Ministry of Coal reports Record-Breaking Production (See 'Corp Brief') PTC Saharanpur not just an Institution but a Living Legacy of Service: Scindia (See 'Corp Brief') IPR - Failure of party to file opposition to registration of trademark u/s 21 of Trade Marks Act, does not disentitle such genuinely aggrieved party from subsequently seeking revocation, cancellation, or rectification of said trademark: HC (See 'Legal Desk') Geological Survey of India concludes Field Season in Mineral Exploration (See 'Corp Brief') IndiaAI and CDSCO launch Health Innovation Acceleration Hackathon (See 'Corp Brief') West Asia crisis: Customs duty exemption granted to petrochemical products (See 'Corp Brief') PC Act - If other materials on record are creditworthy and reliable, there would be no bar on relying on same for arriving at conclusion regarding guilt of accused: HC (See 'Legal Desk') Chouhan launches landmark Initiative to Unite Policy, Science, and Field Experience on One Platform (See 'Corp Brief') BCGCL and MCL sign Landmark Land Leasing Agreement for Coal to Ammonium Nitrate Project (See 'Corp Brief') IPR - Plaintiff's failure to conclusively establish its exclusive proprietorship over trademarks, coupled with evidence of joint ownership & authorization letter produced by Defendant, meant that matter required full trial: HC (See 'Legal Desk') Railways sets New Record in Passenger Traffic as well as Cargo Transport (See 'Corp Brief') NHAI achieves Robust Growth in NH Development During FY 2025-26 (See 'Corp Brief') PMLA - If specific property was inadvertently omitted in impugned order, case must be remanded back to Adjudicating Authority for limited purpose of passing specific order: SAFEMA (See 'Legal Desk') Nyaya Setu AI Chatbot and Mascot 'DISHIKA' unveiled at DISHA Programme (See 'Corp Brief') Misc - Recipient of concession has no legally enforceable right against Government to grant of concession except to enjoy benefits of concession during period of its grant: SC (See 'Legal Desk') After Signing reformed linked MoU, 5 States got funds under Jal Jeevan Mission 2.0 (See 'Corp Brief') India's largest collaborative Capacity Building Initiative Begins on 2nd April (See 'Corp Brief') IPR - Section 19 of Trade Marks Act, does not permit any third party to make application before Registrar for withdrawal of acceptance of trademark application: HC (See 'Legal Desk') MSME Ministry organizes Entrepreneur Awareness Camp in Dimapur (See 'Corp Brief') Govt and RBI Measures ensure Seamless Rural Credit Flow (See 'Corp Brief') DGCA signs MoU with Gati Shakti Vishwavidyalaya to train youth (See 'Corp Brief') Record 30 Mineral Blocks operationalised in FY 2025-26 (See 'Corp Brief') IPR - No infringement action will lie at instance of one registered proprietor of trade mark against another registered proprietor, seeking injunction against use, by latter, in class in which it is registered: HC (See 'Legal Desk') NCL achieves 140 MT Coal Production Target Ahead of Schedule (See 'Corp Brief') Jan Dhan Darshak App enables GIS-based monitoring of banking infrastructure (See 'Corp Brief') Gati Shakti Vishwavidyalaya & DGCA sign MoU to Revamp Aircraft Maintenance & Create Jobs (See 'Corp Brief') Benami Act - registration of title, payment of stamp duty, deposit of TDS, and routing of payments through banking channels do not negate benami nature of transaction if source of funds originates from another person: SAFEMA (See 'Legal Desk') Goyal meets UK Secretary of State for Business and Trade (See 'Corp Brief') Access Control & AI-Enabled CCTV Systems to streamline Passenger Flow at Railway stations (See 'Corp Brief') IPR - Order passed by Controller of Patents, which lacks independent analysis and is verbatim reproduction of submissions of one party or recommendations of Opposition Board, is procedurally flawed: HC (See 'Legal Desk') Gut Microbiota and Probiotic Science Foundation organises 16th India Probiotic Symposium (See 'Corp Brief') IPR - Overall appearance at first impression is crucial to identify passing off, and meticulous side-by-side dissection is not necessary and trade dress has to be judged as whole: HC (See 'Legal Desk') Supreme Court Clears Path For Single Insolvency Proceedings Against Linked Group Companies (See CORP EINSICHT)

Print

Bankruptcy Board amends Insolvency Resolution Process Regulations, 2016

Published: Jul 21, 2021

By TIOLCORPLAWS News Service

NEW DELHI, JULY 21, 2021: THE Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021.

The amendment regulations enhance the discipline, transparency, and accountability in corporate insolvency proceedings:

A corporate debtor (CD) may have changed its name or registered office address prior to commencement of insolvency. The stakeholders may find it difficult to relate to the new name or registered office address and consequently fail to participate in the CIRP. The amendment requires an insolvency professional (IP) conducting CIRP to disclose all former names and registered office address(es) so changed in the two years preceding the commencement of insolvency along with the current name and registered office address of the CD, in all its communications and records.

The interim resolution professional (IRP) or resolution professional (RP) may appoint any professional, including registered valuers, to assist him in discharge of his duties in conduct of the CIRP. The amendment provides that the IRP/RP may appoint a professional, other than registered valuers, if he is of the opinion that the services of such professional are required and such services are not available with the CD. Such appointments shall be made on an arm's length basis following an objective and transparent process. The invoice for fee shall be raised in the name of the professional and be paid into his bank account.

The RP is duty bound to find out if a CD has been subject to avoidance transactions, namely, preferential transactions, undervalued transactions, extortionate credit transactions, fraudulent trading and wrongful trading, and file applications with the Adjudicating Authority seeking appropriate relief. This not only claws back the value lost in such transactions increasing the possibility of reorganisation of the CD through a resolution plan, but also disincentivises such transactions preventing stress to the CD. For effective monitoring, the amendment requires the RP to file Form CIRP 8 on the electronic platform of the Board, intimating details of his opinion and determination in respect of avoidance transactions. The IBBI has specified the format of CIRP 8 through a Circular issued yesterday. This Form needs to be filed in respect of every CIRP ongoing or commencing on or after 14th July, 2021.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
TKF
TIOLawards
A TIOL Website. Copyright © 2025 TIOLcorplaws.com All rights reserved.