Resolution professionals have a limited yet crucial role in pre-pack scheme
The role of a resolution professional (RP) in the new pre-pack scheme has been limited to that of an overseer...
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New pre-pack framework allows promoters to keep control of CD; stipulates a shorter timeline
And the much-awaited pre-pack scheme is here. The government-constituted sub-committee of Insolvency Law Committee has finally drafted the pre-pack framework,...
In first resolution of 2021, MCPI Pvt Ltd takes over the reins of Surat-based Garden Silk Mills
The year 2021 saw its first resolution under the Insolvency and Bankruptcy Code (IBC), when the Ahmedbad bench of the...
Can a corporate debtor file insolvency petition against another? Yes, says NCLAT
Can a company, against which an insolvency proceeding is undergoing, file insolvency application against another? In an order dismissing a...
Insolvency Professional must keep records of CIRP safe for 8 years
An Insolvency Professional (IP) should preserve copies of records generated in electronic form for a minimum period of eight years,...
Sintex Plastics settles vendor’s dues; may escape insolvency proceedings
Sintex Plastics Technology, the Kalol, Gujarat-based listed company, has reached a settlement with operational creditor Zielen Industries Private Ltd and...
GlaxoSmithKline escapes insolvency proceedings by clearing Rs 8 lakh due
The regulator and policy-makers alike have time and again reiterated that the Insolvency and Bankruptcy Code (IBC) is not a...
CBI files Rs 5,000 cr loan fraud case against IVRCL undergoing liquidation
Another company, undergoing insolvency proceeding, finds itself on the wrong side of the law. Â This time the Hyderabad-based infrastructure company...
Winding up proceeding transferable to NCLT until it has reached the stage of irreversibility, says Supreme Court
The Supreme Court of India has recently said in a judgement that a winding up proceeding pending before the High...
RBI issues FAQs on Resolution Framework for Covid-19 related stress
1. In Paragraph 4 of the Annex to the Resolution Framework, it is stated that the reference date for the...