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IBBI (Insolvency Professional Agencies) (Amendment) Regulations, 2022 – IBBI Notification No. IBBI/2022-23/GN/REG089 dated 04.07.2022

The Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2022 THE GAZETTE OF INDIAEXTRAORDINARYPART III, SECTION 4PUBLISHED BY AUTHORITYNEW DELHI, MONDAY, JULY 04, 2022 INSOLVENCY AND BANKRUPTCY BOARD OF INDIANOTIFICATION New Delhi, the 04th July, 2022 No.…

IBBI (Insolvency Professionals) (Amendment) Regulations, 2022 – IBBI Notification No. IBBI/2022-23/GN/REG088 dated 04.07.2022

Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022 THE GAZETTE OF INDIAEXTRAORDINARYPART III, SECTION 4PUBLISHED BY AUTHORITYNEW DELHI, MONDAY, 4th JULY, 2022 INSOLVENCY AND BANKRUPTCY BOARD OF INDIANOTIFICATIONNew Delhi, the 4th July, 2022 No. IBBI/2022-23/GN/REG088.- In exercise…

Lessor as an Operational Creditor – What is the Position under IBC? – By Pratyush Singh

It is in this context that the Hon’ble NCLT Mumbai in Bharat Doshi (2022) ibclaw.in 529 NCLT ruled that debt arising out of rent or lease cannot be considered as Operational Debt under the Code and hence the lessor would not be granted the rights of an operational creditor. There is a conflict in the position of law regarding the treatment of lessors as operational creditors and there is argument to be made from both sides. Hence, a judgment by the Supreme Court in Promila Taneja (2021) ibclaw.in 02 SC would help clarify the position of law on this issue. Till that time, M. Ravindranath [2020] ibclaw.in 95 NCLAT continues to remain the binding precedent on all tribunals.

Whether the District Magistrate is required to grant an opportunity of hearing to the petitioners while examining application filed by the secured creditor under Section 14 of the Act, 2002 – M/s. Maa Kalika Bhandar and Others Vs. The Collector and District Magistrate, Khordha and Others – Orissa High Court

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Audi Alteram Partem: A Right not accorded to Personal Guarantors – By Swena Prashant & Soham Das

The IBC was enacted to provide a streamlined and faster process for dealing with the insolvency of individuals and corporate entities. However, it should ensure that personal guarantors don’t miss out on their fundamental rights in the garb of speedy redressal.  It is high time that the courts recognize the significance of the role that is played by personal guarantors and vest them with fairness, in line with principles of natural justice. By granting interim relief, the Supreme Court has made its intention clear that the subject of rights of personal guarantors requires further scrutiny. It is left to be seen what the court adjudges, but optimizing the resolution process to accommodate all parties on the same pedestal, is of utmost need.

Can a Guarantor file insolvency proceeding u/s 7 of IBC against Principal Borrower using right of subrogation even in absence of any agreement between the Guarantor and the Principal Borrower – Orbit Towers Pvt. Ltd. Vs. Sampurna Suppliers Pvt. Ltd. – NCLT Kolkata Bench

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At end of e-auction, if two or more bidders have finally offered the same amount, bidder who has given offer for sale of the Corporate Debtor as a going concern shall be declared as successful bidder – Arrhum Tradelink Pvt. Ltd. Vs. Vineeta Maheshwari Liquidator of Kaneria Granito Ltd. – NCLT Ahmedabad Bench

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The suspended management must be provided with the copy of the resolution plan – Teena Saraswat Pandey RP of Rajpal Abhikaran Pvt. Ltd. – NCLT Indore Bench

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Bajaj Promoters Pvt. Ltd. Vs. The Registrar of Companies – NCLAT Chennai

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Condonation of Delay is not a matter of Right or Routine. There is no difference between a Good Cause/Sufficient Cause in Law – The Regional Provident Fund Commissioner Vs. Mr. Arunava Sikdar RP M/s. The National Sewing Thread Company Ltd. – NCLAT Chennai

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