Tranzission Blogs
328articlesInsights and guides on tax, compliance, and business strategy from Tranzission.
Critical Assessment of IBBI’s CIRP Regulation Amendment Proposals – Part 1
Introduction The discussion paper, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 19, 2024, seeks comments on four proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper critically assesses IBBI’s first proposal to amend CIRP Regulations relating to the appointment […]
Read moreCritical Assessment of IBBI’s CIRP Regulation Amendment Proposals – Part 1
Introduction The discussion paper, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 19, 2024, seeks comments on four proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper critically assesses IBBI’s first proposal to amend CIRP Regulations relating to the appointment […]
Read morePrior Approval vs. Post Facto Approval: Equating ‘Leave of Court’ with ‘Prior Approval’ Undermines Legal Consequences
The National Company Law Appellate Tribunal (NCLAT) recently delivered a judgment concerning the application of Section 33(5) of the Insolvency and Bankruptcy Code, which mandates prior approval from the Adjudicating Authority for any legal proceedings initiated by a liquidator post-liquidation. This case, involving RMOL Engineering and Offshore Ltd., Company Appeal (AT) (Insolvency) No. 690 of […]
Read morePrior Approval vs. Post Facto Approval: Equating ‘Leave of Court’ with ‘Prior Approval’ Undermines Legal Consequences
The National Company Law Appellate Tribunal (NCLAT) recently delivered a judgment concerning the application of Section 33(5) of the Insolvency and Bankruptcy Code, which mandates prior approval from the Adjudicating Authority for any legal proceedings initiated by a liquidator post-liquidation. This case, involving RMOL Engineering and Offshore Ltd., Company Appeal (AT) (Insolvency) No. 690 of […]
Read moreProposed Amendments to IBBI Regulations: An In-Depth Analysis and Recommendations
Introduction The Insolvency and Bankruptcy Board of India (IBBI) has recently issued a discussion paper on proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper, dated June 19, 2024, aims to solicit feedback on several key issues related to valuation, representation, and the treatment […]
Read moreProposed Amendments to IBBI Regulations: An In-Depth Analysis and Recommendations
Introduction The Insolvency and Bankruptcy Board of India (IBBI) has recently issued a discussion paper on proposed amendments to the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. This paper, dated June 19, 2024, aims to solicit feedback on several key issues related to valuation, representation, and the treatment […]
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Subjectivity vs. Procedural Integrity: A Critique of the NCLT Order in Indiabulls Housing Finance Ltd. Vs. Dr. Subhash Chandra
On May 27, 2024, the National Company Law Tribunal (NCLT) issued a significant order in the case of Indiabulls Housing Finance Ltd. Vs. Dr. Subhash Chandra, where the Tribunal decided to replace the Resolution Professional, Mr. Raj Kamal Saraogi, with Mr. Shiv Nandan Sharma. While the order aimed to uphold the integrity of the Insolvency […]
Read moreIdentifying Legal Gaps in the IBC (Part 2): Insolvency Professionals Cannot Function as Resolution Professionals or Bankruptcy Trustees
The significant legal gap in the Code gives personal guarantors the means to challenge the roles of insolvency professionals as Resolution Professionals or Bankruptcy Trustees under Part III of the Insolvency and Bankruptcy Code, 2016 (IBC). This critical issue demands immediate attention from the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of […]
Read moreSubjectivity vs. Procedural Integrity: A Critique of the NCLT Order in Indiabulls Housing Finance Ltd. Vs. Dr. Subhash Chandra
On May 27, 2024, the National Company Law Tribunal (NCLT) issued a significant order in the case of Indiabulls Housing Finance Ltd. Vs. Dr. Subhash Chandra, where the Tribunal decided to replace the Resolution Professional, Mr. Raj Kamal Saraogi, with Mr. Shiv Nandan Sharma. While the order aimed to uphold the integrity of the Insolvency […]
Read more
Identifying Legal Gaps in the IBC (Part 2): Insolvency Professionals Cannot Function as Resolution Professionals or Bankruptcy Trustees
The significant legal gap in the Code gives personal guarantors the means to challenge the roles of insolvency professionals as Resolution Professionals or Bankruptcy Trustees under Part III of the Insolvency and Bankruptcy Code, 2016 (IBC). This critical issue demands immediate attention from the Ministry of Corporate Affairs and the Insolvency and Bankruptcy Board of […]
Read moreIdentifying Legal Gaps in the IBC (Part 1): Initiating Insolvency and Bankruptcy for Individuals and Partnerships
Introduction There exists a prevalent misapprehension regarding the scope of Part III of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”), which pertains to the insolvency and bankruptcy of individuals and partnership firms. It is commonly believed that Part III has been operational solely for individuals acting as personal guarantors to corporate […]
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Identifying Legal Gaps in the IBC (Part 1): Initiating Insolvency and Bankruptcy for Individuals and Partnerships
Introduction There exists a prevalent misapprehension regarding the scope of Part III of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”), which pertains to the insolvency and bankruptcy of individuals and partnership firms. It is commonly believed that Part III has been operational solely for individuals acting as personal guarantors to corporate […]
Read more