IBC

IBC

Role of Insolvency Professional under the IBC Regulations

RJA 30 Jul, 2022

Role of Insolvency Professional under the IBC Regulations In administering the resolution outcomes, the role of the IP encompasses a wide range of functions, which include adhering to procedure of the law, as well as accounting and finance related functions. The latter include the identification of the assets and liabilities ...

IBC

CBIC issues SOPs for recovering GST dues from liquidation- IBC companies

RJA 28 May, 2022

SOP of the CBIC issued for recovering GST dues from companies in liquidation under IBC. SOP of the CBIC for recovering GST dues from entities that are in the process of being liquidated under the Insolvency and Bankruptcy Code (IBC). GST and Customs authorities have been designated as operational creditors, ...

IBC

IBC - INSOLVENCY CODE ON MCA MENU

RJA 08 May, 2022

INSOLVENCY CODE ON MCA MENU Bid to confirm errant promoters don’t regain control, usher in simpler framework for individual insolvencies. The  Ministry corporate affairsis proposing to undertake multiple changes under the IBC 2016, and the same is expected to include the ways of ensuring ...

IBC

Is IBC 2016 is a the right step ?

RJA 02 May, 2022

Is IBC 2016 is a the right step ?  Before this IBC legislation, the debt recovery system in our country took an average of four years to resolve insolvency. That's far too long and inexcusable, especially given the Prime Minister's and our country's efforts to improve the ease ...

IBC

Wilful Defaulters under IBC 2016

RJA 24 Sep, 2021

WILLFUL DEFAULTERS UNDER IBC 2016 BRIEF INTRODUCTION It has been proposed that, as the promoters of defaulting companies have been vested with the right to bid for their own businesses, the same acts as a blockage in the insolvency proceedings. However, wilful defaulters or those borrowers who have diverted ...

IBC

GST & MCA on Insolvency Code Under IBC Code

RJA 24 Sep, 2021

GST & INSOLVENCY CODE It appears that the economy poised for certain substantial gains, arising from the structural reforms, being applied by the govt. Over the years, The ET Awards ceremony has provided the right platform for government and industry to come back ...

IBC

IBBI UPDATES : The MCA is working on a code of conduct for creditors under the IBC

RJA 14 Sep, 2021

IBBI UPDATES INSOLVENCY AND BANKRUPTCY BOARD OF INDIA  The MCA is working on a code of conduct for creditors under the IBC: Verma According to MCA statistics, more over 17,800 cases totaling Rs 5 trillion were settled before admission under the IBC. Until July of this year, 4,570 cases were admitted for ...

IBC

SUMMARY PROCEDURE FOR WINDING UP OF COMPANIES

RJA 02 Aug, 2021

BRIEF INTRODUCTION Summary procedure for winding up has been introduced in respect of companies and the same has been provided under section 361 of the Companies Act, 2013. We all know that the liquidation process is carried out by an official Liquidator who is ...

IBC

COMPLETE UNDERSTANDING OF PRE-PACK INSOLVENCY OF MSME

RJA 29 May, 2021

INTRODUCTION With the introduction of IBC 2016, there has been a transformative turnaround in the corporate distress resolution framework of India. The act provided a new lease of life to a Company whose future was earlier based on debt restructuring and sale. In India, most organizations are driven by their promoters. ...

IBC

SECTION 29A CERTIFICATION SERVICES UNDER IBC

RJA 28 May, 2021

In the Corporate Insolvency Resolution Process (CIRP), Section 29A of the Insolvency and Bankruptcy Code, 2016 (“the Code”) has emerged as a fundamental statute in assessing Resolution Applicants' eligibility. The Code did not include any protections to prevent defaulting promoters from purchasing back the corporate debtor, which may occur ...

IBC

All about Moratorium U/s 14 of IBC, 2016 including judicial pronouncements

RJA 26 May, 2021

MORATORIUM UNDER IBC 2016 BRIEF INTRODUCTION While undertaking a Corporate Insolvency Resolution Process, the RP is under an obligation to apply for a moratorium as declared by the adjudicating authority and a public announcement be made regarding the last date for submission of claims and the details of the interim resolution ...

IBC

Retention of records by Insolvency Professionals relating to CIRP under IBC

RJA 08 Jan, 2021

Retention of records by Insolvency Professionals relating to CIRP under IBC Insolvency and Bankruptcy Board of India (IBBI) has issued a circular on “Retention of records relating to Corporate Insolvency Resolution Process (CIRP) by an Insolvency Professional” vide circular no. No.: IBBI/CIRP/38/2021 dated 06th January 2021 in the ...

IBC

FRESH NORMAL For ONLINE HEARING AT NCLT & NCLAT

RJA 01 Dec, 2020

FRESH NORMAL AT NCLT & NCLAT– ONLINE HEARING The Year 2020 is an extraordinary year in a unique era. Technology helps us survive. The two Tribunals (online hearing process at NCLT and NCLAT) have only been hearing urgent matters until recently. Now the Tribunals court are moving to standard case ...

IBC

Overview on Personal Guarantor as per IBC Code

RJA 08 Nov, 2020

Overview on Personal Guarantor as per IBC Code  The Govt Of India, through the MCA, issued a notification dated on15.11.2019, came into force Part III of the IBC Code (with the exception of the fresh start process) which deal with the insolvency and bankruptcy of partnership ...

IBC

Use of Disclaimers, Limitations & Caveats by Registered Valuers in his Report :IBBI Guidelines

RJA 01 Sep, 2020

Use of Disclaimers, Limitations, and Caveats by the Registered Valuers in his Report: IBBI Issue Guidelines The IBBI released guidance called India's Insolvency and Bankruptcy Board Guidelines (Use of Caveats, Limitations, and Disclaimers in Valuation Reports), 2020. The guidance is issued pursuant to Rule 14(i) of the Companies Rules (Registered ...

IBC

No Role of COC play as a claimant whose matters had to be determined by liquidator

RJA 11 Jul, 2020

IBC : Realisation & Distribution of Assets by Liquidator Liquidation under the IBC 2016 with special focus upon priority of claims :  Under section 53(1) of the Insolvency Code, 2016, the fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of recipients, and the proceeds to the ...

IBC

BASIC FORENSIC AUDIT ASPECTS IN INSOLVENCY AND CODE BANKRUPTCY 2016

RJA 06 Jun, 2020

BASIC FORENSIC AUDIT ASPECTS IN INSOLVENCY AND CODE BANKRUPTCY 2016 PURPOSE OF FORENSIC AUDIT INSOLVENCY AND BANKRUPTCY CODE  1. Events describing, if any,  Financial Statements with inconsistencies / Red Flags,  The misuse/diversion of bank funds;  Overvaluation of current/fixed assets and their non-existence;  Documentation breach;  To ...

IBC

Fresh IBC has been suspended for one year. As per the declaration of FM

RJA 17 May, 2020

Fresh IBC has been suspended for one year. As per the declaration of FM. Important notifications to reduce the burden of compliance under the Atmanirbhar Scheme 1. IBC related - debts related to COVID 19 are out of IBC default 2. No new IBC can be initiated up to 1 year 3. The minimum ...

IBC

Insolvency & Bankruptcy Code 2016 for Creditors

RJA 07 May, 2020

Insolvency & Bankruptcy Code 2016 – Panacea for Creditors but Business Course? It is vital that IBC is never presented as an anti-business law meant to penalize and liquidate industry or to make it a battle between rich and poor (class war). Instead, however, IBC rules can be seen as a ...

IBC

QUICK REVIEW ON INSOLVENCY AND BANKRUPTCY CODE

RJA 03 Mar, 2018

The meaning of Insolvency and Bankruptcy is not the same. “Insolvency” means the situation where an entity (the debtor) cannot raise enough cash to meet its obligations or to pay debts as they become due for payment Bankruptcy is the term for when an individual is declared bankrupt ...

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