Moratorium during Liquidation: Scope And Effect
/1 Comment/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Richa Saraf (resolution@vinodkothari.com)
What is a moratorium?
The term has been defined in Merriam Webster Dictionary to mean “legally authorized period of delay in the performance of a legal obligation or the payment of a debt; a waiting period set by an authority; or a suspension of activity. Read more →
Reversibility of Liquidation Order?
/7 Comments/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Richa Saraf (resolution@vinodkothari.com)
Insolvency and Bankruptcy Code was framed with the object to provide opportunity for revival to an insolvent company, however, since the rising number of liquidation cases, as against resolution, is a cause of worry.
“After more than a year of the Insolvency and Bankruptcy Code proceedings, there have been more liquidation cases than resolution of the non-performing assets accounts. According to a data from the Insolvency and Bankruptcy Board of India, in the National Company Law Tribunal, around 78 companies got liquidation orders since February 2017[1].”- quoted in an article in Business Standard.
“An analysis of companies that have completed the Corporate Insolvency Resolution Process (CIRP) till December reveals that liquidation orders were passed for as many as 30 companies. This is three times the number of 10 cases for which resolution was approved at the culmination of the CIRP, as per latest data available with the Insolvency and Bankruptcy Board of India.[2] – quoted in an article in Indian Express. Read more →
SEBI ICDR Regulations, 2018– Snapshot on changes in rights, bonus, QIP and preferential issue
/0 Comments/in Corporate Laws, SEBI /by Vinod Kothari ConsultantsManagerial Remuneration: A five decades old control cedes
/0 Comments/in Amendments to the Companies Act 2013, Companies Act 2013, Corporate Laws, MCA /by Vinod Kothari ConsultantsNon- Eligibility for Appointment as a Managerial Person
/0 Comments/in Amendments to the Companies Act 2013, Companies Act 2013, Corporate Laws /by Vinod Kothari ConsultantsSEBI amends LODR in relation to listing of Security Receipts
/0 Comments/in Corporate Laws, SEBI /by Vinod Kothari ConsultantsBy CS Vinita Nair (corplaw@vinodkothari.com)
Aligns with recent amendment made in SEBI regulations for listing of Securitised Debt Instruments
SEBI has notified amendments to LODR Regulations vide SEBI (Listing obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2018[1] (‘Present Amendment’) dated September 6, 2018 and has aligned the said regulations with the amendments made in SEBI (Public Offer and Listing of Securitised Debt Instruments) (Amendment) Regulations, 2018 dated June 26, 2018[2]. Read more →
SEBI amends Buyback Regulations: -Aligning and re-framing with other laws!
/0 Comments/in SEBI /by Vinod Kothari ConsultantsFinancial Creditors & Committee of Creditors: What, Why and How?
/1 Comment/in Insolvency and Bankruptcy /by Vinod Kothari ConsultantsBy Megha Mittal (resolution@vinodkothari.com)
IBBI issues clarification w.r.t. voting powers of CoC
Brief Background:
Pursuant to the Insolvency and Bankruptcy (Amendment) Code, 2018, the crucial reduction of voting threshold from 75% to 66% for critical matters like approval of Resolution Plan, Extension of CIRP, and all matters of section 28 of the Insolvency and Bankruptcy Code, 2016 (Code), came into effect.
However, there still prevailed ambiguity as to how to determine this threshold of 66%. What shall be the fate of those financial creditors who abstained from voting? Read more →
Who Can File an Affidavit?
/0 Comments/in Uncategorized /by Vinod Kothari ConsultantsBy Megha Mittal (resolution@vinodkothari.com)
Beware before you swear!
What is an Affidavit?
“Affidavit” is a term used very frequently in the common-parlance; however, the consequences it carries are highly underestimated. People file affidavits being unaware of what its repercussions might be and also unaware of the fact whether they are at all competent to make the affidavit. Before analysing who can file an affidavit, it is important to understand the duty bestowed upon a person providing affidavit. Even before that let us first understand what an affidavit is.
An affidavit is sworn, written statement, confirmed by oath or affirmation, voluntarily made by an affiant or deponent, administered or notarised by a person authorised to do so by law.
We shall now look through the different components of the different components of an affidavit:
- “Written statement”– an affidavit must be a written one. Oral statements sworn before law do not tantamount to affidavit. An affidavit may be used as an evidence before law and thus, must be written.
- “Oath or affirmation”– an oath or affirmation is a solemn promise regarding one’s actions, past, present or future.
- “Voluntarily”– the most significant consequence of an affidavit is that it has a binding effect on the person making such affidavit, and thus, an affidavit must be voluntarily and cautiously made. If any aggrieved person proves that the affidavit was made as a result of coercion or undue pressure, it shall not be valid.
- “Affiant or deponent”- an affiant or a deponent is the person who makes an affidavit under oath.
- “Notarised”– lastly, an affidavit must be compulsorily notarised, i.e. the genuinity of the affidavit is to be certified by a notary public appointed by the state or the central government.
