Panel of Insolvency Professionals for NCLT Delhi
The Insolvency and Bankruptcy Board of India has issued Panel of Insolvency Professionals for NCT Delhi for appointment as,– Interim Resolution Professional (IRP) in a Corporate Insolvency Resolution Process (CIRP) under section 16(4),– Liquidator in a liquidation process under section 34(6),– Resolution Professional (RP) in an individual insolvency resolution process under section 97(4) or 98(3), […]
NSE issues Circular on Additional Surveillance Measure under IBC
The Circular states that from 14th February, 2023, the specified securities in Annexure I have satisfied the criteria under ASM for companies as per IBC. Moreover, the specified securities in Annexure II have satisfied the exclusion criteria under ASM for companies as per IBC.
BSE urges every listed company to maintain public shareholding of at least 5% in implementation CIRP approved resolution plan
The Bombay Stock Exchange (BSE) has issued a circular emphasising that every listed company must maintain public shareholding of at least five per cent as a result of implementation of the approved resolution plan during Corporate Insolvency Resolution Process (CIRP). All listed companies / RPs must take all requisite steps to modify the resolution plans to ensure compliance.
IBBI issues an Order in the matter of Association of Certified Valuators and Analysts
The Insolvency and Bankruptcy Board of India (IBBI) has issued an Order in the matter of Association of Certified Valuators and Analysts. This Order disposes of the Show Cause Notice (‘SCN’), dated 20th September 2022 issued to the Chief Executive Officer of the Association of Certified Valuators and Analysts (‘ACVA”). While disposing of the SCN, the Order issued a warning to the ACVA that it should be extremely careful and diligent in its organizational processes and follow the directions of the Authority in letter and spirit.
MCA Invites public comments on changes being considered to the Insolvency and Bankruptcy Code, 2016
The Ministry of Corporate Affairs (MCA) has issued a public notice inviting comments on changes being considered to the Insolvency and Bankruptcy Code (IBC), 2016. The notice was issued on 18th January, 2023. The changes the the IBC are being considered in order to strengthen its functioning. he public is invited to submit their suggestion/comments, if any, along with brief justification. These may be submitted online on the weblink latest by 5:30 PM on 7th February, 2023.
IBBI notifies the appointment of a panel of Insolvency Professionals
The Insolvency and Bankruptcy Board of India (IBBI) has issued a public notice for the appointment of a panel of Insolvency Professionals (IPs). The notice was issued for the constitution of the panel for the period from 1st January, 2023 till 30th June, 2023. This panel is created for various zones across the country.
Clarification regarding the treatment of GST dues for corporate debtors
As per Section 84 of the CGST Act, if the government dues against any person under CGST Act are reduced as a result of any appeal, revision, or other proceedings in respect of such government dues, then an intimation for such reduction of government dues has to be given by the Commissioner to such person and to the appropriate authority with whom the recovery proceedings are pending. This shall be applicable to orders of adjudicating authorities and appellate authorities under IBC as well.
IBBI issues Proforma for reporting liquidator’s decision(s) different from the advice of Stakeholders’ Consultation Committee (SCC)
Where the liquidator takes a decision different from the advice given by the consultation committee, he shall record the
reasons for the same in writing and submit the records relating to the said decision, to the Adjudicating Authority and to the Board within five days of the said decision; and include it in the next progress report.
Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals, and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022
These Guidelines shall govern appointments as IRP, Liquidator, RP, and BT from January 1, 2023
IBBI has revised fees applicable to Insolvency Professionals and IPEs
Insolvency and Bankruptcy Board of India (IBBI) has enhanced its existing fee structure and has introduced a regulatory fee. These revisions will be applicable to Insolvency professionals (IPs) and Insolvency Professional Entities (IPEs). The fees shall be credited to bank account of the Board, However, the online payment module for these fees is not yet implemented.
