RBI asset classification, income recognition and provisioning norms in case of Borrowers ongoing Insolvency Resolution Process (CIRP)

The Circular provides provisioning norms in case of Borrower ongoing Insolvency Resolution Process (CIRP), Asset Classification of Interim Finance extended by the lenders to debtors undergoing insolvency proceedings under IBC, Change in Ownership: Asset Classification after transfer of ownership of a Corporate Debtor to Successful Resolution Applicant(SPA) etc.

The Limited Liability Partnership Act, 2008, as amended w.e.f. 01.04.2022, Bare Act, Rules, Notifications and Circulars

The Limited Liability Partnership Act, 2008, as amended w.e.f. 01.04.2022, Bare Act, Rules, Notifications and Circulars On 11th February, 2022, MCA vide Notification No. S.O. 621(E) has notified the Sections of the Limited Liability Partnership (Amendment) Act, 2021 (31 of 2021)…

Q&A in Parliament on Insolvency: Whether only debtors will be able to initiate proceedings under Special Insolvency Resolution Framework for MSMEs

LOK SABHAUNSTARRED QUESTION NO. 2773Answered on 21.03.2022 QUESTION Will the Minister of CORPORATE AFFAIRS be pleased to state: (a) whether only debtors will be able to initiate proceedings under Special Insolvency Resolution Framework for Micro, Small and Medium Enterprises (MSMEs);…

Q&A in Parliament on Insolvency:  Whether the Government proposes to set up more benches of NCLT in the next year

LOK SABHAUNSTARRED QUESTION NO. 2835Answered on 21.03.2022 QUESTION Will the Minister of CORPORATE AFFAIRS be pleased to state: (a) whether the Government proposes to set up more benches of National Company Law Tribunal (NCLT) in the next year and if…

Stand of Government on the Collegium system of appointments of Judges of the Supreme Court and High Courts

In order to replace the Collegium system of appointments of Judges of the Supreme Court and High Courts with a more broad-based, transparent, accountable appointment mechanism and to bring greater objectivity in the system, the Government brought into operation the Constitution (Ninety-Ninth Amendment) Act, 2014 and the National Judicial Appointments Commission Act, 2014 w.e.f. 13.04.2015. However, both the Acts were challenged in the Supreme Court. The Supreme Court vide Judgment dated 16.10.2015declared both the Acts as unconstitutional and void. The Collegium system as existing prior to the enforcement of the Constitution (Ninety-Ninth Amendment) Act, 2014 was declared to be operative.

‘Agreement for Sale’ rules under the provisions of RERA framed by MoHUA for Union Territories without legislatures

The ‘Agreement for Sale’ rules under the provisions of Real Estate (Regulation and Development) Act, 2016 [RERA] have been framed by MoHUA for Union Territories (UTs) without legislatures and same was sent to all the States and UTs for adoption in the year 2016 itself. Now, as per directions of Hon’ble Supreme Court, this Ministry in consultation with the Housing Department of every State is carrying out the exercise to ascertain as to whether the rules framed by the States comply with the substratum of the Rules which have been framed by MoHUA for UTs without legislatures.

‘Private sale’ permitted below the auction price : NCLT Indore

‘Private sale’ permitted below the auction price : NCLT Indore In landmark judgement of NCLT Indore Bench, reported Abhishek Nagori Liquidator of Asian Natural Resources India Ltd. Vs. Rajesh Kumar Agrawal (2022) ibclaw.in 187 NCLT, the Tribunal permitted the Liquidator…

Important Judgments on Notice/a right of hearing to the Corporate Debtor before admitting an application for initiation of the insolvency process under the Insolvency and Bankruptcy Code, 2016 (IBC)

Sections 7, 9 and 10 of the Code prescribe the procedure for initiation of the corporate insolvency resolution process. While these sections do not explicitly provide a right of hearing, the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016…

More than 3.82 lakh companies struck off till financial year 2020-21 in Special Drives taken by Registrar of Companies

More than 3.82 lakh companies struck off till financial year 2020-21 in Special Drives taken by Registrar of Companies 15.03.2022: Under the Special Drives taken by Registrar of Companies(ROC), 3,82,875 number of companies ware struck off u/s 248(1) of the…