets of the corporate […]
Whether the observations made in the Forensic Audit Report can be the sole basis for Bank to conclude an event of Wilful Default? – High Court In this case, the petitioner is challenging an order from the Punjab National Bank (Respondent Bank) that declared them a “Wilful Defaulter” under the “Master Circular on Wilful Defaulters, […]
IBBI Circular: Managing Unclaimed Dividends and Proceeds Recent circular issued by IBBI in respect of deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with Regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations). Regulation 46 of the Insolvency and Bankruptcy Board of India […]
Doctrine of subrogation is an absolute right of Guarantor, however, the issue becomes different, if it falls within the domain of IBC | A Resolution Plan itself can vary and modify the rights of Creditors and Guarantors and provide for continuation of Personal Guarantees which do not need any confirmation from Personal Guarantor- NCLAT In […]
Insolvency proceedings does not prevent Corporate Debtor from filing an application under Section 11 of Arbitration and Conciliation Act, 1996 against another party – Godavari Projects (J.V) Vs. Union of India – Delhi High Court. In the case of Godavari Projects (J.V) Vs. Union of India, heard in the Delhi High Court, the proceedings revolved […]
Highlight Higher Basic exemption limit Exemption from tax on amount received as Gratuity, Commuted Pension, Leave Encashment and from Provident Fund Higher deduction for Medical Insurance Premium Higher deduction limit for interest from Banks and Post Office. BENEFITS UNDER DIRECT TAXES FOR RETIRED EMPLOYEES I am retired from service, after serving for 35 years, […]
TODAY IS 28th Jan
PREPACK INSOLVENCY WHY IS PREPACK INSOLVENCY A PANACEA FOR MICRO, SMALL AND MEDIUM CORPORATES. The Scheme in brief: • The borrower has to be a corporate body and must have committed default of a minimum Rs.10 lacs and maximum Rs.1 Cr. • Pass a Special Resolution that the company will file an application before NCLT […]
In a move that will safeguard real estate companies from frivolous litigation, the Supreme Court (SC) has upheld the constitutional validity of the Insolvency and Bankruptcy Code (IBC) amendment that requires at least 100 allottees, or 10 per cent of creditors, to invoke an insolvency petition against a company. A Bench of Justices R F […]