UNDERSTANDING CORPORATE INSOLVENCY UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016
|
|
- Mary Leonard
- 5 years ago
- Views:
Transcription
1 UNDERSTANDING CORPORATE INSOLVENCY UNDER INSOLVENCY AND BANKRUPTCY CODE, 2016 Jyoti Singh, Partner Phoenix Legal, Mumbai 1
2 PRESENTATION OUTLINE 1 RESOLUTION PROCESS INITIATION AND EXECUTION OF CORPORATE INSOLVENCY RESOLUTION PROCESS FROM THE PERSPECTIVE OF THE FINANCIAL CREDITORS, OPERATIONAL CREDITORS AND CORPORATE DEBTORS. 2 PROCEDURE OF INITIATION & APPOINTMENT OF INTERIM RESOLUTION PROFESSIONAL. 5 3 LEGAL EFFECT OF MORATORIUM. 4 MEETING OF COMMITTEE OF CREDITORS & APPOINTMENT AND ROLE OF RESOLUTION PROFESSIONAL 5 DO S AND DON T S
3 INITIATING CIRP: WHO CAN INTIATE THE CIRP UNDER THE CODE? (section 6 of the Code) Financial creditor Creditor Operational creditor Who can initiate the IRP? Corporate Applicant (including the Corporate Debtor or a member thereof being in charge or control of the operations and financial affairs thereof) 3
4 INITIATING CIRP: WHO CAN INTIATE THE CIRP UNDER THE CODE? Banking Regulation (Amendment ) Act, 2017 (w.e.f August 25, 2017) Introduction of section 35AA under the Banking Regulation Act, 1949, to empower the Central Government to authorize the Reserve Bank to issue directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default, under the provisions of the Insolvency and Bankruptcy Code, Introduction of section 35AB, whereby, the Reserve Bank may, from time to time, issue directions to any banking company or banking companies for resolution of stressed assets. 4
5 CIRP AT A GLANCE Fro a Fi a cial Creditor s perspective (section 7 of the Code) DEFAULT BY CORPORATE DEBTOR APPLICATION FOR INITIATION OF CIRP BY FINANCIAL CREDITOR BEFORE THE NCLT (section 7(1), (2), (3) of the Code) ADMISSION/ REJECTION OF APPLICATION BY NCLT (within 14 days of filing application) (section 7(4),(5), (6), (7) of the Code) APPOINTMENT OF RESOLUTION PROFESSIONAL (section 22 of the Code) COMMITTEE OF FINANCIAL CREDITORS IS CONSTITUTED (section 21 of the Code) APPOINTMENT OF INTERIM RESOLUTION PROFESSIONAL + MORATORIUM & PUBLIC NOTICE (section 13, and 16 of the Code) PREPARATION AND APPROVAL OF REVIVAL PLAN BY 75% MAJORITY OF FINANCIAL CREDITORS (section 30 of the Code) APPPROVAL/ REJECTION OF RESOLUTION PLAN BY THE NCLT (section 31 of the Code) IMPLEMENTATION OF RESOLUTION PLAN OR REJECTION OF PLAN AND LIQUIDATION, AS THE CASE MAY BE 180 days' process extenda ble by a maximu m of 90 days 5
6 CIRP AT A GLANCE Fro a Operatio al Creditor s perspective (section 8 and 9 of the Code) DEFAULT BY CORPORATE DEBTOR DEMAND NOTICE THE CORPORATE DEBTOR FOR PAYMENT (Corporate Debtor to respond within 10 days) (section 8 of the Code) APPLICATION FOR INITIATION OF CIRP BY FINANCIAL CREDITOR BEFORE THE NCLT (section 9 of the Code) ADMISSION/ REJECTION OF APPLICATION BY NCLT (within 14 days of filing application) (section 9(5) of the Code) APPOINTMENT OF RESOLUTION PROFESSIONAL (section 22 of the Code) COMMITTEE OF FINANCIAL CREDITORS IS CONSTITUTED (section 21 of the Code) APPOINTMENT OF INTERIM RESOLUTION PROFESSIONAL + MORATORIUM & PUBLIC NOTICE (section 13, 14, 15 and 16 of the Code) PREPARATION AND APPROVAL OF REVIVAL PLAN BY 75% MAJORITY OF FINANCIAL CREDITORS (section 30 of the Code) APPPROVAL/ REJECTION OF RESOLUTION PLAN BY THE NCLT (section 31 of the Code) IMPLEMENTATION OF RESOLUTION PLAN OR REJECTION OF PLAN AND LIQUIDATION, AS THE CASE MAY BE 180 days' process extenda ble by a maximu m of 90 days 6
7 CIRP AT A GLANCE Fro a Corporate Applica t s perspective (section 10 of the Code) DEFAULT BY CORPORATE DEBTOR APPLICATION FOR INITIATION OF CIRP BY FINANCIAL CREDITOR BEFORE THE NCLT (section 10 (1), (2), (3) of the Code) ADMISSION/ REJECTION OF APPLICATION BY NCLT (within 14 days of filing application) (section 10 (4) of the Code) APPOINTMENT OF RESOLUTION PROFESSIONAL (section 22 of the Code) COMMITTEE OF FINANCIAL CREDITORS IS CONSTITUTED (section 21 of the Code) APPOINTMENT OF INTERIM RESOLUTION PROFESSIONAL + MORATORIUM & PUBLIC NOTICE (section 13, and 16 of the Code) PREPARATION AND APPROVAL OF REVIVAL PLAN BY 75% MAJORITY OF FINANCIAL CREDITORS (section 30 of the Code) APPPROVAL/ REJECTION OF RESOLUTION PLAN BY THE NCLT (section 31 of the Code) IMPLEMENTATION OF RESOLUTION PLAN OR REJECTION OF PLAN AND LIQUIDATION, AS THE CASE MAY BE 180 days' process extenda ble by a maximu m of 90 days 7
8 PROCEDURAL ASPECTS OF CIRP Insolvency Resolution Process For Corporate Persons Regulations, 2016 & Application to Adjudicating Authority Rules, 2016 Application Insolvency Resolution Professional (IRP) Costs Involved May be made individually or jointly with other financial creditors; (An operational creditor needs to first send a demand notice to the corporate debtor) As per For a exed to the Application to Adjudicating Authority Rules, 2016 along with relevant documents mentioned therein Application may be withdrawn by the applicant on a request made to NCLT before its admission. Must provide its consent in For annexed to the Application to Adjudicating Authority Rules, to act as IRP, when application for initiating CIRP is made IRP is appointed for maximum period of 30 days and must be unrelated and independent of the Corporate Debtor Must issue Public Announcement (as per Form A of the Schedule to CIRP Regulations) - within 3 days of appointment Application fees : Rs. 25,000/- Expenses for the Public Announcement made by an IRP to be borne by an Applicant Expenses incurred on or by the IRP (may be reimbursed to the extent ratified by the committee of creditors) A creditor shall bear the cost of proving the debt due to such creditor. 8
9 POWERS & DUTIES OF AN IRP (sections 17 and 18 of the Code) MANAGEMENT OF THE AFFAIRS OF THE CONCERNED CORPORATE DEBTOR All powers of the Board of Directors shall be exercised by the IRP; Financial Institutions to act on the instructions of the IRP in relatio the Corporate De tor s Accounts; IRP shall act, execute and take all actions on behalf of the Corporate Debtor. DUTY IN RELATION TO CREDITORS Collect all information relating, assets, business operations and financial & operational payments for previous 2 years of the Corporate Debtor; Re eive a d ollate reditor s claims and file information collected with the Information Utility; Constitute a committee of creditors; PROTECTION & PRESERVATION OF VALUE OF PROPERTY OF THE CORPORATE DEBTOR Monitor and manage the assets of a Corporate Debtor; Appoint accountants, legal or other professionals, as required; Raise interim finance with the consent of creditors, if required. 9
10 VERIFICATION OF CLAIMS (Regulation 13 of the CIRP Regulations, 2016) Timeline Claim to be submitted by all creditors before the last date mentioned in the Public Announcement of an IRP (no specific timeline prescribed under the Code) IRP to verify the claims within 7 days of receipt thereof Mode of Submission Financial Creditors to submit claim as per For C a exed to CIRP Regulations, 2016 Relevant documents like Financial Contract, Account Statements of the corporate debtor, or any order of a court/tribunal adjudging the non payment of debt to be submitted (apart from records available with an Information Utility, if any) Claims dominated in foreign currency are to be valued in Indian currency at the official exchange rate on the insolvency commencement date. 10
11 MORATORIUM (section 14 of the Code) Order of the NCLT while admitting an application for initiation of CIRP i.e. on the insolvency commencement date, prohibiting the following till the completion of CIRP: 1. Institution/Continuation Of Suits Or Proceedings Against The Corporate Debtor; 2. Transfer Of Property By The Corporate Debtor; 3. Recovery Proceedings Against The Corporate Debtor (Including Any Action Under The SARFAESI Act); 4. Recovery Of Any Property By An Owner/Lessor Where Such Property Is In The Possession Of The Corporate Debtor. 11
12 COMMITTEE OF CREDITORS (sections 21, 24 of the Code read with Chapter V of the CIRP Regulations) To comprise of all Financial Creditors, except related parties Voting share would be proportional to the value of debt Voting to be conducted only when all members are present and voting. Resolution Professional to be appointed on the very 1 st meeting A single trustee may be authorized by the committee of creditors to act on their behalf 1 st Meeting must be convened within 7 days of constitution Quorum for meeting to be members representing atleast 33% of the voting rights All decisions to be taken by a vote of atleast 75% of the creditors Members may be present either in person or through video conferencing 12
13 POWERS & DUTIES OF A RESOLUTION PROFESSIONAL (sections 22, 23, 25 of the Code) PREPARING INFORMATION MEMORANDUM Providing all details and particulars of financial, legal and administrative information of the Corporate Debtor. It is required to be circulated to all the committee members before a resolution plan is drafted. Information Memorandum will form the basis on which a resolution plan will be drafted CONDUCT CIRP Same as an IRP, an RP has to manage and operate the affairs of a Corporate Debtor Co ve e eeti gs of the Creditor s Co ittee Determine the voting share of each creditor Determine the liquidation value of the corporate debtor within 7 days of his appointment. Sell any unencumbered asset of the Corporate Debtor, other than in ordinary course of business, with the consent of the committee provided the book value of such asset does not exceed 10% of the total claims admitted. 13
14 DO s AND DON T S 1) All creditors must adhere to the procedural mandates of the Code.; 2) The claim amount in an insolvency petition must not be frivolous and must be the actual amount due and payable by such corporate debtor to the applicant creditor. ; 3) The Adjudicating Authority must take a cautious approach and carefully distinguished bonafide cases from malicious proceedings 4) The Resolution Professional must be carefully chosen keeping in view the past track record of such professional and capacity to undertake the work. 1) The insolvency proceedings must not be used as a means of recovery of debts. 2) Corporate Debtors must not initiate insolvency proceedings with an intention to thwart enforcement actions initiated by its creditors before other forums. 14
15 THANK YOU 15
Indicator: Resolving Insolvency
Indicator: Resolving Insolvency S. Reform Implemented No. 1 Operationalization of the Insolvency and Bankruptcy Code. 2 Eleven benches of the NCLT, 977 insolvency professionals, 3 IPAs and 2 IPEs are in
More informationWinding-up under the Insolvency and Bankruptcy Code, 2016
Winding-up under the Insolvency and Bankruptcy Code, 2016 March 11, 2018 Shridhar Kulkarni (shridhar.kulkarni@legalogic.co.in) Co-Founder LegaLogic Consulting www.legalogic.co.in March 2018 1 Winding-up
More informationThe Insolvency and Bankruptcy Code, 2016 (IBC)
ERSTWHILE LEGISLATIVE FRAMEWORK: Chapter XIX & Chapter XX of Companies Act, 2013 Part VIA, Part VII & Section 391 of Companies Act, 1956 RDDBFI Act, 1993 SARFAESI Act, 2002 SICA Act, 1985 ( Now Repealed)
More informationInsolvency & Bankruptcy Code, 2016 Presented by CA. Avil Menezes on
LIQUIDATION PROCESS Insolvency & Bankruptcy Code, 2016 Presented by CA. Avil Menezes on 07.06.2017 Presentation Flow Liquidation Order Appointment of Liquidator Powers & Duties of Liquidator Public Notice
More informationQuestion 3 Role of insolvency professional in framing the resolution plan?
Question 1 Does liquidator take physical charge of assets? Answer: As per section 36 of IBC 2016 the liquidator shall hold the liquidation estate as fiduciary for the benefit of all the creditors. During
More informationDecoding Insolvency & Bankruptcy Code
Decoding Insolvency & Bankruptcy Code Why is the code imperative today? What does it change for the borrowers? Lender inertia during the CIRP would mean liquidation invariably an economically inferior
More informationINSOLVENCY AND BANKRUPTCY CODE, By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants
INSOLVENCY AND BANKRUPTCY CODE, 2016 By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants INSOLVENCY AND BANKRUPTCY CODE, 2016 INTRODUCTION INSOLVENCY: Insolvency is a situation
More informationMODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION
MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION 1 When can a bank initiate a corporate insolvency resolution process in relation to a corporate debtor? a) On determination of default by National
More informationThe Insolvency & Bankruptcy Code (IBC)
The Insolvency & Bankruptcy Code (IBC) Presentation by HARSHUL SHAH Advocate & Solicitor & Insolvency Professional Background Erstwhile legislative framework Chapter XIX & Chapter XX of Companies Act,
More informationThe Journey of Insolvency & Bankruptcy Code
The Journey of Insolvency & Bankruptcy Code Prior to the commencement of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016 or code), the legislative framework in India to deal with the insolvency and
More informationInsolvency. Corporate Viaticum and Where We Stand in the World: An Analysis
Insolvency 1557 Corporate Viaticum and Where We Stand in the World: An Analysis The Sabka Saath, Sabka Vikas agenda ushered in by the current NDA government can become a reality only if there are drastic
More informationIndicative MCQs for Limited Insolvency Examination
Indicative MQs for Limited Insolvency Examination ll rights reserved. No part of this Publication may be translated or copied in any form or by any means without the prior written permission of The ISI
More informationTHE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH
1 In the matter of: THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH Under Section 7 of Insolvency and Bankruptcy Code, 2016 State Bank of India, having its registered office at State Bank
More informationLESSON 16 INSOLVENCY CONCEPTS AND EVOLUTION
LESSON 16 INSOLVENCY CONCEPTS AND EVOLUTION INSOLVENCY/BANKRUPTCY THE CONCEPT Insolvency is when an individual, corporation, or other organization cannot meet its financial obligations for paying debts.
More informationVOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59
VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 Notification No. IBBI/2016-17/GN/REG010 dated 31st March, 2017 IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation
More informationSAMTEL COLOR LIMITED BIDDING PROCESS DURING CORPORATE INSOLVENCY RESOLUTION PROCESS:
SAMTEL COLOR LIMITED BIDDING PROCESS DURING CORPORATE INSOLVENCY RESOLUTION PROCESS: A. BIDDING PROCESS (i) (ii) (iii) Approval of Committee of Creditors Eligibility Criteria, Bidding Process, an agreement
More informationSEMINAR ON INSOLVENCY & BANKRUPTCY CODE 2016 PRACTICAL ASPECTS FOR BANKERS. On 21 st April 2017 at JN Bose Auditorium, Kolkata
SEMINAR ON INSOLVENCY & BANKRUPTCY CODE 2016 PRACTICAL ASPECTS FOR BANKERS On 21 st April 2017 at JN Bose Auditorium, Kolkata WHY IBC 2016 [CODE] WAS REQUIRED Before this Code, there was no single law
More informationFAQs on Submission of Claims under Resolution
FAQs on Submission of Claims under Resolution 09.11.2017 By Resolution Team, Vinod Kothari & Company resolution@vinodkothari.com Disclaimer: The FAQs below and their responses are our attempt to help potential
More informationDeJure. A Step Closer to Solving the Insolvency. December 06, Rajani Associates simple solutions
DeJure December 06, 2016 A Step Closer to Solving the Insolvency Rajani Associates simple solutions The Insolvency and Bankruptcy Code, 2016 (the "Insolvency Code, 2016") had received the assent of the
More informationInsolvency and Bankruptcy Code, 2016
Insolvency and Bankruptcy Code, 2016 At present, there are multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. The current
More informationPage 1. Insolvency and Bankruptcy Code 2016 And Regulations
Page 1 Insolvency and Bankruptcy Code 2016 And Regulations Objective of the Code The objective of this Code as stated in the preamble to the Code is to consolidate and amend the laws relating to reorganization
More informationInsolvency & Bankruptcy Code, 2016 Presentation on Definitions. At WIRC of ICAI, Mumbai
Presentation on Definitions At WIRC of ICAI, Mumbai By: Jitender Jain, LL.B., ACS (India), ACIS (UK) Advocate & Insolvency Professional Mumbai, India Legal Framework for Insolvency in India 1. The Companies
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the. Association of Business Recovery Professionals
STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the Association of Business Recovery Professionals Version 2 November 2004 TABLE OF CONTENTS FOR STANDARD CONDITIONS 1 INDIVIDUAL VOLUNTARY
More informationSUMMARY OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016
DSK Legal Knowledge Center Updates on May, 2016 Banking and Finance SUMMARY OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 The Insolvency and Bankruptcy Code ( Insolvency Code ), had been introduced in the
More informationB.RAMANA KUMAR, M.Com., LLB., FCA, ADVOCATE & INSOLVENCY PROFESSIONAL, Chennai.
I NSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS O F INDIA, Chennai 30 March 2018. Workshop on B.RAMANA KUMAR, M.Com., LLB., FCA, ADVOCATE & INSOLVENCY PROFESSIONAL, Chennai. Need for a New Law Recovery
More informationInsolvency and Bankruptcy Board of India 7 th Floor, Mayur Bhawan, Connaught Place, New Delhi CIRCULAR No. IBBI/IP/013/ th June, 2018
Insolvency and Bankruptcy Board of India 7 th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 CIRCULAR No. IBBI/IP/013/2018 12 th June, 2018 To All Registered Insolvency Professionals All Recognised
More informationIn the matter of: (Amended Memo of Parties)
1 IN THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (EXERCISING THE POWERS OF ADJUDICATING AUTHORITY UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016) In the matter of: (Amended Memo of Parties)
More informationFrequently Asked Questions for (FAQs) Home Buyers
24 August, 2018 Frequently Asked Questions for (FAQs) Home Buyers These FAQs have been prepared by the Resolution Professional (RP) to provide answer to the questions being commonly asked by flat buyers
More informationTHE INSOLVENCY AND BANKRUPTCY CODE: AN OVERVIEW
THE INSOLVENCY AND BANKRUPTCY CODE: AN OVERVIEW Introduction According to the recent World Bank s Ease of Doing Business Index, India ranks 130 th out of 189, which can be partly attributed to the fact
More informationPRESENTATION ON CORPORATE FAST TRACK INSOLVENCY RESOLUTION PROCESS FOR WIRC of Institute of Company Secretaries of India
PRESENTATION ON CORPORATE FAST TRACK INSOLVENCY RESOLUTION PROCESS FOR WIRC of Institute of Company Secretaries of India 18.07.2017 BY C S A SEKAR WHY FAST TRACK LOW RANKING IN EAST OF DOING BUSINESS As
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No.91 of 2017
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No.91 of 2017 (arising out of Order dated 04.05.2017 passed by the National Company Law Tribunal, Mumbai Bench, in C.P.
More informationSTANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS
STANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS Version 3 January 2013 TABLE OF CONTENTS 1 COMPANY VOLUNTARY ARRANGEMENTS 1 PART I: INTERPRETATION 5 1 Miscellaneous definitions 5 2 The Conditions
More informationAIFC INSOLVENCY RULES (IR)
Annex 3 to the Minutes of the meeting of the Legal Advisory Council of the Astana International Financial Centre ----------------------------------------------------------------------------------------------
More informationInsolvency and Bankruptcy Code, 2016
Insolvency and Bankruptcy Code, 2016 By Shailen Shah Director Deal Advisory May 2017 KPMG.com/in 1 Table of contents 1 Insolvency resolution statistics 2 Objectives of the code 3 IBC Story so far 4 Corporate
More informationD S R M STEELS PRIVATE LIMITED INVITATION FOR EXPRESSIONS OF INTEREST FOR SUBMISSION OF RESOLUTION PLAN IN D S R M STEELS PRIVATE LIMITED
D S R M STEELS PRIVATE LIMITED INVITATION FOR EXPRESSIONS OF INTEREST FOR SUBMISSION OF RESOLUTION PLAN IN D S R M STEELS PRIVATE LIMITED 1. Introduction: I. D S R M STEELS PRIVATE LIMITED [DSRMPL] is
More informationChapter - 6 OVERVIEW OF INSOLVENCY AND BANKRUPTCY CODE Insolvency and Bankruptcy Code (Amendment) Act, 2018
Chapter - 6 OVERVIEW OF INSOLVENCY AND BANKRUPTCY CODE 2016 1. Definitions (Section 3) Insolvency and Bankruptcy Code (Amendment) Act, 2018 Default means non-payment of debt when whole or any part or installment
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM
ANNEX 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised June 2016 For use in proposals issued on or after 1 September 2016 1 TABLE OF CONTENTS FOR STANDARD CONDITIONS
More informationNon-profit Associations Act
Issuer: Riigikogu Type: act In force from: 30.09.2017 In force until: 14.01.2018 Translation published: 20.06.2017 Amended by the following acts Passed 06.06.1996 RT I 1996, 42, 811 Entry into force 01.10.1996
More informationTHE ACT ON STOCK EXCHANGES
THE ACT ON STOCK EXCHANGES Complete wording of Act No 429/2002 Coll. on stock exchanges of 18 June 2002, as amended by Act No 594/2003 Coll., Act No 635/2004 Coll., Act No 43/2004 Coll., Act No 747/2004
More informationThe RBI-12 cases under the IBC
The RBI-12 cases under the IBC Josh Felman, Varun Marwah and Anjali Sharma Presented at: IBBI-IGIDR Conference on Insolvency and bankruptcy reforms 3rd August, 2018 The RBI-12 cases under the IBC Context
More informationChapter - 26 Overview of Insolvency and Bankruptcy Code 2016
- Chapter - 26 Overview of Insolvency and Bankruptcy Code 2016 26.1 INTRODUCTION 1. The Insolvency and Bankruptcy Code, 2016 is one of the major economic reform Code initiated by the Government in the
More informationINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR INDIVIDUALS AND FIRMS) REGULATIONS, 2017 CHAPTER I PRELIMINARY
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR INDIVIDUALS AND FIRMS) REGULATIONS, 2017 IBBI/2017-18/GN/[ ]. - In exercise of the powers conferred under sub-section (1)(t)
More informationSTANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS
STANDARD CONDITIONS FOR COMPANY VOLUNTARY ARRANGEMENTS One Courtenay Park Newton Abbot Devon. TQ12 2HD www.lameys.co.uk TABLE OF CONTENTS PART I: INTERPRETATION 1 Miscellaneous definitions 2 The conditions
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM
Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised January 25 th 2008 TABLE OF CONTENTS FOR STANDARD CONDITIONS PART I: INTERPRETATION Page 1 Definitions
More informationThe Indian Insolvency and Bankruptcy Regime
The Indian Insolvency and Bankruptcy Regime www.elplaw.in /elplaw.in /ELPIndia /company/economic-laws-practice 0 P a g e BACKGROUND The Government has been looking to take adequate action to improve the
More informationMODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION (w.e.f. 1 st July 2017 to 31 st Dec 2017)
MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION (w.e.f. 1 st July 2017 to 31 st Dec 2017) 1. Core services of an information utility do not include (a) accepting electronic submission of financial
More informationInterpreting the Code
Interpreting the Code Corporate Insolvency in India November 2016 2 Interpreting the Code: Corporate Insolvency in India Contents Why is the Code imperative today? 5 About the Code 10 What are the highlights
More informationProcesses under India s new bankruptcy law
Processes under India s new bankruptcy law Renuka Sane March 25, 2017 Problems with the current processes Misplaced emphasis on secured credit Value destruction in corporate distress Corporate bond market
More informationTHE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES CORPORATIONS AMENDMENT (PHOENIXING AND OTHER MEASURES) BILL 2012
2012 THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA HOUSE OF REPRESENTATIVES CORPORATIONS AMENDMENT (PHOENIXING AND OTHER MEASURES) BILL 2012 EXPLANATORY MEMORANDUM (Circulated by the authority of the
More informationIBC Opportunities for CMAs in. 76 The Management Accountant l
Opportunities for CMAs in The Insolvency and Bankruptcy Code 2016 which has been notified by the Government on 28 th May 2016 is the biggest economic reform next to GST. Before this Code, there was no
More informationFAQs. Insolvency and Bankruptcy Code, 2016 Sneha Bhawnani 23 rd January, 2017
FAQs Insolvency and Bankruptcy Code, 2016 Sneha Bhawnani sneha@vinodkothari.com 23 rd January, 2017 Check at: http://india-financing.com/staff-publications.html for more write ups. Copyright: This document
More informationECOWRAP MODERN DAY DAVID (NCLT) VS. GOLIATH (ACTIVE COMPANIES) SAGA SBI ECOWRAP
ECOWRAP MARCH 19, 2018 ISSUE NO: 79, FY18 MODERN DAY DAVID (NCLT) VS. GOLIATH (ACTIVE COMPANIES) SAGA The Central Government has constituted National Company Law Tribunal (NCLT) w.e.f. 01st June 2016.
More informationSTANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS. Produced by the IVA FORUM
Protocol Annex 4 STANDARD CONDITIONS FOR INDIVIDUAL VOLUNTARY ARRANGEMENTS Produced by the IVA FORUM Revised November 2013 For use in proposals issued on or after 1 January 2014 TABLE OF CONTENTS FOR STANDARD
More informationDry Creek Rancheria Band of Pomo Indians. Business Code TITLE 6. BUSINESS PARTNERSHIP CODE CHAPTER 1. GENERAL PROVISIONS
Dry Creek Rancheria Band of Pomo Indians Business Code TITLE 6. BUSINESS PARTNERSHIP CODE TABLE OF CONTENTS CHAPTER 1. GENERAL PROVISIONS SECTION 1. Purpose SECTION 2. Contents of Partnership Agreements
More informationInsolvency and Bankruptcy Board of India
Insolvency and Bankruptcy Board of India Discussion Paper 1 st April, 2018 Regulation of fee payable to insolvency professionals and other process costs under Corporate Insolvency Resolution Process The
More information1.1 Please give a brief outline of the legal system in Taiwan. Is it based on common law, civil law, or some other system?
Taiwan Contributed by: Formosan Brothers N&A Contact: Ing Chian Sun (profile), Kaedeko Takagi (profile) 1. INTRODUCTION 1.1 Please give a brief outline of the legal system in Taiwan. Is it based on common
More informationINSOLVENCY AND BANKRUPTCY CODE, 2016
INSOLVENCY AND BANKRUPTCY CODE, 2016 This article is a reproduction of an interaction originally published in The ICLG to Corporate Recovery & Insolvency 2018 Edition Key Highlights 1. Overview 1.1 Where
More informationIN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION. Company Appeal (AT) (Insolvency) No. 5 of 2017
IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL COMPANY APPELLATE JURISDICTION Company Appeal (AT) (Insolvency) No. 5 of 2017 (arising out of Order dated 17th February, 2017 passed by National Company Law
More informationFAQs on Submission of Claims under Liquidation
FAQs on Submission of Claims under Liquidation 09.11.2017 By Resolution Team, Vinod Kothari & Company resolution@vinodkothari.com Disclaimer: The FAQs below and their responses are our attempt to help
More informationLAW ON PRIVATIZATION Official Gazette of the RoS, No. 83 dated August 5, 2014
LAW ON PRIVATIZATION Official Gazette of the RoS, No. 83 dated August 5, 2014 I GENERAL PROVISIONS Subject of the Law Article 1 This Law regulates the conditions and procedures for change of ownership
More informationSample Partnership Agreement
Sample Partnership Agreement THIS AGREEMENT is made and entered into at, this day of, 20, by and between (Name And Address) and (Name And Address) (hereafter collectively referred to as the "Partners").
More informationCA SNEHAL KAMDAR Bcom,FCA,DISA (ICAI), DBM (Forensic audit) & Insolvency professional
CA SNEHAL KAMDAR Bcom,FCA,DISA (ICAI), DBM (Forensic audit) & Insolvency professional Slides courtesy: Dr. Rajkumar Adukia The Codes of India.. 1. The Indian Penal Code, 1860 2. The Code of Civil Procedure,
More informationINSOLVENCY AND BANKRUPTCY MOOT COMPETITION October, New Delhi, INDIA. Moot Proposition 1
INSOLVENCY AND BANKRUPTCY MOOT COMPETITION 2017 28-29 October, New Delhi, INDIA Organized by: - Centre for Transnational Commercial Law National Law University, Delhi. INDIA Supported by: - The Insolvency
More informationPARTNERSHIP AGREEMENT LOCATED IN THE STATE OF OHIO
PARTNERSHIP AGREEMENT LOCATED IN THE STATE OF OHIO The signatories below hereby agree to enter into this agreement of partnership on this day of, 20, (hereafter collectively referred to as the "Partners
More informationINSOLVENCY PRACTITIONERS ASSOCIATION. CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY English Version Examination 15 June 2012
INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY English Version Examination 15 June 2012 PERSONAL INSOLVENCY (3 HOURS) Part A: Part B: Part C: All questions to be
More informationIN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL. Company Appeal (AT) (Insolvency) No. 485 of 2018
IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL [arising out of Order dated 6 th July, 2018 by National Company Law Tribunal, Chandigarh Bench in C.P (IB) No. 35/CHD/HP/2018] IN THE MATTER OF : Lalan Kumar
More informationWatching the Insolvency and Bankruptcy Code work
Watching the Insolvency and Bankruptcy Code work Finance Research Group IGIDR June 24, 2017 Re-cap: Why IBC? Intended outcome of IBC: Re-cap: Why IBC? Intended outcome of IBC: Change credit market landscape..
More informationSTATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) TRUST DEEDS INTRODUCTION PRINCIPLES
STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) TRUST DEEDS INTRODUCTION 1. A Trust Deed is a voluntary deed granted by a debtor whereby the debtor conveys all or part of his estate to a named Trustee
More informationUnderstanding the new Insolvency Code Part II: Liquidation of corporate debtors
January 2017 Understanding the new Insolvency Code Part II: Liquidation of corporate debtors Understanding the new Insolvency Code Part II: Liquidation of corporate debtors The first part of this series
More informationCorporate Restructuring, Merger, Demerger
Corporate Restructuring, Merger, Demerger Compromise or Arrangement (Including Merger & Demerger) (Sec. 230-232) Company & company; Company & Liquidator. Company & creditor or class of creditor; Consolidation
More informationCredit Institutions Act 1
Credit Institutions Act 1 Passed 9 February 1999 (RT 2 I 1999, 23, 349; consolidated text RT I 2005, 8, 32), entered into force 1 July 1999, amended by the following Acts: 09.02.2005 entered into force
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI Company Appeal (AT) (Insolvency) No. 794 of 2018
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI [Arising out of Order dated 5 th December, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata in Company
More informationBEFORE THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH. In the matter of
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH Coram : Hon ble M.K. Shrawat, Member (J) For the Petitioner : Under Section 7 of the Insolvency and Bankruptcy Code, 2016 r.w. Rule 4 of the Insolvency
More informationTHE WORLD BANK GLOBAL JUDGES FORUM COMMERCIAL ENFORCEMENT AND INSOLVENCY SYSTEM PEPPERDINE UNIVERSITY SCHOOL OF LAW MALIBU, CALIFORNIA MAY 2003
THE WORLD BANK GLOBAL JUDGES FORUM COMMERCIAL ENFORCEMENT AND INSOLVENCY SYSTEM PEPPERDINE UNIVERSITY SCHOOL OF LAW MALIBU, CALIFORNIA 19-23 MAY 2003 S L O V E N I A Miodrag DORDEVIC Supreme Court Justice
More informationANNEXURE 1 AMENDMENTS TO THE RULES OF BURSA MALAYSIA SECURITIES CLEARING SDN BHD IN RELATION TO DEFAULT RULES
Interpretation (New definition) Interpretation Default Proceedings Any proceedings or other action taken by the Clearing House under its Default Rules. Interpretation Default Rules Rules which enable the
More informationOPERATING RULES OF THE PAYMENT SYSTEM CENTROLINK OF THE BANK OF LITHUANIA CHAPTER I GENERAL PROVISIONS
APPROVED by Resolution No 03-176 of the Board of the Bank of Lithuania of 6 November 2017 OPERATING RULES OF THE PAYMENT SYSTEM CENTROLINK OF THE BANK OF LITHUANIA CHAPTER I GENERAL PROVISIONS 1. The Operating
More informationLIMITED PARTNERSHIP LAW
LIMITED PARTNERSHIP LAW DIFC LAW No. 4 of 2006 Consolidated Version (May 2017) As Amended by DIFC Law Amendment Law DIFC Law No. 1 of 2017 LIMITED PARTNERSHIP LAW AMENDMENT LAW CONTENTS PART 1: GENERAL...
More informationNATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI. Company Appeal (AT) (Insolvency) Nos. 32 & 50 of 2018
NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI (arising out of order dated 8 th January, 2018 passed by National Company Law Tribunal, New Delhi Bench in C.A. No. 233(PB)/2017 IN C.P. No. (IB)- 84(PB)/2017)
More informationLaw on Privatization I. BASIC PROVISIONS. 1. Subject of the Law and General Principles. 2. Scope of privatization and entities to be privatized
Law on Privatization (Official Gazette of the RS", No. 38/2001, 18/2003 and 45/2005 ) I. BASIC PROVISIONS 1. Subject of the Law and General Principles Article 1. This law governs the conditions and the
More informationInsolvency. Insolvency and Bankruptcy Code Key Implications for Corporate Debtors
1408 Insolvency Insolvency and Bankruptcy Code 2016 - Key Implications for Corporate Debtors The Insolvency and Bankruptcy Code 2016 is a hugely significant legislation, second in importance only to the
More informationOrganised by: Vinod Kothari Consultants Pvt. Ltd
Place: Crowne Plaza Today, New Delhi Okhla Date: July 19, 2016 (Tuesday) Organised by: Vinod Kothari Consultants Pvt. Ltd To register kindly drop a mail at: dheeraj@vinodkothari.com rupali@vinodkothari.com
More informationCOMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW
GLOBAL FORUM ON LAW, JUSTICE AND DEVELOPMENT COMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW FINLAND 1 Introductory questions on the insolvency procedures available in the relevant
More informationGuide. For. Suppliers. October
Guide For Suppliers to recover money under the Insolvency and Bankruptcy Code, 2016 October 2018 www.indialegalhelp.com (This Guide is strictly for information only. While all efforts have been made to
More informationInsolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018
Insolvency Professionals to act as Interim Resolution Professionals or Liquidators (Recommendation) Guidelines, 2018 Provisions in the Insolvency and Bankruptcy Code, 2016 31 st May, 2018 1. Section 16(3)(a)
More informationTHE NEW BANKRUPTCY CODE 2016 UNITED ARAB EMIRATES MINAL KAUL ASSOCIATE BANKING AND FINANCE STA LAW FIRM
THE NEW BANKRUPTCY CODE 2016 UNITED ARAB EMIRATES MINAL KAUL ASSOCIATE BANKING AND FINANCE STA LAW FIRM CONTENT Introduction Bankruptcy law - Federal Decree Law no. 9 of 2016 (Effective from 29 December
More informationOrganised by: Vinod Kothari Consultants Pvt. Ltd. The Lalit, Mumbai 19th January 2016
Organised by: Vinod Kothari Consultants Pvt. Ltd. The Lalit, Mumbai 19th January 2016 Why this workshop? The enactment of the Bankruptcy Code means a complete change in the scenario of resolution of financial
More informationTime allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 7
Roll No... : 1 : Time allowed : 3 hours Maximum marks : 100 Total number of questions : 6 Total number of printed pages : 7 NOTE : 1. Answer ALL Questions. 2. All references to sections relate to the Companies
More informationT H E W O R L D J O U R N A L O N J U R I S T I C P O L I T Y
VOLUNTARY WINDING UP OF COMPANIES IN INDIA A COMPARATIVE ANALYSIS OF OLD REGIME AND NEW PROCESS INTRODUCED BY INSOLVENCY AND BANKRUPTCY CODE, 2016 Bhawana Khanwani Raffles University, Neemrana (India)
More informationExit Options COMPANY & LLP. Makarand Joshi Partner Makarand M Joshi & Co.
Exit Options COMPANY & LLP By Makarand Joshi Partner Makarand M Joshi & Co. Company and LLP Exit options without winding up Exit options with winding up Exit Options - Without winding up for Company Exit
More informationSTANDARD CVA CONDITIONS
STANDARD CVA CONDITIONS Introduction 1. These standard CVA conditions should be read together with the Proposal to which they are Appended ( the Proposal ) and the definitions set out in the Proposal will
More informationIn order to create an attractive, dynamic and competitive business
Chile Morales & Besa and PricewaterhouseCoopers Chile Matías Langevin Correa, associate Guillermo Morales Errázuriz, senior partner Morales & Besa Francisco Selamé Marchant, partner Cristián Gamboa Guzmán,
More informationLao People s Democratic Republic Peace Independence Democracy Unity Prosperity
Authentic in Lao language only Lao People s Democratic Republic Peace Independence Democracy Unity Prosperity ------------------------------- National Assembly No. 11/NA Vientiane, dated 9 NOV 2005 ENTERPRISE
More informationCOU CIL FOR ATIO AL A D I TER ATIO AL COMMERCIAL ARBITRATIO (C ICA) RULES, 2004
COU CIL FOR ATIO AL A D I TER ATIO AL COMMERCIAL ARBITRATIO (C ICA) RULES, 2004 PRELIMI ARY Short Title and Scope : 1. (1) These rules may be called the CNICA Rules, 2004 that- (2) These rules shall apply
More informationLIFE INSURANCE ACT, B.E (1992) 1
Unofficial Translation LIFE INSURANCE ACT, B.E. 2535 (1992) 1 BHUMIBOL ADULYADEJ, REX, Given on the 4th Day of April, B.E. 2535 (1992); Being the 47th Year of the Present Reign. His Majesty King Bhumibol
More informationFINAL FEE APPLICATION FOR COMPENSATION AND REIMBURSEMENT OF EXPENSES TO ARTHUR ANDERSEN LLP, ACCOUNTANTS AND AUDITORS TO BRADLEES STORES, INC.
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -X In re: : : Chapter 11 : Reorganization Case No. Bradlees Stores,
More information14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II SEC. 3(i)]
14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II SEC. 3(i)] अन स च [ नयम 10 क उप- नयम (3) द ख ]. स. आव दक द य श क (. म ) 1. व य ल नद र (अक ल य स य प स ) 25000 2. प रच लन ल नद र र आव दन 2000 3. क रप र ट
More informationLIST OF STAKEHOLDERS. [As per Regulation 31 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016]
LIST OF STAKEHOLDERS [As per Regulation 31 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016] In the matter of CP No. 1315/ I & BP/ 2017 ABHIJEET MADC NAGPUR ENERGY PRIVATE
More informationDIGEST OF REGULATORY UPDATES. This is our series of knowledge sharing initiatives towards sharing regulatory updates on Corporate Laws.
Friday, July 13, 2018 Change is the law of life. And those who look only to the past or present are certain to miss the future. Keeping up to date with legislation can be time consuming, and legislation
More informationEmerging opportunities for CMAs - Insolvency professionals under Insolvency & Bankruptcy Code Valuers under Companies Act & IBC
Emerging opportunities for CMAs - Insolvency professionals under Insolvency & Bankruptcy Code Valuers under Companies Act & IBC Organised by Noida Chapter of Cost Accountants 24 th Mar 2018 CMA NAVNEET
More informationIndicative MCQs for Limited Insolvency Examination
Indicative MQs for Limited Insolvency Examination ll rights reserved. No part of this Publication may be translated or copied in any form or by any means without the prior written permission of The ISI
More information