Entries by Staff Publication

TIME LIMIT PRESCRIBED IN IBC- NOT MANDATORY

By Richa Saraf, (legal@vinodkothari.com) In the case of Surendra Trading Company v. JuggilalKamlapat Jute Mills CO. Ltd. &Ors.[1], the Apex Court was concerned with the correctness of the order passed by the National Company Law Appellate Tribunal (NCLAT) whereby it was held that the time of 7 (Seven) days prescribed in proviso to section 9(5) of […]

Constitutional powers immune of Moratorium under IBC

In the matter of Canara Bank v. Deccan Chronicle Holdings Limited, NCLAT Principal Bench[1] 25.09.2017 Vallari Dubey resolution@vinodkothari.com   Introduction Ever since the Insolvency and Bankruptcy Code 2016 (IBC 2016) was enacted, its overriding effect during the moratorium became the talk of the corporate town. It was yet to be tested whether the prohibition of […]

RBI’s P2P Regulations: A step forward or backward?

The Reserve Bank of India issued a Master Directions – Non Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017 (hereinafter referred to as “Directions”) on 4th October, 2017[1], which is an extensive statement outlining in detail the various rules and regulations that all existing and prospective entities carrying on or […]

FAQs on Disqualification of Directors under Companies Act, 2013

By Team Vinod Kothari & Company (corplaw@vinodkothari.com) This version is dated October 3, 2017 ________________________________________________________________________________ Continuing the crackdown on shell companies, MCA in its Press Release[1] issued on September 6, 2017, expressed that the government will soon take steps against the directors of the shell companies which have not filed returns for three or more […]

First Information Utility set up under IBC

National E-Governance Services Ltd. receives final nod from IBBI Vallari Dubey resolution@vinodkothari.com   The Insolvency and Bankruptcy Board of India (“IBBI”) has granted the final approval to National e-Governance Services Ltd. (NeSL), allowing it to become the first information utility (“IU”) under the Insolvency and Bankruptcy Code, 2016 (“the Code”). Earlier in June, 2017, IBBI […]

APPLICATION UNDER SARFAESI- A Liberal Approach by the Supreme Court

By Richa Saraf, (legal@vinodkothari.com)   In the case of M.D. Frozen Foods Exports Pvt. Ltd. v. Hero Fincorp Ltd.[1], the Hon’ble Supreme Court held that there was no illegality in an Non-Banking Financial Company (NBFC) invoking SARFAESI Act for recovery of loan arrears with respect to an account classified as Non-Performing Asset (NPA) before the NBFC […]