Press Release

DINs of Directors found to be disqualified under Section 164(2)(a) of the Companies Act, 2013 w.e.f. 1st November 2016 for a period of five years – MCA Public Notice dated 10-11-2021

MCA had flagged the DINs of Directors found to be disqualified under sub-section 2(a) of section 164 of the Companies Act, 2013 w.e.f. 1st November 2016 for a period of five years. This is for the information of all the concerned that DINs eligible to be de-flagged on expiry of the period of disqualification are in the process of verification. Necessary action shall be taken shortly.

DINs of Directors found to be disqualified under Section 164(2)(a) of the Companies Act, 2013 w.e.f. 1st November 2016 for a period of five years – MCA Public Notice dated 10-11-2021 Read Post »

Manner of dealing with companies undergoing Corporate Insolvency Resolution Process – NSE

The Exchange shall issue a detailed guidance note to CIRP companies and the Resolution Professional (RP) on compliance and disclosure requirements as per SEBI LODR Regulations, which will be uploaded on the Exchange website, an email shall be sent to all the companies which are under CIRP informing them about the guidance note.

The guidance note provides that the Resolution Professional has to comply with SEBI LODR Regulations and in compliance, shall disclose the fact of approval of resolution plan on oral pronouncement or otherwise of the Order on immediate basis and not later than 30 minutes. Additionally, the Resolution Professional shall inform through the Exchange platform any impact on the existing holders / investors of listed securities, on areas such as status of listing, the value of holding of existing holders, write off/ cancellation/ extinguishment of existing equity shares/ preference shares/ debentures, etc. without any payment to such holders, where applicable.

Further, the guidance note provides that the Companies/ the Resolution Professional shall be guided by the provisions of the SEBI LODR Regulations and shall maintain the confidentiality of the resolution plan until details are not submitted on the Exchange Platform.

Manner of dealing with companies undergoing Corporate Insolvency Resolution Process – NSE Read Post »

Mr. Amit Pradhan takes charge as Executive Director, IBBI

Mr. Amit Pradhan took charge as Executive Director, Insolvency and Bankruptcy Board of India (IBBI) in New Delhi today. Immediately before joining IBBI, he was serving as Chief General Manager and Adjudicating Officer in the Securities and Exchange Board of India (SEBI). Mr. Pradhan has been with the securities market regulator, SEBI since 1997. He has been serving in various capacities in different departments, including as Regional Director of the Northern Regional Office of SEBI at New Delhi. He has also served as Adviser in the Competition Commission of India. Mr. Pradhan was a member of the Bankruptcy Law Reforms Committee which conceptualised the Insolvency and Bankruptcy Code, 2016.

Mr. Amit Pradhan takes charge as Executive Director, IBBI Read Post »

IBBI notifies the Pre-packaged Insolvency Resolution Process Regulations, 2021

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on 4th April, 2021 provides for pre-packaged insolvency resolution process (PPIRP) for corporate debtors classified as micro, small and medium enterprises. The Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Pre-packaged Insolvency Resolution Process) Regulations, 2021 (PPIRP Regulations) today to enable operationalisation of PPIRP.

IBBI notifies the Pre-packaged Insolvency Resolution Process Regulations, 2021 Read Post »

IBBI Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework

The Handbook prepared by the Insolvency and Bankruptcy Board of India in association with British High Commission is based on inputs on the best practices followed by the Insolvency Practitioners in the United Kingdom and aims to stimulate the highest standards of ethics and professionalism among the Insolvency Professionals. This Handbook serves as a ready reckoner and a tool to assist the insolvency professionals and other stakeholders in the insolvency ecosystem, for imbibing and practising an ethical code of conduct.

IBBI Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework Read Post »

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