Case Study 1- IBC 2016

QUESTION M/s Jooly Private Limited (Corporate Debtor) is a company incorporated on 01.01.2005 under the provisions of Companies Act, 1956, having its registered office at Mumbai. The Authorized Share Capital of the company is Rs. 100, 00, 00,000/- and Paid-up Share Capital of the company is Rs. Rs. 99, 00, 00,000/-. M/s Jemmy Private Limited(Operational Creditor) is a company incorporated on 01.01.2006 under the provisions of Companies Act, 1956 having its registered office at Kolkata. ..

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GST, IBC reforms to push growth after current challenges dissipate, says Chief Economic Advisor

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Iconic Day celebrations of the Department of Economic Affairs with Securities and Exchange Board of India (SEBI) under the Azadi Ka Amrit Mahotsav (AKAM) here today. Along with the Union Finance Minister, Shri Ajay Seth, Secretary, D/o Economic Affairs; Dr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance and Shri S.K. Mohanty, Whole Time Member, SEBI also participated.  The occasion also..

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IBC fresh start process to kick-start low income individuals solvency

Insolvency and Bankruptcy Code (IBC), 2016 has bought a number of new concepts in the arena of resolution of individual's or firm's insolvency. One such initiative under IBC, 2016 by the government is fresh start process. What is fresh start process? A fresh start process is enacted specially for persons who owe relatively less amount of money and have little or no assets to repay their debts. Once an eligible person makes an application to the Debt Recovery Tribunal (DRT) an..

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Insolvency and Bankruptcy Code (Amendment) Bill, 2021 passed by Lok Sabha and Rajya Sabha

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was passed by the Lok Sabha on July 28 and by the Rajya Sabha yesterday. Salient features of the Bill include Pre-pack for MSMEs which blends elements & virtues of both formal and informal insolvency proceedings Under the pre-pack process, a resolution plan is negotiated between the debtor & creditors before formal proceedings start. This combines efficiency, speed, cost effectiveness & flexibility with the binding ..

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8 resolved, 65 settled/withdrawn and 23 ordered for liquidation in insolvency cases under IBC in real estate sector

In the insolvency of real estate companies, 212 applications pertaining to real estate sector were admitted for Corporate Insolvency Resolution Plan (CIRP) under the Insolvency & Bankruptcy Code (IBC), of these, 8 cases were resolved, 65 cases have been settled or withdrawn and 23 cases were ordered for liquidation and for rest, process is ongoing. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Lok Sabha today..

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IBC- Hefty Monetary Penalties to be imposed by an IP Agency

The Insolvency and Bankruptcy Board of India (IBBI) vide circular no. No. IBBI/IPA/43/2021 dated 28th day of July 2021, has issued circular on the topic 'Monetary Penalties to be imposed by an Insolvency Professional Agency' in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016. IBBI move seeks to ensure insolvency professionals remain compliant with the letter and spirit of IBC and conduct themselves ethically. Applicability With immediate effect i..

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President promulgates IBC (Amendment) Ordinance, 2021

MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 4th April, 2021/Chaitra 14, 1943 (Saka) THE INSOLVENCY AND BANKRUPTCY CODE (AMENDMENT) ORDINANCE, 2021 NO. 3 OF 2021 Promulgated by the President in the Seventy-second Year of the Republic of India. An Ordinance further to amend the Insolvency and Bankruptcy Code, 2016. COVID-19 pandemic has impacted businesses, financial markets and economies all over the world, including India, and has impacted the business opera..

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CAAS writes a representation letter to PM on issues concerning GST,MCA and IT

Ref: CAAS/Representations/2020-21/04 Date:26-01-2021 To, The Prime Minister, 152, South Block, Raisina Hills, New Delhi - 110011 Sub: Dissent over Actions and Approach of FMO, MCA and Others Respected Pradhan Sevak, As a community of tax payers and contributories to the growth of the nation, we write this, with a pained heart, that the recent actions and approach of FMO, MCA and others in our own Government, do not reflect the welfare mind state required of a People’s Gover..

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MCA invites comments from the public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016

File No. 30/20/2020-Insolvency Section Government of India Ministry of Corporate Affairs Dated: 08th January, 2021 NOTICE Invitation of comments from public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016 The experience from implementation of the Insolvency and Bankruptcy Code, 2016 (the Code) including evolution of the ecosystem, stabilisation of the processes, growing jurisprudence has prepared ground to look at new initiatives to further im..

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Insolvency and Bankruptcy Code Provisions relating to Personal Guarantors - All Writ Petitions transferred to SC

Background: The Ministry of Corporate Affairs(MCA) vide its notification dated 15th November 2019[1] brought into force the provisions of the Insolvency and Bankruptcy Code, 2016 in so far as they relate to ‘personal guarantors to corporate debtors' with effect from 01st December 2019. Accordingly, by way of a notification dated 15th November 2019, the Central Government appointed December 1, 2019, as the date on which certain provisions of the IBC, in so far as they relate to pe..

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GST implications for Companies under IBC Code, 2016

As per IBC, once an entity defaults of payment to creditors, CIRP gets triggered and management of such entity removed by the NCLT. NCLT appointed IRP or RP and all management power assigned to the IRP and RP. IRP and RP run the business and operations of the said entity as a going concern till the insolvency proceeding is over and an order passed by NCLT. As per IBC, 2016, after the commencement of corporate insolvency resolution, a moratorium period is declared during which all suits and le..

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