Analysis of acceptance or rejection of the application [Section 7(4) and Section 7(5)] and judicial pronouncements.
A important decision of NCLT. Kochi Bench on GST search and seizure during CIRP and summon to Resolution Professional.
Hon'ble Supreme Court has issued notice to Central Bureau of Investigation, as respondent, vide order dated 28.06.2023 on the SLP1 filed against the judgment of Jharkhand High Court. Hon'ble Jharkhand High Court in the order dated 05.04.2023 in the matter Sanjay Kumar Agarwal Vs. Central Bureau of Investigation, Anti Corruption Bureau, Dhanbad, reported at (2023) ibclaw.in 209 HC held that resolution professional will come within the meaning of a public servant under Section 2(c) the Prevention of Corruption Act, 1988 for the reason that definition of public servant as given under the Prevention of Corruption Act, 1988 is very wide and expansive. It is not limited to those serving under the Government or its instrumentalities and drawing salary from the public exchequer.
This Research Paper decodes the amendments with respect to the existing provisions in the Code and Regulations, impact on initiation/filing of new CIRP application after these amendments came into force, impact of amendments in Information Utility Regulations on filing of CIRP application and covers other relevant issues: Furnishing of Copy of Form GSTR-1, Form GSTR-3B and Copy of e-Way Bill is mandatory for filing CIRP under Section 9 of IBC; Submissions GSTRs and e-Way Bill with filing of claim; Cases where the generation of e-Way Bill is not a requirement; Submission of PAN and email address of Financial/Operational Creditor alongwith CIRP application; Fixing the responsibility of Promoters/Management to submit information within time and as per format sought by IRP/RP; Creditors’ Assistance: Assist in preparing the information memorandum, getting valuation determined and in conducting the CIRP and Assist in dealing with avoidance applications after closure of a CIRP; Difference in valuations during a CIRP and a threshold for appointment of a third valuer; Dealing with avoidance applications after closure of a CIRP; Amendments in Information Utilities Regulations regarding filing of CIRP; Brief about the process of Information of Default and Record of Default in an Information Utility
Summary of important provisions of pre-packaged Insolvency Ordinance, 2021.
NCLAT in a recent judgment comments on the earlier two members’ bench judgment in Piramal Case that "in the matter of Piramal, the Bench of this Appellate Tribunal “interpreted” the law. Ordinarily, we would respect and adopt the interpretation but for the reasons discussed above, we are unable to interpret the law in the manner it was interpreted in the matter of Piramal". Also, the NCLAT in the recent judgment didn’t consider the three members’ bench judgment of Shabad Khan Vs. M/s. Nisus Finance and Investment Manager & Ors.
Whether Appellate Tribunal (NCLAT) have power to extend Time limit under section 12 of IBC beyond 330 days. On 23rd March, Hon'ble Supreme Court extended the period of limitation on filing petitions, applications, suits, appeals, and other proceedings at courts…
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