Debt canceled during insolvency

Share Tweet Plus One Pin It Email Print By: ANUPAM LAL DAS March 26, 2018 10:39 am Change Font Size 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 to facilitate more investments, leading to a higher economic growth and development. The Supreme Court of India in a recent judgment in Innovative Industries Vs. ICICI Bank (2018) 1 SCC 407, authored by Hon’ble Justice R.F. Nariman, has exhaustively dealt with the provisions of the Code. It has eruditely delved into the Bankruptcy Reforms Act, 1978, adopted by … [Read more...] about The Insolvency And Bankruptcy Code: Some Fundamentals And Issues

Share Tweet Plus One Pin It Email Print By: Aasavri Rai April 5, 2018 11:50 am Change Font Size 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 Delhi The 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 ­fine blend of scholarly lectures and exhaustive panel discussions to debate the law, gaps and the way forward. Who Should Attend: CEOs, CXOs, CFOs and Senior Executives of Leading Indian Corporates and MNCs Corporate Counsels Legal Consultants and Advisors Litigators Insolvency Professionals Confirmed Speakers: Mr. Sumant Batra, Managing Partner & Head – Insolvency Practice, Kesar Dass B & Associates Mr. Vishal Garg, Group Legal Counsel, South East Asia … [Read more...] about OakBridge Publishing’s Seminar on Insolvency & Bankruptcy Code [20th April; New Delhi]

Share Tweet Plus One Pin It Email Print By: Aasavri Rai July 5, 2018 12:15 pm Change Font Size The Insolvency and Bankruptcy Board of India has notified the revised norms for the resolution of insolvency process and has paved way for home buyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency applications subject to certain conditions. The board has mandated that a resolution professional needs to determine whether a corporate debtor had indulged in fraudulent transactions within a specified time period during the resolution process. The IBBI (Insolvency Resolution Process for Corporate Persons) Regulations were amended, pursuant to an ordinance amending the Insolvency and Bankruptcy Code (IBC). In cases where there is no agreed-upon interest rate between the parties, the voting share of such a creditor would be in proportion to the financial debt, including an … [Read more...] about Revised Norms for Home Buyers Under Insolvency Proceedings Notified [Read Notification]

Share Tweet Plus One Pin It Email Print By: Ashok Kini August 15, 2018 11:37 am Change Font Size “Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the Income Tax Act.” Upholding a Delhi High Court judgment which held that moratorium under the Insolvency and Bankruptcy Code (IBC) will apply to the order of Income Tax Appellate Tribunal, the Supreme Court has observed that IBC will override anything inconsistent contained in any other enactment, including the Income Tax Act. In PR Commissioner of Income Tax-6, New Delhi v. Monnet Ispat & Energy Limited, the Delhi High Court had held that the moratorium period under Section 14 of the Insolvency and Bankruptcy Code announced by the National Company Law Tribunal would also apply to the order of the Income Tax Appellate Tribunal in respect of the tax liability of the assessee. The … [Read more...] about Insolvency And Bankruptcy Code (IBC) Will Override Provisions Of Other Enactments Inconsistent With It : SC [read Judgment]

Share Tweet Plus One Pin It Email Print By: Ashok Kini August 20, 2018 9:16 pm Change Font Size ‘We repeat that the object of the Code, at least insofar as operational creditors are concerned, is to put the insolvency process against a corporate debtor only in clear cases where a real dispute between the parties as to the debt owed does not exist.’ The Supreme Court has held that an insolvency process cannot be put into operation when there is a pending proceeding challenging against an arbitral award. A bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra (in K Kishan  vs. Vijay Nirman Company Pvt Ltd) observed that filing of Section 34 (Arbitration) petition against an arbitral award shows a pre-existing dispute which culminates at the first stage of the proceedings in an award continues even after the award, at least till the final adjudicatory process under Sections 34 & 37 has taken place. In this case, the NCLT had admitted a … [Read more...] about Insolvency Process Can’t Be Admitted During Pendency Of Proceedings Challenging Arbitral Award: SC [Read Judgment]