IBBI has notified the revised format for filing of creditors.

In pursuance of clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (‘CIRP Regulations’) requiring the insolvency professional (IP) to file list of creditors on …

MCA invites comments from public on Cross-Border Insolvency under Insolvency and Bankruptcy Code, 2016.

Cross-border insolvency’ denotes circumstances in which an insolvent debtor has assets and/or creditors in more than one country. With the rapid increase in globalisation and the advent of sophisticated communications technology, cross-border trade and investment …

IBBI issues Clarification regarding requirement of seeking No Objection Certificate from the Income Tax Department.

Regulation 14 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 (the Regulations) mandates the liquidator to make the public announcement within five days of his appointment, calling for submission of claims by stakeholders within thirty …

HFCs shall qualify as Financial Institutions under SARFAESI Act

The HFCs registered under of National Housing Bank Act, 1987 and having assets worth ₹100 crore & above, shall qualify as ‘Financial Institution’ under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest …

Insolvency and Bankruptcy Code (Amendment) Act, 2021.

An application for initiating pre-packaged insolvency resolution process may be made in respect of a corporate debtor classified as a micro, small or medium enterprise under sub-section (1) of section 7 of the Micro, Small …

IBBI issues standard and uniform limits for monetary penalties to be imposed by an Insolvency Professional Agencies

The circular intends to ensure that the IP agencies will have the flexibility to impose a graduated system of penalties, where minor non-compliances will result in monetary fines, and major violations will result in expulsion …

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021

The amendment seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 promulgated on the 4th day of April, 2021 which laid down the procedure for pre-packaged insolvency resolution process.

IBBI amends the guidelines on Technical Standards for the performance of core services and other services under the Insolvency and Bankruptcy Board of India regulation.

The amendment defines the term “Identity Details” which means C-KYC number in the C-KYC database maintained by CERSAI or identification number of any OVD of a person who is a resident of India.

The Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021.

The Amendment modifies the qualification and experience of the insolvency professional.

IBBI has specified the format of CIRP 8 under IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

The Resolution Professional is duty-bound to find out if a corporate debtor has been subject to avoidance transactions, namely, preferential transactions, undervalued transactions, extortionate credit transactions, fraudulent trading and wrongful trading, and file applications with …

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