On Nov 23, 2017, the President of India promulgated the Insolvency and Bankruptcy Code (Amendment) Code, 2016 (IBC) to strengthen the insolvency resolution process. The Ordinance amends the Insolvency and Bankruptcy Code, 2016 to prohibit certain people from submitting a resolution plan (specifying details of restructuring a defaulter’s debt). These persons include: (i) willful defaulters, …
Insolvency is a situation where a company is unable to repay its outstanding debt. The Insolvency and Bankruptcy Code (Amendment Bill) (“Bill”), 2017 was introduced on December 28, 2017 amending the Insolvency and Bankruptcy Code, 2016 (“Code”) which replaces an ordinance promulgated in November 2017. Resolution Applicant A resolution plan explains the details that how …
According to the requirements of the Companies Act 2013 and other applicable laws, every company including subsidiaries of foreign companies, joint venture companies while incorporating business in India has to file certain documents with the government authorities. Following are the required documents along with the e-forms with the Registrar of Companies (RoC) with proper jurisdiction …
Insolvency and Bankruptcy Code (“Code”) in India has gained importance these days to protect the rights and interest of different parties involved with a business setup. However, with each passing day government has received multiple suggestions for making amendments in the already existing Code to fit in the dynamic needs of the business environment. Consequently, …