NCLT makes filing record of default with an information utility mandatory
July 27, 2020 EDITORIAL TEAM - INSOL India
The NCLT, vide an order dated 12 May 2020, directed that any new insolvency application filed by a financial creditor under section 7 of the Insolvency & Bankruptcy Code, 2016 (“IBC”) must be accompanied by a record of default from..
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Insolvency and Bankruptcy (Amendment) Ordinance, 2020 dated 5 June 2020
July 27, 2020 EDITORIAL TEAM - INSOL India
In light of the COVID-19 pandemic which has adversely impacted businesses, financial markets and economies all over the world, including India, creating uncertainty and stress for businesses nationwide, the President of India promulgated the Insolvency and Bankruptcy (Amendment) Ordinance, 2020..
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Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2020 dated 30 June 2020
July 26, 2020 EDITORIAL TEAM INSOL India
This amendment substituted the erstwhile Regulation 12(1)(a) ofthe Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, with the following clause, namely: “(a) its sole objective is to provide support services to insolvency professionals;” The earlier regulation 12(1)(a) stated as follows: “its..
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Waiver of Interest due to COVID Lockdown Moratorium
June 6, 2020 INSOL India - Editorial Team
In a writ petition filed in the Hon’ble Supreme Court that no interest should be charged and there should be a waiver of interest on term loan payments during the moratorium, the Hon’ble Supreme Court had issued notice to the..
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Cross-Border Insolvency
June 6, 2020 INSOL India - Editorial Team
The Government of India had constituted a committee with Mr. K.P. Krishnan a retired IAS Officer as its chairman, to recommend rules and regulatory framework for the implementation of the cross-border insolvency provisions under the Insolvency and Bankruptcy Code. The..
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Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020
June 5, 2020 MINISTRY OF LAW AND JUSTICE
Because of the Covid-19 impact on business and industry in the country, the President of India has promulgated an ordinance on June 5, 2020, suspending Section 7, 9 and 10 of the IBC, 2016, for initiation of corporate insolvency resolution..