The Insolvency and Bankruptcy Board of India has amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 with effect from February 7, 2018, and has brought into force the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2018[1]. The salient features of the new regulations have been discussed hereunder.
Appointment of registered valuers
Enforced with the objective of time-bound insolvency resolution and maximization of assets, the Insolvency Bankruptcy Code, 2016 (hereinafter referred to as “IBC”), in order to facilitate the process of insolvency resolution, has provision for appointment of an insolvency resolution professional (hereinafter referred to as “IRP”).
Background:
The Hon’ble Calcutta High Court on February 2, 2018, upheld the validity of Section 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred as ‘IBC 2016’ or ‘the Code’) in the case of Akshay Jhunjhunwala & anr. v. Union of India[1].
Introduction
Background:
Introduction
In proceedings with regards to the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) the Bombay High Court has passed a landmark judgement ruling that an application under IBC may be made even in cases where a Winding-Up petition has been admitted by a Company Court. Such an Application under the IBC, would not be permitted, only in such a scenario where final order of Winding-Up has been passed under Section 481 of the Companies Act, 1956.
Brief Facts of the Case
Introduction
In proceedings with regards to the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) the Bombay High Court has passed a landmark judgement ruling that an application under IBC may be made even in cases where a Winding-Up petition has been admitted by a Company Court. Such an Application under the IBC, would not be permitted, only in such a scenario where final order of Winding-Up has been passed under Section 481 of the Companies Act, 1956.
Brief Facts of the Case
Introduction:
Incorporated with the objective of promoting maximization of value of assets in a time bound manner, the Insolvency and Bankruptcy Code (hereinafter referred to as “IBC”) works towards effective protection to honest creditors against unscrupulous debtors who may misuse insolvency to evade of their liabilities. The conducive and efficacious implementation of the IBC has instilled confidence in the creditors for a systematic and speedy reform. The remedy under the IBC is also available to the unpaid employees of the debtor which is now being recognized judicially as well.
Introduction –