The Goods & Services Tax Network (“GSTN”)enables new registration functionality for Insolvency Resolution Professionals
July 27, 2020 EDITORIAL TEAM - INSOL India
The Central Board of Excise & Customs (“CBIC”) had directed, videnotificationdated 23 March 2020, that corporate debtors shall be liable to obtain a new registration under the GST regime throughits appointedInterim Resolution Professionals (“IRP”) or Resolution Professionals (“RP”). A corporate debtor..
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IBBI seeks public comments on existing regulations
July 27, 2020 EDITORIAL TEAM - INSOL India
Continuing its efforts to ensure an updated and functionalregulatory framework conducive for stakeholders, the IBBI has sought comments from the public on the existing regulations under the IBC. The IBBI has also stated that they may also contemplate other important..
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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..