Arbitration and Conciliation Act - During main arbitration proceedings, final relief of specific performance cannot be sought based on contingent contract, which stood abandoned because of negative covenant: HC (See 'Legal Desk') Companies Act - Petition for voluntary winding up can be allowed if whole procedure prescribed under law has been duly complied with: HC (See 'Legal Desk') GST: A Frightening but Fascinating Future world…! – Part IV (See 'TOG INSIGHT') IMA extends support for Ayushman scheme (See 'TOG News') Appointment of 5 NCLT Members subject to outcome of proceedings pending before CAT & Allahabad HC (See 'Dashboard') Naidu suggests farm sustainability & profitability over loan waiver (See 'TOG News') Telecom industry favors 5G auction in second half of 2019 (See 'TOG News') Gadkari reaffirms mission to make Chabahar port operational by 2019 (See 'TOG News') India keen to buy lithium & cobalt mines overseas (See'Corpbrief') GST: A Frightening but Fascinating Future world…! – Part III (See 'TOG INSIGHT') Panel set up to update social & economic responsibilities of business (See 'Corpbrief') Trade Marks Act - When contestants have registration of trade name in different classes but, duration of commencing business with that name is not clear, an ad interim order of injunction refraining contestant's right is not maintainable: HC (See 'Legal Desk') Companies Act - When as per terms of purchase order, title to goods are transferred to purchaser, once goods are loaded on ship then purchaser is liable to make payment even if goods are stuck with Customs: HC (See 'Legal Desk') Nokia signs five-year global IT infra & application services deal with HCL GAIL partners with Uber to catalyse CNG ecosystem in India Mega relief for power sector – Pariwartan scheme to protect value of assets (See 'Corpbrief') Govt to set up more rural Wi-Fi hotspots for better broadband connectivity (See 'Corpbrief') Adani Transmission acquires 100% equity in Ghatampur SPV Oyo starts China business with hotel rooms in 26 cities Renowned water conservationist predicts forced migration (See 'TOG News') Drive Against Shell Companies - A cul-de-sac! (See 'THE COB(WEB)' TIOL) Copyright Act - Defendant can be said to have infringed copyright of plaintiff if it sells similar goods by adopting label and packaging which is substantial reproduction of original artistic work: HC (See 'Legal Desk') SEBI Act - Restrictions from accessing securities market imposed by SEBI on director can be removed, if director is not found guilty of raising funds in violation of SEBI regulations in CBI and ED reports: SAT (See 'Legal Desk') Govt to review and come out with new plan for Air India CCI approves acquisition of Monsanto by Bayer AG u/s 31(7) of Competition Act Purchases from tribal artisans jumps by 166% in 2017-18 (See 'TOG News') EPFO subscribers to get option to hike investments in ETFs by this fiscal (See 'Corpbrief') MCA invites comments from stakeholders on introductory note and draft on Cross-Border Insolvency (See 'Cropbrief') BHEL gets Rs 1000 cr order for Emission Control equipment (See 'Corpbrief')

IBBI invites comments on Rules relating to Firms/Individuals

Published: Oct 10, 2017

By TIOLCORPLAWS News Service

NEW DELHI, OCT 10, 2017: The Insolvency and Bankruptcy Board of India (IBBI) constituted a Working Group to recommend the strategy and approach for implementation of the provisions of the Insolvency and Bankruptcy Code, 2016 dealing with insolvency and bankruptcy in respect of: (i) Guarantors to corporate debtors i.e. personal guarantors, and (ii) Individuals having business and submit a report along with Draft Rules and Regulations. The Working Group has since submitted a report dealing with insolvency resolution process of individuals and firms. It intends to submit a separate report for bankruptcy process of individuals and firms. IBBI intends to implement insolvency resolution in the first phase for: (i) Guarantors to corporate debtors, i.e., personal guarantors, and (ii) Individuals having business (partnership, proprietorship or any other).

Along with the report for insolvency resolution process of individuals and firms, the Working Group has submitted

(i) the draft Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Individuals and Firms) Rules, 2017,and

(ii) the draft Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Individuals and Firms) Regulations, 2017.

IBBI invites public comments on these draft rules and regulations by 31st October 2017.

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