The First Year At Glance For NCLAT Post-Merger With COMPAT

Close on the heels of 1st February 2017 whereby the Hon'ble Finance Minister of India, Mr. Arun Jaitley presented the Union Budget 2017 in Parliament, the day can be marked as historical for the long lasted empirical legislative history of India. Mr. Jaitley robustly highlighted the key significant work executed by his administration in the last two and a half years headed by NDA Government. The key highlights included the decrease in the inflation rate, the war against black money through...

OakBridge Publishing's Seminar on Insolvency & Bankruptcy Code [20th April; New Delhi]

OakBridge Publishing is conducting a seminar on the theme 'Insolvency & Bankruptcy Code: Demystified'.Date: 20th April, 2018 (9:00 AM to 5:30 PM)Venue: Shangri-La Hotel, New DelhiThe seminar seeks to be a platform for an in-depth discussion on law, procedure, and practice around the Code and interpretation of the amendments by the best minds in this domain. It endeavors to achieve a...

IBBI Invites Comments On Draft IBBI Regulations, 2018

The IBBI has invited comments from the public, including the stakeholders, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018.Section 240 of the Insolvency and Bankruptcy Code, 2016 empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: carry out the provisions...

The Insolvency And Bankruptcy Code: Some Fundamentals And Issues

The Insolvency and Bankruptcy Code, 2016 ("Code") was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote entrepreneurship and balance the interest of all the stakeholders. The Legislative intent was to improve ease of doing business and...

Legal Assistant (Senior & Junior) Vacancy At NCLAT

Applications are invited by National Company Law Appellate Tribunal on or before 16 Apr 2018 for 5 vacancies.Posts: Senior Legal Assistant:No. of posts: Two postsQualification: Degree in Law from a recognized University. Minimum three years' experience of Legal Research. Knowledge of computer operations.Pay Scale: Pay Level 7 (₹44,900-1, 42,400)Post: Junior Legal AssistantNo. of posts: Three postsQualification: Degree in Law from a recognized University. Knowledge of computer operations.Pay...

9073 Cases Currently Under Consideration Of NCLT: Corporate Affairs Minister

Minister of State for Corporate Affairs and Law & Justice PP Chaudhary has said in the Rajya Sabha that as on this March 12, only one case under Section 55(3) of the Companies Act, 2013 is pending before the NCLT. Section 55 of the 2013 Act contains provisions on redemption of preference shares.The minister further stated that a total of 9,073 cases were under consideration in NCLT as...

Public Opinion Invited On Draft IBBI Regulations, 2018

The Insolvency and Bankruptcy Board of India (IBBI) has invited comments from the public, including the stakeholders and the regulated, on the draft Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations), Regulations, 2018 which is available at www.ibbi.gov.in. A cost-benefit analysis of the draft regulations is appended at the end of the draft regulations.Section 240 of...

Moratorium To Guarantor's Assets vis-à-vis Interests Of The Secured Creditors

A question that is repeatedly arising after the enactment of Insolvency and Bankruptcy Code (IBC) is as to whether the security of guarantee (Personal or Corporate) is no longer a preferred security or convenient security for the secured creditors? The latest judgement of the Honourable National Company Law Appellate Tribunal (NCLAT) in the case of State Bank of India Vs V Ramakrishnan and Veesons Energy Limited[1] (28th February Order) is a direct contradiction of its own orders in the earlier...

Evolution Of Law Of Corporate Insolvency [Part- IV] Dimension Of Role Of Resolution Professionals– Final Balance Sheet Of Progress

IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of the debtor. After formation of creditor committee role of RP gets widened as RP has to co-ordinate a meeting of CoC and...

Ineligibility Criteria U/S 29A Of IBC: A Net Too Wide !

Resolution plan is designated to be the "way-out" for insolvent entities coming under the Insolvency and Bankruptcy Code, 2016. The resolution professional appointed by the adjudicating authority constitutes a committee of creditors, invites resolution plans from prospective resolution applicants, and places the resolution plans before the committee of creditors. The resolution plan which is approved by the committee of creditors is submitted to the adjudicating authority for sanction. A...

Evolution Of Law Of Corporate Insolvency [Part- III] Role Of Information Utilities & Issues Before Creditors Committee

Technology is the king in modern times. Things which were considered unimaginable are happening in split of seconds. Disruptive technologies are challenging the way we think, visualize and implement the things. Digital printing, blockchain technology, artificial intelligence, APIs are the things that will rule in the years to come and legal system cannot afford to remain aloof to such changes. The need and requirement of new generation, business, law, transactions cannot be met if we continue...

Evolution Of Law Of Corporate Insolvency [PART -II] Formation Of NCLTs And Evolution Of  Insolvency Jurisprudence

Law Commission of India vide its 124th Report[1], while highlighting the issues of multiplicity of jurisdictions with High Courts, pendency of cases, multiplicity of stages of appeal/ review/ revision under the Code of Civil Procedure, and need of having specialized bodies to deal with specialized matters, recommended for setting up of specialized Tribunals. This paved way of setting of various Tribunals.NCLTs were set up under section 408 of the Companies Act, 2013 w.e.f. 01st June 2016....