Insolvency & Bankruptcy Code

IBC Insolvency & Bankruptcy CodeNCLT Delivers First Impression In India: Insolvency Process Can Continue Despite Assets Of Corporate Debtor Being Attached By Enforcement Directorate

June 13, 2020by Krishna Grandhi and GLC Team

** This blog was co-published as a news item on https://legaldesire.com/insolvency-process-can-continue-despite-assets-of-corporate-debtor-being-attached-by-ed/ The case for the Applicant Resolution Professional was argued by one of our members – Counsel Krishna Grandhi of GLC & Partners. The National Company Law Tribunal (NCLT), Hyderabad Bench, has delivered an important ruling impacting several ongoing tussles between the Prevention of Money...

Compliance IBC Insolvency & Bankruptcy CodeReduction in the Voting Threshold under the Insolvency And Bankruptcy Code (Second Amendment), 2018

July 21, 2019by Krishna Grandhi and GLC Team

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

IBC Insolvency & Bankruptcy CodeWithdrawal of Application Under Section 7, 9 & 10 Of Insolvency And Bankruptcy Code under the Insolvency And Bankruptcy Code (Second Amendment), 2018

July 15, 2019by Krishna Grandhi and GLC Team

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

Funding IBC Insolvency & Bankruptcy Code InvestmentHome Buyers Recognition Under the Insolvency and Bankruptcy Code (Second Amendment), 2018

July 7, 2019by Krishna Grandhi and GLC Team

The Insolvency and bankruptcy Code (Amendment) Amendment, 2018 has been brought into force on 6th June 2018, which has been regarded as one of the most prominent and substantive amendment to the code till now. This amendment seeks out to remove the loopholes which ought to reduce the efficiency of the Code and also to...

IBC Insolvency & Bankruptcy CodeThe Insolvency And Bankruptcy Code (Amendment) Bill, 2019 – A Critical Analysis

July 1, 2019by Krishna Grandhi and GLC Team

The legislature has brought in eight new amendments to the Insolvency and Bankruptcy Code, 2016 to eliminate certain interpretive ambiguities and to ensure that the Code remains effectual. The amendment was essential so as to oversee that the Code is on par with dynamic state of affairs. Extension of Deadline for The Completion Of CIRP...

IBC Insolvency & Bankruptcy CodeWhether Trade Unions Come Under The Meaning Of An Operational Creditor Under the Insolvency and Bankruptcy Code, 2016?

June 30, 2019by Krishna Grandhi and GLC Team

The Hon’ble Supreme Court, in the case of JK Jute Mill Mazdoor Morcha vs. Juggilal Kamlapal Jute Mills Co. Ltd. [ Civil Appeal No. 20978 of 2017] answered whether a trade union can be said to be an ‘Operational Creditor’ for the purpose of the Insolvency and Bankruptcy Code, 2016 (“Code”). The case came up in...

IBC Insolvency & Bankruptcy CodeWhether The Erstwhile Directors Of An Insolvent Company File An Appeal Under The Insolvency and Bankruptcy Code, 2016?

June 29, 2019by Krishna Grandhi and GLC Team

In the case of M/S Innoventive Industries Pvt. Ltd vs. ICICI Bank & Anr { CIVIL APPEAL No. 8337-8338 of 2017], the Hon’ble Supreme Court for the first time explained the paradigm shift in the law by virtue of the newly enacted Insolvency and Bankruptcy Code, 2016 (“Code”) which consolidates and amends all the insolvency...

IBC Insolvency & Bankruptcy CodeMeaning And Scope Of A Finanical Creditor And Corporate Debtor Under The Insolvency And Bankruptcy Code, 2016

June 28, 2019by Krishna Grandhi and GLC Team

In the case of IndiaBulls Housing Finance Ltd. vs. Rudra Buildwell Projects Pvt. Ltd [Company Appeal (T) (insolvency) No. 172 of 2019] the question before NCLT is whether the appellant can claim to be a ‘Financial Creditor’ under the Insolvency and Bankruptcy Code, 2016 (“Code”) or not? In the above case, a tripartite agreement was...

IBC Insolvency & Bankruptcy CodeDuties Of Interim Resolution Professional Under Section 18 Insolvency And Bankruptcy Code, 2016

June 25, 2019by Krishna Grandhi and GLC Team

In the case, Encore Asset Reconstruction Co. Pvt. Ltd vs. Ms. Charu Sandeep Desai & Ors. [Company Appeal (AT) (Insolvency) No. 719 of 2018] an appeal has been made by the appellant against the order passed by the NCLT in the matter of State Bank of India Vs. Calyx Chemicals & Pharmaceuticals Ltd. whereby the...

IBC Insolvency & Bankruptcy CodeLimitation To File An Appeal In The National Company Law Appellate Tribunal Under Section 61 of the Insolvency and Bankruptcy Code, 2016

June 22, 2019by Krishna Grandhi and GLC Team

In the case of Cholamandalam Investment & Finance Co. Ltd vs. R. Venkataraman [Appeal No. 160 of 2019] an appeal was made to the National Company Law Appellate Tribunal (“NCLAT”) seventeen days beyond the maximum period of limitation specified under section 61 (2) of the Insolvency and Bankruptcy Code, 2016 (“Code”). The question before the...