EPFO is more than a stakeholder in the Liquidation Process – By Mr. Chidambaram Ramesh

In some cases, the Liquidators have reportedly issued notice to the EPFO for participation in the stakeholders’ consultation committee meeting, treating them as operational creditors or Government agencies. In general terms, almost everyone associated with the Corporate Debtor is considered a stakeholder. However, Section 2(k) of the IBBI (Liquidation Process) Regulations, 2016 provides for a definition of the term ‘stakeholder.’ It reads, “stakeholders” means the stakeholders entitled to distribution of proceeds under section 53. This gives rise to a larger question: Does the EPFO come within the meaning of ‘stakeholder’ for the I & B Code and the connected liquidation process? This article is intended to address this concern.

Impact of Covid-19 on Insolvency Laws in India – By Adv. Himanshi Srivastava

The insolvency ordinance also does not offer pending corporate insolvency proceedings any reprieve or ability to resubmit updated plans or revised valuations, which seems reasonable given the current economic situation. While the government's goal is to shield businesses, promoters, and directors from unjustified liability during these extraordinary times, it must also ensure that the country does not devolve into a "defaulter's paradise." These are uncharted waters that necessitate constant re-evaluation and monitoring. The insolvency ordinance does not completely address all of the issues, but it appears to be a step in the right direction.

Analysis of Deluge Forex Reserved – By Mr. Abhijeet Kashyap

There is no one-size-fits-all definition of forex trade save anywhere on the planet. Most focal banks differ in terms of what they include, who they are responsible for, and how they view liquidity. The International Monetary Fund's definition has been accepted by national banks all over the world (Balance of Payments Manual, and Guidelines on Foreign Exchange Reserve Management, 2001).

The stay granted does not lead to automatic revival of the Company Petition which has been already closed by the Adjudicating Authority – Binay Kumar Singhania RP Genegrow Commercial Pvt. Ltd. – NCLAT New Delhi

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Reviewing Evolution of Applicability of Limitation Act, 1963 on IBC, 2016 – By Ms. Meghna Somani & Ms. Palak Jagetia

Authors in this piece, have discussed changes in position of law with respect to applicability of act on the proceedings of the code, specially in the light of the recent case of Sesh Nath Singh. Further, discussion is not just with regards to Section 14, but also encompasses a detailed review on specifics and applicability of Section 5 and 18 of the act.

Section 30 of the Tribunals Reforms Act, 2021 : Amendment to the Consumer Protection Act, 2019

The Tribunals Reforms Act, 2021 Chapter-XXV Amendment to the Consumer Protection Act, 2019 Section: 30. Amendment of Act 35 of 2019. 30. In section 55 of the Consumer Protection Act, 2019, after sub-section (1), the following sub-section shall be inserted,…

Ineligible Promoters Under IBC – By Ms. Aditi Bhawsar

The Insolvency and Bankruptcy Board of India (IBBI) has lately amended regulations concerning the backdoor entry of Ineligible Promoters. Under the amendments introduced to the liquidation process regulations, defaulting promoters who are barred from the resolution plan under section 29A of the IBC, cannot be a party in any manner to a compromise or arrangement of the corporate debtor under Section 230 of the Companies Act, 2013. However, if this provision is used to revive a company that is facing liquidation under IBC, the rules of 29A will apply in keeping with the intent of the law. The new amendment also aims to restrict secured creditors from selling or transferring assets of a company undergoing a liquidation process to any person barred from submitting an insolvency resolution plan.