India Asset Growth Fund and Ors. Vs CMRS projects Pvt Ltd (23.06.2020- NCLT Bangalore) The Hon’ble Tribunal decided on the matter specifically bearing in mind the intent of the Insolvency and Bankruptcy Code (IBC) and the parameters while considering admitting a Corporate Debtor (CD) into Corporate Insolvency Resolution Process (CIRP) in light of the prevalent economic slowdown due to COVID-19.
The Central Board of Direct Taxes (CBDT) has exempted the purchase of shares at a discount to the market price from income tax in companies undergoing insolvency proceedings and whose board has been taken over by the government. These exemptions would come into effect from April 1, 2020, and shall be applicable for the assessment year 2020-21 and thereafter. This
This article will deal with two noteworthy judgments wherein the question perishable and non perishable goods with respect to private auction had been raised further the Court also went on to reiterate the fact that the System always takes note of payments to be done by the Committee of Creditors along with a plethora of cases with respect to the
The Corporate Insolvency Resolution Process plays a key role in deciding the debtor company’s fate it can either be run as a going concern or can also be put under liquidation process. In this Article the author tries to establish the procedural theoretical aspects of the insolvency resolution process after such order is passed by the National Company Law Tribunal.
With the amendments came a surge of landmark decision that was laid down by various levels of the Judiciary system with respect to the evolution of Insolvency and Bankruptcy Code. Right from the inclusion of a construed time period for Corporate Insolvency Resolution Process to a timeline provided for e bidding processes. This article will majorly deal with cases which
An Interim Resolution Professional is appointed who has the power to take over the company affairs of the defaulted company. In turn the Interim Resolution Professional; to initiate a plan that is feasible for both the debtors and the creditors. a skeletal graph of what enfolds after Insolvency is provided here along with relevant provisions of the Insolvency and Bankruptcy
The National Company Law Tribunal in the month of November initiated Corporate Insolvency Resolution Process against leading Delhi based construction group “Today Homes and Infrastructure” under Section 7 of the Insolvency and Bankruptcy Code, 2016 wherein a Financial Debtor can go against the Corporate Debtor. Facts of the case The Construction group has been constructing Project site called Royal Elegancia
Debt waiver for small distressed borrowers under IBC- Corporate affairs secretary Injeti Srinivas said discussions have been held with the microfinance industry regarding plans to give debt waiver for “small distressed borrowers” under the insolvency law framework. IBC provisions pertaining to personal guarantor to corporate debtor would be coming into effect immediately, followed by those related to partnership and proprietorship.
This initiative taken by the government aims at introducing a shorter, time bound, online financial bidding process in corporate insolvency process under the Code of 2016- this in turn will ensure the timeline as proscribed under the Code to be followed at all times, will improve transparency and also will reduce unnecessary litigation. Current scenario The bidding process which is
Demand notice to be issued to the Corporate Debtor by the Operational Creditor demanding payment of amount involved. The Corporate Debtor, within a period of ten days of the receipt of the demand notice shall notify the Operational Creditor of the existence of a dispute if any or show proof of repayment. After the expiry of the aforementioned ten days
