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[By Arshit Kapoor and Kartikey Bhalotia] The authors are students at National Law University, Odisha. Introduction This article enumerates the role of a Resolution Professional (“RP”) in carrying out the Corporate Insolvency Resolution Process (“CIRP”) as an independent umpire, as provided by the scheme of the Insolvency and Bankruptcy Code, 2016 (“IBC”). This is done in the context of the National Company Law Appellate Tribunal (“NCLAT”) recent decision...
CLICK HERE TO DOWNLOAD – The CBCL Primer on Writing Research Papers and Blogs In this lockdown, many of us are picking up the pen (or opening new word documents, if you will) to write our hearts out, be it our critique of legal developments or even suggestions. We have all found ourselves staring at our laptop screens with hundreds of Google Chrome tabs open, wondering how to...
[By Ujjwal Agrawal] The author is a student at Maharasthra National Law University, Nagpur Introduction Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC” or “the Code”) provides for the initiation of the Corporate Insolvency Initiation Process (“CIRP”) by the financial creditors of a corporate debtor. Furthermore, Section 7(3)(a) of the IBC mandates the filing of either ‘record of the default recorded with the information utility’ or...
[By Rohit Maheshwary and Shrutika Lakhotia] The authors are students at School of Law, Christ (Deemed to be University), Bengaluru. Introduction The Finance Act, 2020 has brought in some relief for the companies by swapping the Dividend Distribution Tax (“DDT”) with the classical system of dividend taxation and thus functioning as a raindrop in the drought. The Finance Minister, Ms. Nirmala Sitharaman, has closed the doors of the DDT...
[By Ritik Khatri and Aanand Sanctis] The authors are students at National Law University Odisha. Prefatory The Insolvency system in India has made considerable progress since its inception; it has been continually tried and has grown altogether over due course of time. Due to this pandemic, the Indian Economy has endured a severe effect and will eventually prompt its phenomenal breakdown. As indicated by IMF, this worldwide pandemic...
[By Shubham Nahata] The author is a student at Hidayatullah National Law University, Raipur Introduction One of the most drastic and disastrous impacts of the economic slowdown induced on account of COVID-19 will be seen on the balance sheets(“B/S”) of banking and financial institutions. As the availability of easy credit will become the norm in the post COVID-19 society, banking institutions will need to deal with the...
[By Preksha Mehndiratta and Anchit Jasuja] The authors are students at the Gujarat National Law University, Gandhinagar. Background The Insolvency and Bankruptcy Code (Amendment Act), 2019 [i] had amended Section 31 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) after many cases had surfaced where governmental authorities had demanded statutory dues from the corporate debtor even after the resolution plan had been approved. Recently, a division bench of...
[By Srishti Suresh] The author is a third-year student at NALSAR University of Law, Hyderabad. Background In light of the COVID-19 outbreak and its resultant economic lockdown, several companies are cash starved and are facing immense financial crunch. There exists an incumbent need to infuse funds into such stressed entities, to enable them to avoid insolvency and bankruptcy proceedings. Consequently, the securities market regulator SEBI, issued a Consultation Paper...