This paper analyses resolution processes that have been completed and are ongoing, presents the understanding of issues that are adversely affecting the efficiency and effectiveness of the resolution process. The issues are of a wide spectrum and proposals have been made to resolve the same. - 1. Timeline for providing information for assignment of debt. 2. Seeking information from personnel of the corporate debtor. 3. Modification of Timelines for Submission and Consolidation of Claims. 4. Increase of duties of AR, Increase of fee of Authorised Representative, Replacement of authorised representative 5. Inclusion of Relevant Minutes in Form H. 6. Addressing the Aspect of Limitation in Applications for initiation of insolvency resolution proceedings. 7. Favourable voting on more than one resolution plan. 8. Changes in timelines. 9. Audit Requirement for Insolvency Resolution Process Cost (IRPC) in certain CIRPs
Category: Notifications & Circulars-Main
Companies (Accounts) Second Amendment Rules, 2023
MINISTRY OF CORPORATE AFFAIRSNOTIFICATIONNew Delhi, the 31st May, 2023 G.S.R. 408(E).—In exercise of the powers conferred by sub-sections (1) and (3) of section 128, sub section (3) of section 129, section 133, section 134, sub-section (4) of section 135, sub-section…
Notification for authorisation of Ministry of Micro, Small and Medium Enterprises to perform Aadhaar authentication for the purposes of registration of owners of informal micro enterprises on its digital platform – MSME Notification No. SO-2239(E) dated 22.05.2023
MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISESNOTIFICATIONNew Delhi, the 22nd May, 2023 S.O. 2239(E).—Whereas, rule 3 of the Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Rules, 2020 (hereinafter referred to as the Aadhaar Authentication Rules) empowers the Central…
The filing of hard copies of Appeals/ Interlocutory Applications/ Reply / Rejoinder etc. in NCLAT shall not be mandatory with immediate effect – NCLAT Order dated 15.05.2023
The Appeals / Interlocutory Applications / Reply / Rejoinder etc. are being e-filed in the National Company Law Appellate Tribunal (NCLAT) through e-filing portal (https://efiling.nclat.gov.in) w.e.f. 04.01.2021. The Competent Authority has further directed that the filing of hard copies of Appeals/ Interlocutory Applications/ Reply / Rejoinder etc. shall not be mandatory with immediate effect. The Standard Operating Procedures (SOPs)/ Orders/ Circulars/ Notices issued by the NCLAT from time to time regarding filing of Appeals/ Interlocutory Applications / Reply / Rejoinder etc. shall stand modified to that extent accordingly.
Authorisation to discharge the functions of Chairperson DRAT Mumbai for deciding appeal
In exercise of the powers conferred by sub-section (3) of section 8 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Central Government hereby authorises the Chairperson of the Debts Recovery Appellate Tribunal, Chennai to discharge also the functions of the Chairperson of the Debts Recovery Appellate Tribunal, Mumbai for deciding the appeal in the matter of ‘Pravara Renewable Energy Limited versus Padmashri Dr Vitthalrao Vikhe Patil Sahakari Sakhar Karkhana Limited and others (Diary No. 79 of 2022 and its connected proceedings)’, in addition to his being the Chairperson of the Debts Recovery Appellate Tribunal, Chennai
Petitioner(s) of section 7 and 9 under IBC, 2016 comply with Regulation 20(1A) of Information Utilities) Regulations, 2017 and produce the record of Information Utility (NeSL certificate) at the earliest for effective hearing of their cases – NCLT order dated 03.04.2023
NCLT issues an order on 3rd April, 2023 that it is brought to the attention of all stakeholders that Regulation 20(1A) has been inserted in the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 vide Notification No. IBBI/2022-23/GN/REG085, dated 14th June, 2022. All the Petitioner(s) of section 7 and 9 under the Insolvency and Bankruptcy Code, 2016 are requested to comply with the above Regulations and produce the record of Information Utility (NeSL certificate) at the earliest for effective hearing of their cases.
Change of location of DRT 1 and 2 Bengalore – Notification No. SO 1295(E) dated 20.03.2023
MINISTRY OF FINANCE(Department of Financial Service)NOTIFICATIONNew Delhi, the 20th March, 2023 S.O. 1295(E).—In exercise of the powers conferred by Section 3 of the Recovery of Debts and Bankruptcy Act, 1993 (51 of 1993), the Central Government hereby notifies the following…
Read More Change of location of DRT 1 and 2 Bengalore – Notification No. SO 1295(E) dated 20.03.2023
MSME certificate issued on the Udyam Assist Platform to Informal Micro Enterprises shall be treated at par with Udyam Registration Certificate for the purpose of availing Priority Sector Lending benefits – MSME Notification No. SO 1296(E) dated 20.03.2023
MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISESNOTIFICATIONNew Delhi, the 20th March, 2023 S.O. 1296(E).—In exercise of powers conferred by section 9 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006), the Central Government, for the purposes…
MCA establishes a Centre for Processing Accelerated Corporate Exit (C-PACE) – Notification No. SO-1269(E) dated 17.03.2023
In exercise of the powers conferred by sub-section (1) of section 396 of the Companies Act, 2013, the Central Government hereby establishes a Centre for Processing Accelerated Corporate Exit (hereinafter referred to as C-PACE). The C-PACE shall be located at the Indian Institute of Corporate Affairs (IICA), Plot No. 6, 7, 8, Sector 5, IMT Manesar, District Gurgaon (Haryana), Pin Code – 122050.
Serving of copy of CIRP applications to IBBI – Circular No. IBBI/LAD/58/2023 dated 04.03.2023
to ensure filing of authentic information with the Board and further enable Board to share information relating to the application for initiation of CIRP with the IU efficiently, the format has been revised. The revised format is at Annexure A. A step-by-step guide for submission of the application is at Annexure B. On submission of the application online, the applicant shall get an acknowledgment. The applicants are encouraged to avail of this facility.