Suspension of Sections 7, 9 & 10 of the IBC for a period of one year
June 1, 2020 INSOL India - Editorial Team
The Finance Minister, Nirmala Sitharaman, has suggested that the continuation of the prevalent situation in the country on account of COVID-19 and any change for the worse in relation to the same could lead the Central Government to consider suspending..
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NCLAT - Pendency of SARFAESI proceedings before DRT does not extend the period of limitation under the IBC
June 1, 2020 INSOL India - Editorial Team
It was held by the NCLAT, in Bimal Kumar v. Bank of India(Company Appeal (AT) (Insolvency) No. 1166 of 2019), that pendency of SARFAESI proceedings before Debt Recovery Tribunals (DRT) will not result in the extension of limitation period under the..
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NCLAT Bench to be set up at Chennai to help resolve pending cases
June 1, 2020 INSOL India - Editorial Team
A separate bench of the National Company Law Appellate Tribunal will be set up at Chennai with such bench possessing jurisdiction and authority to hear and adjudicate upon appeals against orders of NCLT benches located in Tamil Nadu, Karnataka, Kerala,..
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Changes in IBC Law to ease business: Finance Minister’s Speech
June 1, 2020 INSOL India - Editorial Team
There has been some announcements made by the Finanace Minister in the light of the Covid-19 situation. The government has tried to ease the business by bringing following announcements: 1. Section 240A of Insolvency and Bankruptcy Code, 2016 to be notified soon; 2. No..
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Telecommunications Department may approach the Supreme Court against moratorium on Aircel Spectrum
June 1, 2020 INSOL India - Editorial Team
The Department of Telecommunications is likely to knock the doors of the Apex Court in order to exclude the spectrum held by Aircel from the scope of moratorium imposed on Aircel. The Department of Telecommunications (DoT) wants the telecom operator..
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NCLT makes Default Records Mandatory from the Information Technology – CIRP
June 1, 2020 INSOL India - Editorial Team
NCLT has made it mandatory for all the financial creditors to file “Default Records” from information utility while filing section 7 of the IBC Code. This is a mandatory directive issued, otherwise no petition will be entertained. NCLT has also..