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SECTION 53 IBC
Gratuity, leave encashment not part of CIRP cost: NCLATThe NCLAT dismissed an appeal regarding priority payment of gratuity dues. It upheld an earlier NCLT order concerning Duncans Industries' f...- NCLAT junks Reliance Realty's plea for insolvency against Altruist Customer ManagementThe National Company Law Appellate Tribunal has dismissed Reliance Realty's appeal. This follows the rejection of their insolvency plea aga...
- IBBI discussion paper: Two-part resolution plan to ensure swift takeover of a stressed firm by the winning bidderIn a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has said the first part of the proposed rescue deal will enable ...
- Kishore Biyani moves Bombay High Court against forensic audit of Future RetailKishore Biyani, the former promoter of Future Retail, has filed a petition in the Bombay High Court challenging the forensic audit process ...
- Insolvency rules: Port dues to state govts will not get preferenceThe maritime board also requested that MCA and IBBI direct liquidators to deposit port dues "promptly and vacate premises upon termination"...
- Future Retail resolution professional moves NCLT against Kishore Biyani and family alleging fraudulent transactionThis application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction...
- Oil exploration contracts not to be covered under IBC moratoriumThe Indian government has exempted bankrupt petroleum firms' mining leases, exploration licences and production and revenue-sharing contrac...
- Government mulls new framework to put IBC cases on fast trackThe details will be finalised after broader stakeholder consultations. "The government has studied the best practices of several jurisdicti...
- No priority for worker dues after liquidation under IBC"The waterfall mechanism is based on a structured mathematical formula, and the hierarchy is created in terms of payment of debts in order ...
- Gujarat secured creditor under IBC for tax purposes: Supreme CourtA bench comprising justices Indira Banerjee and A S Bopanna also set aside the orders of the tribunals by which the resolution plan to revi...
- NCLT directs tax department to return TDS to bankrupt Precision FastenersThe liquidator of the company had approached the Mumbai bench of the National Company Law Tribunal (NCLT) to recover about Rs 1 crore deduc...
- Experts point out how NCLAT's Aircel judgement could disrupt insolvency resolutions under IBCIn the case involving telco Aircel and the Department of Telecommunications, the NCLAT relied on a clause in the spectrum license agreement...
- Rajya Sabha approves amendments to insolvency lawIn the wake of the COVID-19 situation, the government decided to suspend the provisions starting from March 25 for six months by promulgati...
- Insolvency proceedings against corporate debtors, personal guarantors can go together: FMShe was replying to a debate on the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, in the Rajya Sabha which passed the propo...
- IBC provisions to protect companies from ending up in liquidation: FM SitharamanThe upper house of Parliament passed the bill, which seeks to replace the ordinance imposing the suspension of certain sections of the IBC ...
- New payments formula for creditors in the worksLiquidation amount would be distributed to company’s creditors in accordance with the “waterfall” mechanism set out in Section 53 of Insolv...
- With direct resolution of holding companies ‘unlikely’, IL&FS Board may sell group firmsIL&FS is currently seeking an extension of an interim order by the NCLT that granted a moratorium on claims against group cos.
- IL&FS companies to be grouped on payment abilityThe bench asked the counsel for the government and IL&FS to propose a resolution for companies under the “red” category.
- Govt submits resolution plan for IL&FS, suggests name of Justice D K Jain to supervise processUnder the plan, the government has categorised IL&FS group companies into green, amber and red based on their respective financial position...
- Court rejects I-T department’s claims over VNR Infra assets under liquidationThe Court was hearing the petition filed by Leo Edibles & Fats, which had acquired certain assets of VNR Infrastructures under liquidation ...
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