Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations 2020

THE GAZETTE OF INDIAEXTRAORDINARYPART III, SECTION 4PUBLISHED BY AUTHORITYNEW DELHI, THE 30TH JUNE, 2020 INSOLVENCY AND BANKRUPTCY BOARD OF INDIANOTIFICATIONNew Delhi, the 30th June, 2020 Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 No. IBBI/2020-21/GN/REG061.- In…

Restricting the number of assignments to be handled by IP

Insolvency and Bankruptcy Board of India 1st July, 2020 Discussion Paper This discussion paper deals with the issue of number of assignments handled by Insolvency Professionals (IPs) under the Corporate Insolvency Resolution Process (CIRP) and Liquidation (including Voluntary Liquidation) Process…

Compliance under GST to be followed by Resolution Professional during CIRP

As per IBC, once an entity defaults certain threshold amount, Corporate Insolvency Resolution Process(CIRP) gets triggered and the management of such entity (Corporate Debtor) and its assets vest with an interim resolution professional (IRP) or resolution professional (RP). It continues to run the business and operations of the said entity as a going concern till the insolvency proceeding is over and an order is passed by the National Company Law Tribunal (NCLT). To address the aforementioned problems, notification No.11/2020- Central Tax, dated 21.03.2020 has been issued by the Government prescribing special procedure under section 148 of the Central Goods and Services Tax Act, 2017 (CGST Act) for the corporate debtors who are undergoing CIRP under the provisions of IBC and the management of whose affairs are being undertaken by IRP/RP.

Suspension of fresh initiation of insolvency proceedings up to one year

Suspension of fresh initiation of insolvency proceedings up to one year [Dated 17.05.2020] In relation to Insolvency & Bankruptcy Code(IBC) related matters, Smt. Nirmala Sitharaman said that debts related to COVID-19 shall be excluded from defaults under IBC. “Further enhancement…

In case the limitation has expired after 15.03.2020 then the period from 15.03.2020 till the date on which the lockdown is lifted in the jurisdictional area where the dispute lies or where the cause of action arises shall be extended for a period of 15 days after the lifting of lockdown-SC Suo Motu Writ Petition(Civil) dt. 06.05.2020

In view of Supreme Court’s earlier order dated 23.03.2020 passed in Suo Motu Writ Petition (Civil) No.3/2020 and taking into consideration the effect of the Corona Virus (COVID 19) and resultant difficulties being faced by the lawyers and litigants and with a view to obviate such difficulties and to ensure that lawyers/litigants do not have to come physically to file such proceedings in respective Courts/Tribunal across the country including this Court, it is hereby ordered that all periods of limitation prescribed under the Arbitration and Conciliation Act, 1996 and under section 138 of the Negotiable Instruments Act 1881 shall be extended with effect from 15.03.2020 till further orders to be passed by this Court in the present proceedings.
In case the limitation has expired after 15.03.2020 then the period from 15.03.2020 till the date on which the lockdown is lifted in the jurisdictional area where the dispute lies or where the cause of action arises shall be extended for a period of 15 days after the lifting of lockdown.

IBBI clarifies various amendments in regulations via Explanatory Memorandum

IBBI clarifies various amendments in regulations via Explanatory Memorandum I. Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2020 II. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2020 III.…

WhatsApp Bulletin-23