A Dispute As To "Dispute"

The Insolvency and Bankruptcy Code, 2016 ("the Code") enables a financial creditor and an operational creditor to initiate insolvency proceedings against a corporate debtor. While in case of a financial creditor, the creditor may initiate a case without serving "demand notice" on the corporate debtor; an operational creditor, before taking action under section 9, shall first serve a demand notice on the corporate debtor. If in response, the corporate debtor intimates existence of a "dispute",...

NCLT Allows One Of The First Applications U/S 10 Of The Fresh Insolvency Code [Read Order]

The National Law Company Tribunal, Mumbai has allowed one of the very first applications under the newly notified Insolvency and Bankruptcy Code, 2016. The application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 on behalf of the corporate debtor i.e.Rajeshwari weaving mills which has debts up to the tune Rs. 16 crores. The matter was argued by Shrey Sinha,...

NCLT To Pronounce Judgement In Cyrus Mistry's Contempt Petition On Jan 18

The National Company Law Tribunal reserved it's order in the contempt petition filed by Cyrus Investments Ltd and Sterling Investment against Ratan Tata, N A Soonawala, R K Krishnakumar and R Venkatraman till January 18.Apart from Tata the other three respondents are directors of Tata Sons and trustees of Sir Ratan Tata Trust and Sir Dorabjee Tata Trust.The division bench of B S V Prasad...

Expanding Role of Management Professionals, Chartered Accountants, Company Secretaries, Cost Accountants and Advocates under the regime of the Insolvency and Bankruptcy Code, 2016

IntroductionThe Insolvency and Bankruptcy Code, 2016 ("Code") has been introduced with the primary objective of increasing lender's confidence and facilitating expansion of the credit market in India. As has been stated in the objects clause, the objective of this new law is to promote entrepreneurship, availability of credit, and balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership...

In Light Of Corporate Ministry Notification, Bombay HC Lays Down Rules For Transfer Of Petitions To NCLT [Read Order]

On December 7, 2016, a notification was issued by the Central Government, through the Corporate Ministry, it stated- All petitions relating to winding up under clause (e) of Section 433 pending before High Courts, and which have not been served on the Respondent as required by Rule 26 of the Companies (Court) Rules, 1959, stand transferred to the appropriate Bench of the National Company...

Insolvency And Bankruptcy Board Of India Notifies Regulations

The Insolvency and Bankruptcy Board of India (IBBI) has notified two new regulations that govern the eligibility criteria for becoming a professional member of an Insolvency Professional Agency or for registering with the IBBI as an Insolvency Professional Agency.The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred under section 240 of the Insolvency...

Has The Insolvency And Bankruptcy Code, 2016 Been Successfully Decoded? - Review Of Commentary On The Insolvency And Bankruptcy Code Penned By Pranav Khatavkar

To the best of my knowledge, this is the first commentary on the Insolvency and Bankruptcy Code, 2016("Code"). I have perused the contents of the book and at the outset my primary remark is that the author has made a genuine attempt to simplify the law. A sound understanding of the law is evident from the manner in which the provisions have been interpreted.The entire structure of this book...

MCA notifies National Company Law Tribunal and Appellate Tribunal Rules [Read rules]

The Ministry of Corporate Affairs on Thursday notified the National Company Law Tribunal Rules, 2016 and the National Company Law Appellate Tribunal Rules, 2016.The constitution of NCLT was notified by the Ministry on June 1. With the constitution of the NCLT, the Company Law Board constituted under the Companies Act, 1956 stood dissolved.There would be 11 benches of the NCLT, two at New...

Breaking; National Company Law Appellate Tribunal (NCLAT) Constituted;Justice S.J. Mukhopadhaya is the Chairman

The Ministry of Corporate Affairs has issued notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from today i.e. 1st June, 2016. Hon'ble Justice S.J. Mukhopadhaya, Judge (Retd.), Supreme Court of India has joined as the Chairperson of the NCLAT and Hon'ble Justice M.M.Kumar, Judge (Retd.) has joined as...

Insolvency and Bankruptcy Code receives President's Assent [Read the Code]

The Insolvency and Bankruptcy Code received the President's assent on May 28 and was notified in the Gazette of India soon after. As listed down by PIB, the salient features of the law are as follows: Clear, coherent and speedy process for early identification of financial distress and resolution of companies and limited liability entities if the underlying business is found to be viable...

Parliament passes the Insolvency and Bankruptcy Code

Today is a historical day for economic reforms in India when the Rajya Sabha passed the major economic reform Bill moved by the Government i.e. 'Insolvency and Bankruptcy Code, 2016'. This is considered as the biggest economic reform next only to GST. The Lok Sabha had earlier passed the Bill on 5th May, 2016.In India, the legal and institutional machinery for dealing with debt default has...

Ministry of Corporate Affairs: Notice inviting Comments on The Draft Rules of NCLT provisions under The Companies Act, 2013

283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified.In view of the Supreme Court order dated 14th May, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up shortly. Read the Judgement on LiveLaw.The Ministry...