The document discusses various topics related to corporate insolvency resolution under the Insolvency and Bankruptcy Code (IBC) 2016 in India. It provides an overview of the corporate insolvency resolution process (CIRP), including key stages such as admission of the application, moratorium declaration, appointment of interim/resolution professionals, constitution of the committee of creditors, submission and approval of resolution plans, and liquidation. It also discusses the impact of the IBC, definitions, timelines for completion, and effects of the moratorium order declared during CIRP.
goodwill is an intangible asset of the trademark. the goodwill is the basis which establishes the good reputation of a commodity or a service under a particular trademark.
Private international law (PIL), also known as conflict of laws, deals with legal disputes that involve a foreign element between private parties. It is the branch of domestic law that determines which jurisdictions' laws apply when legal issues cross international borders. PIL establishes rules for choice of jurisdiction, choice of applicable law, and recognition and enforcement of foreign judgments. The key aspects are that PIL is part of a state's domestic legal system but applies when a case contains international factors outside that legal system.
The document discusses various types of mortgages under Bangladesh law including simple mortgages, mortgages by conditional sale, usufructuary mortgages, English mortgages, and mortgages by deposit of title deeds. It defines key terms like mortgagor and mortgagee. It also summarizes the rights and obligations of mortgagors, including the right to redeem the mortgaged property, accessions to the property, improvements, and implied contracts.
Legitimacy, Legitimation and Adoption under Private International Lawcarolineelias239
For matters concerning children, and their succeeding rights over parental property is being questioned on the basis of legitimacy or illegitimacy. Legitimation is allowed to convert the status of illegitimacy ti legitimate. Adoption also assures the welfare of the children.
The document outlines the rights and liabilities of buyers and sellers before and after the completion of a property sale. It discusses key obligations such as the seller's duty to disclose defects, provide documents, and execute a proper conveyance. It also discusses the buyer's duty to pay the price and disclose facts affecting the property's value. After completion, the seller must give possession while the buyer bears losses and pays taxes/charges. The rights of each party are also described, such as the seller's right to rents before completion and charge for unpaid price after.
Application and relevance of rule against perpetuityAmira Singh
The document discusses the rule against perpetuity under Section 14 of the Transfer of Property Act 1882 in India. It defines perpetuity as an indefinite period and explains that the rule prohibits the creation of future remote property interests that may vest after the lifetime of the last preceding interest holder or beyond the minority of the ultimate beneficiary. The objective of the rule is to prevent property from being tied up indefinitely and ensure the free and active circulation of property for trade, commerce, and societal benefit. The document outlines exceptions to the rule such as transfers for public benefit, covenants of redemption, personal agreements, pre-emption, perpetual leases, and mortgages. It concludes that the rule against perpetuity aims to prevent
This document discusses vested and contingent interests in property. A vested interest takes effect immediately or upon a specified event that must happen, while a contingent interest is a future possible interest that is not heritable or transferable. A vested interest constitutes a present, fixed right in the property that can be transferred or inherited, whereas a contingent interest only becomes a right if some uncertain event occurs in the future.
goodwill is an intangible asset of the trademark. the goodwill is the basis which establishes the good reputation of a commodity or a service under a particular trademark.
Private international law (PIL), also known as conflict of laws, deals with legal disputes that involve a foreign element between private parties. It is the branch of domestic law that determines which jurisdictions' laws apply when legal issues cross international borders. PIL establishes rules for choice of jurisdiction, choice of applicable law, and recognition and enforcement of foreign judgments. The key aspects are that PIL is part of a state's domestic legal system but applies when a case contains international factors outside that legal system.
The document discusses various types of mortgages under Bangladesh law including simple mortgages, mortgages by conditional sale, usufructuary mortgages, English mortgages, and mortgages by deposit of title deeds. It defines key terms like mortgagor and mortgagee. It also summarizes the rights and obligations of mortgagors, including the right to redeem the mortgaged property, accessions to the property, improvements, and implied contracts.
Legitimacy, Legitimation and Adoption under Private International Lawcarolineelias239
For matters concerning children, and their succeeding rights over parental property is being questioned on the basis of legitimacy or illegitimacy. Legitimation is allowed to convert the status of illegitimacy ti legitimate. Adoption also assures the welfare of the children.
The document outlines the rights and liabilities of buyers and sellers before and after the completion of a property sale. It discusses key obligations such as the seller's duty to disclose defects, provide documents, and execute a proper conveyance. It also discusses the buyer's duty to pay the price and disclose facts affecting the property's value. After completion, the seller must give possession while the buyer bears losses and pays taxes/charges. The rights of each party are also described, such as the seller's right to rents before completion and charge for unpaid price after.
Application and relevance of rule against perpetuityAmira Singh
The document discusses the rule against perpetuity under Section 14 of the Transfer of Property Act 1882 in India. It defines perpetuity as an indefinite period and explains that the rule prohibits the creation of future remote property interests that may vest after the lifetime of the last preceding interest holder or beyond the minority of the ultimate beneficiary. The objective of the rule is to prevent property from being tied up indefinitely and ensure the free and active circulation of property for trade, commerce, and societal benefit. The document outlines exceptions to the rule such as transfers for public benefit, covenants of redemption, personal agreements, pre-emption, perpetual leases, and mortgages. It concludes that the rule against perpetuity aims to prevent
This document discusses vested and contingent interests in property. A vested interest takes effect immediately or upon a specified event that must happen, while a contingent interest is a future possible interest that is not heritable or transferable. A vested interest constitutes a present, fixed right in the property that can be transferred or inherited, whereas a contingent interest only becomes a right if some uncertain event occurs in the future.
This document discusses arbitration agreements. It defines an arbitration agreement as an agreement between parties to submit present or future disputes to arbitration. There are two basic types: clauses in contracts and separate submission agreements for disputes that have already arisen. The document outlines requirements for valid arbitration agreements under the Model Law and New York Convention. It also discusses the law applicable to arbitration agreements, the power of courts to refer parties to arbitration when an agreement exists, interim measures courts can order, and grounds for terminating an arbitration agreement.
This document provides an overview and summary of key principles for interpreting statutes. It begins with an introduction to statutory interpretation and discusses literal and logical interpretation approaches. It then covers various internal aids to interpretation like context, title, preamble, headings, and definitions. Exceptions to literal interpretation like ambiguity and absurdity are also noted. The document aims to enable law students' understanding of interpreting statutes.
This document provides an overview of key concepts in property law, including:
1) The main types of possessory interests in land such as present estates (fee simple, defeasible estates, life estates), concurrent estates (tenancy in common, joint tenancy, tenancy by the entirety), and future interests.
2) Important doctrines related to future interests including the rule against perpetuities, restraints on alienation, and destructibility of contingent remainders.
3) The rights and responsibilities of holders of present and future interests such as the law of waste which governs what changes can be made to the property.
This document defines and provides examples of actionable claims under Indian law. It states that an actionable claim is a species of property that can be owned and transferred. The Transfer of Property Act defines an actionable claim as a claim to an unsecured debt or a claim to any beneficial interest in movable property not in possession of the claimant. Examples provided show that an actionable claim allows someone to bring a legal action to recover money owed or damages, but does not include secured debts or contingent interests that cannot be recovered through the courts.
Difference between vested and contingent interestGagan
This document summarizes the key differences between vested interests and contingent interests when transferring property. A vested interest creates ownership for a person without conditions, while a contingent interest only provides a chance of ownership if a specified uncertain event occurs. A vested interest does not depend on fulfilling conditions, whereas a contingent interest solely depends on fulfilling its condition. A vested interest can pass to heirs upon the transferee's death, but a contingent interest may or may not pass to heirs depending on the nature of the contingency.
Have you ever asked the shopkeeper for a bottle of BISLERI rather than just a water bottle?
Have you ever wanted a pair of PUMA shoes instead of just any local brand?
Trademarks play a vital role for small and big businesses across the globe, serving a unique identity to the products and services of the business. It often happens when we hear a name and a certain image, sound or tagline pops up in our mind. This is the capability of a well-known trademark which has an influential impact on the minds of the consumer due to its brand recognition and consumer loyalty and what ultimately drives us to ask for a specific bottle of Bisleri over some local brand, or wish for a pair of Puma shoes.Though these trademarks have acquired distinctiveness as well as global reputation in both national and international market, it has to follow certain procedure to get the status of being a well-known trademark. The status of well-known trademark is not granted based on mere unfounded hearsay. This is the reason we have popularly know some trademarks like WIPRO, Cadbury, Parle G etc. which are not blanketed with the extra layer of protection.
Well, what really is a well-known trademark? Well-known Trademark, in general terms, means the trademark which is very popularly among the consumer and have an extraordinary reputation in the market. According to the Section 2(1)(zg) of the Trademarks Act, 1999, a well-known trademark is one that has gained adequate amount of recognition among a significant percentage of the public who have shown clear preference for the goods & services of any one particular trademark over that of another to such an extent that using such a mark in relation to even other categories of goods & services would indicate a connection between the two as both being the same and being under the ambit of the same owner.
State jurisdiction under PUBLIC INTERNATIONAL LAWovro rakib
This document discusses principles of state jurisdiction under international law. It addresses topics like preemptive attack, conflicts between nationality and territoriality principles, and universal jurisdiction. Specifically, it explains that state jurisdiction arises from sovereignty and includes the power to prescribe rules/laws and enforce them. Jurisdiction is based on a state's territory, nationality of the offender/victim, or protective/universal principles. Universal jurisdiction allows any state to try certain grave international crimes like war crimes and crimes against humanity. Examples discussed include an Israeli case trying a German national for crimes against humanity.
NJ Jurisprudence - Corporate PersonalityNemil Shah
This document discusses the concept of corporate personality in jurisprudence. It defines a corporation as an artificial person in law that can have rights and duties and hold property. There are three conditions for a corporation: a group of people associated for a purpose, organs through which it functions, and a legal will attributed to it. There are two types of corporations - aggregate and sole. The corporate veil can be lifted in cases of fraud, improper conduct, tax evasion, or activities against public policy to determine the true character behind the legal entity. A corporation sole represents a public office held by successive individuals where the legal personality continues between holders.
This document discusses the concept and object of limitation under Indian law. It defines limitation as a prescribed time limit for legal actions according to statute. The main objects of limitation are to prevent long dormant claims, protect defendants who may have lost evidence, and encourage prompt filing of claims. Limitation periods are intended to limit controversies to a fixed time period. The Limitation Act 1963 in India contains provisions for limitation periods for suits, appeals, and other applications. Court decisions have found that the object of limitation is to prevent disturbance of long enjoyment and to discourage stale claims. Important limitation periods outlined include 6 years for contracts and torts, and 12 years for contracts under seal or recovery of land.
The document discusses the Madrid System for the international registration of trademarks. It provides details on the Madrid Agreement established in 1891 and the Madrid Protocol adopted in 1989, which together form the Madrid System. The key differences between the Agreement and Protocol are outlined. The procedures for filing an international trademark application via the Madrid System are also summarized, including requirements, certification by the office of origin, and processing by the International Bureau.
Space law governs activities in outer space through national and international law. It aims to regulate state relations and determine rights and duties regarding space activities. Key principles include preserving space and earth environments, determining liability for space object damages, and ensuring space is used peacefully and for the benefit of all humanity. Major treaties include the 1967 Outer Space Treaty, 1968 Rescue Agreement, 1972 Liability Convention, 1975 Registration Convention, and 1979 Moon Agreement, which address issues like jurisdiction, assistance to astronauts, liability for space object damages, registering launched objects, and equitable sharing of moon resources. Space law is important to ensure sustainable and safe use of space.
Microsoft power point law of trademarks for ili ipr diploma in trademark l...sanjeev kumar chaswal
This document provides an overview of trademark laws in India. It discusses the different types of intellectual property including copyrights, trademarks, patents, industrial designs, trade secrets, geographical indications, and integrated circuit layout designs. It then explains in more detail the types of trademarks, the process of trademark registration in India, the functions and benefits of trademarks, trademark infringement and related legal remedies, and the history and key provisions of trademark laws in India including the Trademarks Act of 1999.
This explain object of Indian Limitation Act 1963. It define limitation. Explains how limitation is computed, what is effect of death, acknowledgement and prescription.
Cash contribution ≥ ₹ 50,000 but < ₹ 1 lakh ₹ 1,000
(c) Cash contribution ≥ ₹ 1 lakh ₹ 2,000
1) The Maharashtra Stamp Act applies to instruments specified in Schedule I of the Act within the state of Maharashtra. Stamp duty is charged on instruments, not transactions.
2) Stamp duty rates are provided in Schedule I and vary based on the type of instrument and consideration amount. Key instruments discussed include conveyances, leases, mortgages, gifts, and agreements.
3) Instruments must be properly stamped before or at execution. Understamped instruments may be impounded and penalties applied
Section 41 of the Transfer of Property Act deals with transfers of property by an ostensible owner. It states that such a transfer will not be voidable if the transferee acted in good faith and took reasonable care to ensure the transferor had the power to transfer. However, this is now subject to the Benami Transactions Act of 1988, which considers property held under a benami transaction to be owned by the person providing the consideration. The Benami Act does not apply retroactively to cases already in progress when it was enacted. For benami transactions after the Act, section 41 of the Transfer of Property Act cannot be used as a defense.
Code of civil procedure 1908 pleading plaint written statementDr. Vikas Khakare
This explains what is pleading, rules of pleading. Plaint, its contents, when it can be amended. Written Statement, its contents, set off and counter claim.
The term estoppel is said to have been derived from the French term 'estoup' which means 'shut the mouth'.
The doctrine of estoppel is a rule of evidence contained in Section 115 of the Evidence Act.
This landmark judgment involved a challenge to the nationalization of 14 private banks by the Indira Gandhi government in 1969. While the majority of 10 judges found the nationalization violated the right to compensation under Article 31(2) of the Constitution, it was upheld under Article 19(1)(f). The court struck down the nationalization primarily due to the violation of Article 31(2) but provided different reasoning on various issues. One judge dissented, finding the nationalization was a valid exercise of parliamentary powers and did not violate any constitutional rights.
This document discusses the key differences between taxes and fees. It notes that taxes are compulsory extractions of money imposed by the government for public purposes without a direct benefit to taxpayers. Fees are voluntary payments for specific services where there is an element of quid pro quo. While taxes do not require a direct benefit, fees must have a correlation between the fee amount and the services provided. The document outlines Supreme Court cases that have examined this difference and established guidelines. It also discusses constitutional provisions related to the power to impose taxes and fees.
types of legal rights under jurisprudenceAmulya Nigam
This document discusses different types of legal rights. It defines legal rights and their essential elements. It then describes and provides examples of various classifications of legal rights, including:
- Perfect and imperfect rights
- Positive and negative rights
- Real and personal rights
- Rights in rem and rights in personam
- Proprietary and personal rights
- Inheritable and uninheritable rights
- Principal and accessory rights
- Legal and equitable rights
- Primary and secondary rights
- Public and private rights
- Vested and contingent rights
- Municipal and international rights
- Ordinary and fundamental rights
- Rights at rest and rights in motion
- Jus ad rem
CS Professional CRI Chart Book - CS Vaibhav Chitlangia - Yes Academy, Pune (2...AkshayaRaut1
This document provides an overview of various corporate restructuring and insolvency processes under Indian law. It includes flowcharts summarizing: the process for takeover of unlisted companies under Section 235 of the Companies Act 2013; open offer processes under SEBI regulations; mergers and amalgamations under Sections 230/232 of the Companies Act; fast track mergers under Section 233; mergers in public interest under Section 237; the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016; applications to initiate corporate insolvency resolution by financial creditors, operational creditors and corporate entities; the constitution of the committee of creditors; liquidation upon failure of corporate insolvency resolution; individual/firm insolvency resolution; the
This document discusses arbitration agreements. It defines an arbitration agreement as an agreement between parties to submit present or future disputes to arbitration. There are two basic types: clauses in contracts and separate submission agreements for disputes that have already arisen. The document outlines requirements for valid arbitration agreements under the Model Law and New York Convention. It also discusses the law applicable to arbitration agreements, the power of courts to refer parties to arbitration when an agreement exists, interim measures courts can order, and grounds for terminating an arbitration agreement.
This document provides an overview and summary of key principles for interpreting statutes. It begins with an introduction to statutory interpretation and discusses literal and logical interpretation approaches. It then covers various internal aids to interpretation like context, title, preamble, headings, and definitions. Exceptions to literal interpretation like ambiguity and absurdity are also noted. The document aims to enable law students' understanding of interpreting statutes.
This document provides an overview of key concepts in property law, including:
1) The main types of possessory interests in land such as present estates (fee simple, defeasible estates, life estates), concurrent estates (tenancy in common, joint tenancy, tenancy by the entirety), and future interests.
2) Important doctrines related to future interests including the rule against perpetuities, restraints on alienation, and destructibility of contingent remainders.
3) The rights and responsibilities of holders of present and future interests such as the law of waste which governs what changes can be made to the property.
This document defines and provides examples of actionable claims under Indian law. It states that an actionable claim is a species of property that can be owned and transferred. The Transfer of Property Act defines an actionable claim as a claim to an unsecured debt or a claim to any beneficial interest in movable property not in possession of the claimant. Examples provided show that an actionable claim allows someone to bring a legal action to recover money owed or damages, but does not include secured debts or contingent interests that cannot be recovered through the courts.
Difference between vested and contingent interestGagan
This document summarizes the key differences between vested interests and contingent interests when transferring property. A vested interest creates ownership for a person without conditions, while a contingent interest only provides a chance of ownership if a specified uncertain event occurs. A vested interest does not depend on fulfilling conditions, whereas a contingent interest solely depends on fulfilling its condition. A vested interest can pass to heirs upon the transferee's death, but a contingent interest may or may not pass to heirs depending on the nature of the contingency.
Have you ever asked the shopkeeper for a bottle of BISLERI rather than just a water bottle?
Have you ever wanted a pair of PUMA shoes instead of just any local brand?
Trademarks play a vital role for small and big businesses across the globe, serving a unique identity to the products and services of the business. It often happens when we hear a name and a certain image, sound or tagline pops up in our mind. This is the capability of a well-known trademark which has an influential impact on the minds of the consumer due to its brand recognition and consumer loyalty and what ultimately drives us to ask for a specific bottle of Bisleri over some local brand, or wish for a pair of Puma shoes.Though these trademarks have acquired distinctiveness as well as global reputation in both national and international market, it has to follow certain procedure to get the status of being a well-known trademark. The status of well-known trademark is not granted based on mere unfounded hearsay. This is the reason we have popularly know some trademarks like WIPRO, Cadbury, Parle G etc. which are not blanketed with the extra layer of protection.
Well, what really is a well-known trademark? Well-known Trademark, in general terms, means the trademark which is very popularly among the consumer and have an extraordinary reputation in the market. According to the Section 2(1)(zg) of the Trademarks Act, 1999, a well-known trademark is one that has gained adequate amount of recognition among a significant percentage of the public who have shown clear preference for the goods & services of any one particular trademark over that of another to such an extent that using such a mark in relation to even other categories of goods & services would indicate a connection between the two as both being the same and being under the ambit of the same owner.
State jurisdiction under PUBLIC INTERNATIONAL LAWovro rakib
This document discusses principles of state jurisdiction under international law. It addresses topics like preemptive attack, conflicts between nationality and territoriality principles, and universal jurisdiction. Specifically, it explains that state jurisdiction arises from sovereignty and includes the power to prescribe rules/laws and enforce them. Jurisdiction is based on a state's territory, nationality of the offender/victim, or protective/universal principles. Universal jurisdiction allows any state to try certain grave international crimes like war crimes and crimes against humanity. Examples discussed include an Israeli case trying a German national for crimes against humanity.
NJ Jurisprudence - Corporate PersonalityNemil Shah
This document discusses the concept of corporate personality in jurisprudence. It defines a corporation as an artificial person in law that can have rights and duties and hold property. There are three conditions for a corporation: a group of people associated for a purpose, organs through which it functions, and a legal will attributed to it. There are two types of corporations - aggregate and sole. The corporate veil can be lifted in cases of fraud, improper conduct, tax evasion, or activities against public policy to determine the true character behind the legal entity. A corporation sole represents a public office held by successive individuals where the legal personality continues between holders.
This document discusses the concept and object of limitation under Indian law. It defines limitation as a prescribed time limit for legal actions according to statute. The main objects of limitation are to prevent long dormant claims, protect defendants who may have lost evidence, and encourage prompt filing of claims. Limitation periods are intended to limit controversies to a fixed time period. The Limitation Act 1963 in India contains provisions for limitation periods for suits, appeals, and other applications. Court decisions have found that the object of limitation is to prevent disturbance of long enjoyment and to discourage stale claims. Important limitation periods outlined include 6 years for contracts and torts, and 12 years for contracts under seal or recovery of land.
The document discusses the Madrid System for the international registration of trademarks. It provides details on the Madrid Agreement established in 1891 and the Madrid Protocol adopted in 1989, which together form the Madrid System. The key differences between the Agreement and Protocol are outlined. The procedures for filing an international trademark application via the Madrid System are also summarized, including requirements, certification by the office of origin, and processing by the International Bureau.
Space law governs activities in outer space through national and international law. It aims to regulate state relations and determine rights and duties regarding space activities. Key principles include preserving space and earth environments, determining liability for space object damages, and ensuring space is used peacefully and for the benefit of all humanity. Major treaties include the 1967 Outer Space Treaty, 1968 Rescue Agreement, 1972 Liability Convention, 1975 Registration Convention, and 1979 Moon Agreement, which address issues like jurisdiction, assistance to astronauts, liability for space object damages, registering launched objects, and equitable sharing of moon resources. Space law is important to ensure sustainable and safe use of space.
Microsoft power point law of trademarks for ili ipr diploma in trademark l...sanjeev kumar chaswal
This document provides an overview of trademark laws in India. It discusses the different types of intellectual property including copyrights, trademarks, patents, industrial designs, trade secrets, geographical indications, and integrated circuit layout designs. It then explains in more detail the types of trademarks, the process of trademark registration in India, the functions and benefits of trademarks, trademark infringement and related legal remedies, and the history and key provisions of trademark laws in India including the Trademarks Act of 1999.
This explain object of Indian Limitation Act 1963. It define limitation. Explains how limitation is computed, what is effect of death, acknowledgement and prescription.
Cash contribution ≥ ₹ 50,000 but < ₹ 1 lakh ₹ 1,000
(c) Cash contribution ≥ ₹ 1 lakh ₹ 2,000
1) The Maharashtra Stamp Act applies to instruments specified in Schedule I of the Act within the state of Maharashtra. Stamp duty is charged on instruments, not transactions.
2) Stamp duty rates are provided in Schedule I and vary based on the type of instrument and consideration amount. Key instruments discussed include conveyances, leases, mortgages, gifts, and agreements.
3) Instruments must be properly stamped before or at execution. Understamped instruments may be impounded and penalties applied
Section 41 of the Transfer of Property Act deals with transfers of property by an ostensible owner. It states that such a transfer will not be voidable if the transferee acted in good faith and took reasonable care to ensure the transferor had the power to transfer. However, this is now subject to the Benami Transactions Act of 1988, which considers property held under a benami transaction to be owned by the person providing the consideration. The Benami Act does not apply retroactively to cases already in progress when it was enacted. For benami transactions after the Act, section 41 of the Transfer of Property Act cannot be used as a defense.
Code of civil procedure 1908 pleading plaint written statementDr. Vikas Khakare
This explains what is pleading, rules of pleading. Plaint, its contents, when it can be amended. Written Statement, its contents, set off and counter claim.
The term estoppel is said to have been derived from the French term 'estoup' which means 'shut the mouth'.
The doctrine of estoppel is a rule of evidence contained in Section 115 of the Evidence Act.
This landmark judgment involved a challenge to the nationalization of 14 private banks by the Indira Gandhi government in 1969. While the majority of 10 judges found the nationalization violated the right to compensation under Article 31(2) of the Constitution, it was upheld under Article 19(1)(f). The court struck down the nationalization primarily due to the violation of Article 31(2) but provided different reasoning on various issues. One judge dissented, finding the nationalization was a valid exercise of parliamentary powers and did not violate any constitutional rights.
This document discusses the key differences between taxes and fees. It notes that taxes are compulsory extractions of money imposed by the government for public purposes without a direct benefit to taxpayers. Fees are voluntary payments for specific services where there is an element of quid pro quo. While taxes do not require a direct benefit, fees must have a correlation between the fee amount and the services provided. The document outlines Supreme Court cases that have examined this difference and established guidelines. It also discusses constitutional provisions related to the power to impose taxes and fees.
types of legal rights under jurisprudenceAmulya Nigam
This document discusses different types of legal rights. It defines legal rights and their essential elements. It then describes and provides examples of various classifications of legal rights, including:
- Perfect and imperfect rights
- Positive and negative rights
- Real and personal rights
- Rights in rem and rights in personam
- Proprietary and personal rights
- Inheritable and uninheritable rights
- Principal and accessory rights
- Legal and equitable rights
- Primary and secondary rights
- Public and private rights
- Vested and contingent rights
- Municipal and international rights
- Ordinary and fundamental rights
- Rights at rest and rights in motion
- Jus ad rem
CS Professional CRI Chart Book - CS Vaibhav Chitlangia - Yes Academy, Pune (2...AkshayaRaut1
This document provides an overview of various corporate restructuring and insolvency processes under Indian law. It includes flowcharts summarizing: the process for takeover of unlisted companies under Section 235 of the Companies Act 2013; open offer processes under SEBI regulations; mergers and amalgamations under Sections 230/232 of the Companies Act; fast track mergers under Section 233; mergers in public interest under Section 237; the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016; applications to initiate corporate insolvency resolution by financial creditors, operational creditors and corporate entities; the constitution of the committee of creditors; liquidation upon failure of corporate insolvency resolution; individual/firm insolvency resolution; the
Interpreting Insolvency and Bankruptcy Code, 2016Amrita Lala
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. It discusses the key reasons for introducing the code, including reducing time to resolve insolvency, developing investor confidence, and addressing non-performing assets. The code aims to create a single framework for insolvency and bankruptcy proceedings. It allows for insolvency resolution and bankruptcy procedures for both corporate entities and individuals/partnership firms. The document outlines the structure and various parts of the code, as well as the roles and responsibilities of different authorities and professionals involved in insolvency resolution processes under the code.
The document provides an overview of the current developments and future roadmap of the Insolvency and Bankruptcy Code (IBC) in India. It discusses key amendments made to the IBC over time, major judicial pronouncements that have shaped the law, statistics on cases resolved under the IBC, and India's improvement in the ease of doing business rankings due to the IBC. It also outlines the future direction of the IBC, including frameworks for cross-border insolvency, pre-packaged insolvency, resolution of MSMEs, and individual insolvency.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
Insolvency & bankruptcy code an overviewChirag Gupta
The document provides an overview of the key aspects of the Insolvency and Bankruptcy Code (IBC) of India. It summarizes the various laws that previously governed insolvency in India and the issues they posed. It then outlines the key features and objectives of the IBC, including establishing a time-bound process for insolvency resolution, promoting entrepreneurship and credit availability. The summary explains the various authorities established under the IBC and their roles, as well as the processes for corporate insolvency resolution, liquidation, voluntary liquidation and bankruptcy for individuals and firms.
Note on the Insolvency and Bankruptcy Code, 2016Shaun Menon
The document provides an overview of the Insolvency and Bankruptcy Code of 2016 in India. Some key points:
1) The Code was enacted to address shortcomings in existing insolvency laws and consolidate them under one law, aiming to resolve insolvency issues faster than previous average of 4.3 years in India.
2) It outlines the stage-wise corporate insolvency resolution process which must be concluded within 180 days and includes steps like appointing a resolution professional, forming a creditors committee, and developing a resolution plan or initiating liquidation.
3) If a resolution plan is not approved, the company enters liquidation where the resolution professional acts as liquidator to realize assets and distribute
INSOLVENCY & BANKRUPTCY CODE – A GAME CHANGER ?Alok Saksena
The document discusses the Insolvency and Bankruptcy Code (I&BC) of India and its potential impact. It notes that previous schemes for restructuring stressed assets and reviving sick companies were largely unsuccessful. The I&BC aims to expedite the recovery process within strict timelines of 180 days, appointing resolution professionals to manage proceedings. If no resolution is found, companies will go into liquidation. The code overhauls previous recovery and insolvency laws, consolidating processes in the National Company Law Tribunal to potentially reduce recovery time and costs compared to other countries.
The document provides an overview of the Insolvency and Bankruptcy Code of India. It discusses the objectives of consolidating existing insolvency laws and shifting from debtor-controlled to creditor-controlled insolvency resolution. The key aspects covered include applicability to companies and individuals, adjudicating authorities, initiation of corporate insolvency resolution by creditors or company, moratorium period provisions, role of interim resolution professional and committee of creditors in approving a resolution plan within a strict 180-day time limit, and liquidation if a resolution plan is not approved.
The document provides an overview of the Insolvency and Bankruptcy Code of India. It discusses India's poor ranking in resolving insolvency which led to the creation of the new code. The code aims to create a single law consolidating existing bankruptcy laws and establish a standardized process for insolvency resolution with strict timelines. Key aspects covered include the roles of various authorities and professionals involved, the corporate insolvency resolution process, and liquidation process if resolution fails.
Corporate Insolvency Process- Insolvency and Bankruptcy Code, 2016INDIA CS
The document provides an overview of the key aspects of the Insolvency and Bankruptcy Code of India. It discusses who can file for insolvency, the process for filing by a financial creditor, the roles of the interim and final resolution professionals, the constitution of the committee of creditors, approval of a resolution plan, and liquidation if the plan is rejected. The code aims to facilitate a time-bound insolvency resolution process and improve ease of doing business in India through a consolidated framework.
The document discusses the Insolvency and Bankruptcy Code, 2016 and recent developments in 2018. It provides an overview of the key features and objectives of the Code, including establishing a single law for insolvency and bankruptcy, a creditor-in-control regime, and time-bound resolutions. It summarizes the application process and timeline for corporate insolvency resolution, as well as the roles of various stakeholders like the interim resolution professional, committee of creditors, and resolution professional. Finally, it mentions some landmark court decisions that have interpreted various provisions of the Code and notes the amendment to include homebuyers as financial creditors.
A Structured Overview of Corporate Insolvency Regime in IndiaEquiCorp Associates
With the recent changes in the legal landscape of India, the Insolvency & Bankruptcy Code, 2016 (“Code”) is the biggest and major legal reforms in the recent times, which has curtailed the earlier extensive process of debt recovery and insolvency. The Code has repealed around eleven laws and provides a comprehensive and time bound mechanism to either put a distressed entity on a firm revival path or timely liquidation of assets.
The Adjudication Authority for companies shall be National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) and Supreme Court shall be the highest order of appeal or having jurisdiction to grant any stay or injunction in respect of matters within the domain of the NCLT and NCLAT.
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The document discusses the rapid systemic changes that have occurred in the Indian Revenue Service (IRS) and the challenges faced in dealing with these changes. It outlines changes like self-assessment, computerization of processing, creation of unique identifiers, and e-filing of returns. Problems that arose include a decrease in scrutiny work, issues with new systems like OLTAS and TDS processing, and inadequate response to taxpayers. Future changes expected are full e-filing, centralized processing, and specialized assessment units. Key challenges for IRS are re-looking at cadres and work division, outsourcing non-core activities, recruitment focusing on specialized skills, ensuring new systems are stabilized before old ones are replaced, and developing robust management information
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1. CA SNEHAL KAMDAR
Bcom,FCA,DISA (ICAI), DBM (Forensic audit) &
Insolvency professional
9869351460
snehal.kamdar@jjkandco.com
2. Agenda to discuss
For Company and LLP-
CIRP ( Roles & responsibility of Lender & operational
Issues)
Liquidation Process
Fast Track Insolvency Resolution Process
Voluntary Liquidation Process
snehal.kamdar@jjkandco.com
3. The IBC 2016 Aims to….
1
• To promote entrepreneurship;
2
• To make credit available;
3
• To balance the interest of all stakeholders by consolidating and
amending the existing laws relating to insolvency and bankruptcy;
4
• To reduce the time of resolution for maximizing the value of assets.
snehal.kamdar@jjkandco.com
4. Significant Features of the IBC 2016
Single insolvency and bankruptcy framework. It
replaces/modifies/amends certain existing laws.
Overriding effect on all other laws relating to Insolvency &
Bankruptcy. S 238
Not applicable to corporate financial service providers like Banks,
NBFC, Insurance Co’s etc. there will be separate legislation.
Provides for moratorium period from insolvency
commencement date
The Code shifts the focus from “Debtors” in possession to
“Creditors in Control”.
The test of insolvency has been shifted from “erosion of net
snehal.kamdar@jjkandco.com
5. Impact of the IBC 2016
BIFRand SICA go off completely;
Corporate resolutionscomeunder NCL
T;
Tighttimelinesunderthenewlaw –entire process of resolution to be over in180to270
days;
May lead to greater financial discipline;
Creditors haveanupper handinresolutionplans;
Moratoriumis notindefinite –limited moratorium;
If revival does notwork out,entity to mandatorily go into liquidation;
snehal.kamdar@jjkandco.com
6. Impact of the IBC 2016
Companiesand guarantorscanbe both brought undera common forum– NCL
T/DRT;
While borrowers mayfile resolutionapplications seeking moratorium,but borrower
will haveto face thethreat of liquidation/bankruptcy ;
Candebtors underbanker-driven restructuringalsogo for NCL
T/DRTresolution–
yes.Inview of mandatory timelines,thecasemay reachbankruptcy stage faster;
Accelerating provisioning – faster transition into a caseof lossassets.
snehal.kamdar@jjkandco.com
7. IBC, 2016 – Analysing the Parts I to V
snehal.kamdar@jjkandco.com
Part I
PRELIMINARY - 1
Chapter - Section 1 -3
Part II applies to
corporate persons
other than financial
service providers
Part – III applies to
individuals and
partnership firms
except those located in
state of Jammu &
Kashmir proviso S1(2)
Section 3 definitions
Part II
INSOLVENCY
RESOLUTION AND
LIQUIDATION FOR
CORPORATE
PERSONS -
7 Chapters - Sections
4-77
Section 5 definitions
Part III
INSOLVENCY
RESOLUTION
FOR
INDIVIDUALS
AND
PARTNERSHIP
FIRMS
• 7 Chapters
• Section 78-187
• Section 79
definitions
Part IV
REGULATION OF
INSOLVENCY
PROFESSIONALS,
AGENCIES AND
INFORMATION
UTILITIES
• 7 Chapters
• Section 188-223
Part V
MISCELLANEO
US
• Section 224-255
• (Section 245-
255 enables
amendments in
other statutes,
11 legislations )
8. Understanding terminologies-
Insolvency - inability to pay debts different from solvency
Liquidation – process of selling assets and paying creditors - used
only for corporate persons
Winding up – larger term includes liquidation & removal of names
used only for corporate persons
Removal of name – like death certificate for individuals
Bankruptcy – like liquidation and insolvency for corporate persons
snehal.kamdar@jjkandco.com
9. Section 3(37) IBC 2016 residuary definitions
As defined in these legislations
The Indian contract Act, 1872
The Indian Partnership Act, 1932
The Securities Contract (Regulation) Act, 1956
The Securities Exchange Board of India Act, 1992
The Recovery of Debts Due to Banks and Financial Institutions Act, 1993
The Limited Liability Partnership Act, 2008
The Companies Act, 2013
snehal.kamdar@jjkandco.com
10. Time Limit for Completion of Insolvency
Resolution Process
Time
Limit
Sec 12 of the IBC 2016 – 180 days may be extended by
further period not exceeding 90 days
Sec 56 of IBC – fast track 90 days may be extended by
45 days only once, initiated by a creditor or a corporate
debtor
snehal.kamdar@jjkandco.com
11. Part II of IBC 2016 ( S 4 to 77)
CORPORATE INSOLVENCY RESOLUTION PROCESS AND
LIQUIDATION FOR CORPORATE PERSONS
C I Preliminary S 4 & 5
C II Corporate Insolvency Resolution Process S 6 to 32
C III Liquidation Process S 33 to 54
C IV Fast Track Corporate Insolvency Resolution Process S 55
to 58
C V Voluntary Liquidation of Corporate Persons S 59
C VI Adjudicating Authority for Corporate Persons S 60 to 67
C VII Offences and Penalties S 68 to 77
snehal.kamdar@jjkandco.com
12. Insolvency resolution process for corporate
An operational creditor send a demand
notice to the corporate debtor. Within the 10
days, if the operational creditor does not
receive payment or notice of dispute, it
applies before NCLT for resolution process.
A defaulting corporate debtor may also file
an application for initiating corporate
insolvency resolution process with the
NCLT the Adjudicating Authority
A corporate commits a default
Within 14 days, the AA accepts the
application if it is complete Else rejects
allowing 7 days time to rectify mistakes
AA declares moratorium for prohibiting certain
things
Makes public announcement for the initiation of
the process, call for the submission of claims.
Appointment of an interim resolution
professional.
Within 14 days of application receipt, if AA is
satisfied about the default and all other
parameters are met it accepts the application.
Else rejects allowing 7 days time to rectify
mistakes
Within 14 days of application receipt, AA
admits the application if default has not been
rectified and if application is complete. Else
rejects allowing 7 days time to rectify
mistakes
Commencement of corporate insolvency resolution process
The financial creditor, individually or jointly with
other financial creditors may files an application
for initiating the insolvency resolution process
against the corporate debtor before NCLT, the
Adjudicating Authority. (AA)
Cont’d….
snehal.kamdar@jjkandco.com
13. Insolvency Resolution Process for Corporates
ion process for corporate
Corporate debtors goes into Liquidation
Constitute a Committee of Creditors (CoC)
Appointment of the resolution professional (RP) (Either Interim resolution professional can continue or a new one can be
appointed by CoC with backing of 75% majority (in Value terms)
RP prepares Information Memorandum. Resolution Applicant prepares resolution plan and submit to RP. RP examines
all Resolution Plan and presents such plan to CoC which meets the criteria
AA accepts Resolution plan AA rejects resolution plan
CoC accepts one of the Plans CoC rejects all Plans
RP submits Resolution Plan to Adjudicating Authority approves or rejects the
plan
Corporate debtors goes into Liquidation
RP implements Resolution plan and handover management to
existing/new promoters
Corporate Debtors doesn’t comply
with resolution plan
snehal.kamdar@jjkandco.com
14. Application on default to NCLT
Reject Accept
Interim RP appointment + Moratorium +
Public Announcement
Constitute a Committee of Creditors
(CoC)
Appointment of RP by CoC
Preparation of Information
Memorandum
RP submits resolution plan to CoC
CoC Accepts CoC Rejects
RP submits plan to AA
AA Accepts AA Rejects
RP
implements
the plan
Corporate debtor goes into
liquidation
RP: Resolution Professional, AA: Adjudicating
Authority
Summary of insolvency resolution process for corporate
n p
Debtor doesn’t
comply with
resolution plan
snehal.kamdar@jjkandco.com
15. Once CIRP commences . . .
snehal.kamdar@jjkandco.com
Commenceme
nt of
CIRP
Public
announcement of
Initiation of CIRP
u/s 15
Declaration of
Moratorium
u/s 13
Call for
submission
of Claims
Appointment
of IRP by
AA u/s 22
Within 14
days of
Insolvency
Commenc
em ent
Date
Manage
m ent of
affairs of
C.Dr.
Consolidati
on of
Claims
against
C.Dr.
1st meetingof
Crs.Committee
Constitutionof
Crs.Committee
Review of
Financial
Position of
C.Dr.
Appointment of
RP for Conduct
of
CIRP
Within 7 days
Max. 30 days tenure for IRP
31
16. Appointment of resolution
professional
snehal.kamdar@jjkandco.com
Constitution of
Crs. Committee
by IRP
Application to AA
for appointment
of proposed RP
1st meetingof Crs.
Committee
Intimation to
IRP, C.Dr.,
& AA
Proposeto
replace the
RP
AA to direct the IRP
to continue as RP
until Board confirms
otherwise
AAforwards the
nameto Board
Existing
IRP
appointed
as RP?
AA
appoints
RP
No
No
Y
es
Board
confirm
s
within
10
days?
Yes
Within 7 days
32
17. Conduct of CIRP by RP
snehal.kamdar@jjkandco.com
Preparation of
Information
Memorandum
by RP
Submission of
Resolution
Plan by
Resolution
Applicant
Review of
Resolution
Plan by RP
Approval
of a
Resolution
Plan by
Crs.
Committe
e
Selection of
Resolution
Plan(s)
confirming to
specified
conditions
Presentation of
selected
Resolution
Plan(s) to Crs.
Committee
Submission
of approved
Resolution
Plan to AA
by RP
Review of
Resolution
Plan by AA
Order of
AA
Admit the
Resolution Plan
Reject the
Resolution Plan
33
18. 3 Stagesof Corporate Insolvency
Resolution
snehal.kamdar@jjkandco.com
• Insolvency application accepted, plan not yet
sanctioned
▫ Moratorium of SARFAESI action, any other action
• Resolution plan sanctioned
▫ Creditor action will depend on the resolution plan;
resolution
plan mandatory on all
• Liquidation proceedings
▫ Secured creditor staying in liquidation process
Security interest relinquished, secured creditor
cannot take enforcement action
▫ Secured creditor stays out of liquidation
Security interest enforcement/SARFAESI permitted
34
19. Effect of Moratorium Order
snehal.kamdar@jjkandco.com
• AA shall declare moratorium order on the
insolvency
commencement date prohibiting –
▫ institution of suits or continuation of
pending suits or proceedings
against the C.Dr.
including execution of any judgment, decree or order in any
court of
law, tribunal, arbitration panel or other authority
any of its
▫ transferring,encumbering, alienating
or disposing of assets or
any legal right or beneficial interest
▫ recovery of any property by an owner or lessor
▫ action to foreclose, recover or enforce any security interest
created by the C.Dr. in respect of its property
including any action under the SARFAESI Act, 2002
• Moratorium shall have effect till the completion of the
CIR process or liquidation order
35
20. Effect of Moratorium order on SARFAESI Proceedings
snehal.kamdar@jjkandco.com
36
• Code prohibits SARFAESI proceedings during moratorium
period.
• Following circumstances might arise –
▫ Moratorium starts before sending notice under section 13(2)
Notice shall be served after completion of 180 days (or
270 days, if an extension is granted)
▫ Moratorium starts after sending notice under section
13(2) to the borrower
Fresh notice under section 13 (2) shall be served after completion of
180 days or 270 days, as the case may be.
▫ Moratorium starts after sending notice under section
13(2) to the borrower + repossessing the asset
Repossessed asset shall be sold only after completion of 180 days or
270 days, as the case may be.
▫ Moratorium starts after sending notice under section
13(2) to the borrower + repossessing the asset + sale of
repossessed asset
Such secured creditor shall rank 5th in the waterfall priority to the extent
of unsecured portion
21. Appointmentof Resolution
Professional
snehal.kamdar@jjkandco.com
• An insolvency professional shall be eligible to be appointed as a
resolution
professional -
▫ If he, and all partners and directors of the insolvency professional
entity of which he is a partner or director, are independent of the
corporate debtor
• Independent of the corporate debtor shall mean –
▫ Eligible to be appointed as an independent director on the board of
the corporate debtor under Section 149 of the Companies Act, 2013
▫ Is not a related party of the corporate debtor; or
▫ Is not an employee or proprietor or a partner, in the last 3 FY of:
A firm of auditors or PCS or cost auditors of the corporate debtor; or
A legal or a consulting firm, that has or had any transaction with the corporate
debtor amounting to 10% or more of the gross turnover of such firm.
• Whether an insolvency professional needs to be independent of the
creditor(s) filing an application against the corporate debtor?
39
22. Dutiesof Resolution Professional
snehal.kamdar@jjkandco.com
• Make disclosure of independence at the time of appointment
(Reg 3 (2))
• Make a public announcement (in form A) on appointment as
an IRP
▫ Within 3 days from the date of appointment
• File a report certifying constitution of the
committee to the Adjudicating Authority
▫ Within 30 days from the date of appointment
• Circulate the minutes of the meeting to all participants by
electronic means
▫ Within 48 hours of the said meeting
• A record of the summary of the decision taken on a relevant
agenda item shall be circulated
▫ Within 24 hours of the conclusion of the voting
• Appoint 2 registered valuers to determine the liquidation
value of the corporate debtor
▫ Within 7 days from the date of appointment as RP
40
23. Dutiesof Resolution Professional
snehal.kamdar@jjkandco.com
• Submit an information memorandum in
electronic form
▫ To each member of the committee and any
potential resolution applicant (upon submission of
an undertaking)
Before 1st meeting – matters listed in paragraphs (a)
to (i) of Reg. 36 (2)
Within 14 days of the 1st meeting - matters listed in
paragraphs (j) to (l) of Reg. 36 (2)
• Submit the resolution plan approved by the
committee to the AA with the certification that -
▫ the contents of the resolution plan meet all the
requirements of the Code and the Regulations; and
▫ the resolution plan has been approved by the
committee
41
24. Committeeof Creditors
snehal.kamdar@jjkandco.com
• Committee of creditors shall be formedwith financial
creditors only.
▫ Financial creditors which are related parties
of the corporate debtor shall not form part of committee
• What if the corporate debtor has no financial creditor?
• Where all financial creditors are related parties of the
corporate debtor?
▫ Committee shall be formed with 18 largest O.Cr. By value
If the number of O.Cr. is less than 18 then all the O.Cr. shall be
included
▫ 1 representative elected by all workmen
Other than those included in 18 members
▫ 1 representative elected by all employees
Other than those included in 18 members
42
25. Whowill bear thestagewise cost?
snehal.kamdar@jjkandco.com
• Expenses of public announcement
▫ Shall be borne by applicant which may be reimbursed by the Committee to the extent ratified
• Cost of proving the debt
▫ Shall be borne by respective creditors
• Cost of IRP/ RP
▫ Any expenses to be incurred or payment to be made to IP – applicant shall borne the expense
▫ As soon as the committee meets – proposal shall be laid before the committee and committee
shall either ratify the expenses or reject the proposal
If committee ratifies the proposal – expenses shall be borne by the committee to the extent they agree
to ratify
If committee rejects the proposal – expenses shall be borne by the applicant
▫ Once the resolution plan is approved – the expenses shall be borne by the corporate
debtor and shall rank first as far as priority is concerned (Ref. Reg 38 of IRP for CP)
▫ If the resolution plan is rejected -- the expenses shall be borne by the corporate debtor and shall
rank first as far as priority is concerned (Ref. section 53 of the Code)
43
26. Winding up on Inability to Pay Debts
Winding up on grounds other than Inability to pay debts
Voluntary Winding up
snehal.kamdar@jjkandco.com
Section 2(94A) of the Companies Act, 2013 has been amended to define
“Winding Up” as “winding up under this Act or liquidation under Insolvency
and Bankruptcy Code, 2016”
27. Winding Up on Inability to Pay Debts
Section 271(1)(a) of the Companies Act, 2013 omitted by Section 255 of the Code
Section 271(1)(a) deals with Winding up by Tribunal on account of Inability to Pay
Debts
Section 7 to 9 of the Code now deals with it
Application to AA for initiation of Corporate Insolvency Resolution Process can be
made where there is a ‘default’
‘Default’ defined in the Code to mean non-repayment of a debt, whether in whole or
in part, has become due and payable by a corporate person
Which means under the Code insolvency resolution can be initiated even against
financially solvent company that has defaulted payment
Once the resolution process is accepted by the Tribunal, Insolvency Professional is
appointed to conduct the Corporate Insolvency Resolution Process
The process to be completed within 180days from the date of admission of the
application by the Tribunal
On failure of which the Tribunal will order for Liquidation of the Corporate Person
snehal.kamdar@jjkandco.com
28. Winding up on grounds other than inability to
pay debts
Section 271 of the Companies Act, 2013 deals with the following
271(a)Passing of special resolution to that effect
271(b)Acting against Sovereignty and Integrity of India, security of state
271(c)Conducting affairs in a fraudulent manner
271(d)Default in filing of financial statements or annual returns with the
registrar
271(e)On just and equitable ground in the opinion of the Tribunal
These provisions are notified under Chapter XX w.e.f .15th December 2016,
therefore winding up application for the above grounds shall be made to
the Tribunal
Provisions of Companies Act, 2013 shall apply.
snehal.kamdar@jjkandco.com
29. Fast Track CIRP
snehal.kamdar@jjkandco.com
• Sections 55 to 58 under chapter IV of Part II (w.e.f. 14th
June, 2017)
Applicable to the following categories of corporate debtors:
-a small company, or
-a startup (other than the partnership firm), or
-an unlisted company with total assets, not exceeding Rs.1
crore.
• Default completion time is 90 days from the insolvency
commencement date as against 180 days in other cases.
▫ One-time extension of a maximum of 45 days permissible
▫ Necessity of extension to be determined by AA
44
30. The Insolvency and Bankruptcy Board of India (Fast Track Insolvency
Resolution Process for Corporate Persons) Regulations, 2017
W.e.f 14th June 2017
The IBBI announced the regulations in exercise of its powers
conferred by sections 58, 196 and 208 read with section 240 of the
Insolvency and Bankruptcy Code, 2016.
10 Chapters, 39 Regulations and Schedules
Various forms are prescribed under Schedule (Form A to E)
These regulations provide the process for initiation of insolvency
resolution of eligible corporate debtors, conduct of the Fast Track
Process, proof of claims, approval of the resolution plan by the
Adjudicating Authority.
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31. Voluntary Liquidation
Time limit- 12 months from the voluntary liquidation
commencement date.
Steps involved-
Step – 1: Filing of application
Step – 2: Commencement of voluntary
liquidation
Step – 3: Appointment of Liquidator and
Public Announcement
Step – 4: Submission of Preliminary Report
and Completion of Books of Account
Step – 5: Appointment of Professionals
Step – 6 Consultation with Stakeholders
Step – 7: Claims by creditors
Step – 8: Determination and Verification of
Claims
Step – 9 Preparation of List of Stakeholders
Step – 10: Realisation and Distribution
Step – 11: Submission of Final Report
Step -12: Dissolution
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35. Winding up, liquidation & dissolution
Sec 2(94A) of the Companies Act, 2013 defines “winding up”- introduced by
Sec 255 the Eleventh Schedule of the IBC 2016
“Winding Up” – ‘winding up under this Act or under Insolvency and
Bankruptcy Code, 2016’
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Winding up
Process
Insolvency and
Bankruptcy Code, 2016
Companies Act,
2013
Governed by
36. Winding up and Applicable
Provisions
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CORPORATE
INSOLVENCY
RESOLUTION PROCESS
(INABILITY TO PAY)
• IBC, 2016
• IBBI (Insolvency
Resolution Process for
Corporate Persons)
Regulations, 2016
WINDING UP ON
GROUNDS OTHER THAN
INABILITY TO PAY
• Companies Act, 2013
• Companies Court Rules,
1959
VOLUNTARY WINDING
UP
• Section 59 of the IBC,
2016
• The IBBI ( Voluntary
Liquidation Process).
Regulation, 2017
• (Both w.e.f 1st April 2017)
37. Liquidation and distribution of recovery proceeds
of recovery proceeds
The Insolvency and Bankruptcy Board of India has framed new regulations under ‘Insolvency and
Bankruptcy Board of India (Liquidation Process) Regulations, 2016 [the regulation]’ to deal with liquidation
process
Liquidation Process
Appointment of Liquidator
To make public announcement - to call upon stakeholders to submit their claims as on liquidation commencement date and to provide last
date for submission of claim (30 days from the liquidation commencement date-Y+30)
Submission of the preliminary record to the Adjudicating Authority (Y+75)
Submission of claims by different stakeholders. Verification of stakeholders’ claims and preparation of final list of stakeholders by the
liquidator.
Asset memorandum by the liquidator and valuation by at least two independent valuers.
Asset sale either by auction or by private sale. Distribution of proceeds (Y+2 yrs)
Liquidation commencement date: means the date on which proceedings for liquidation commence in accordance with section 33 or section 59 of the Code (Y)
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38. Liquidation waterfall
Section 53 of the Code deals with distribution of assets sale proceeds along with liquidation waterfall.
Entire insolvency resolution process cost and liquidation cost
Workmen’s dues for the period of twenty-four months
preceding the liquidation commencement date
Debts owed to a secured creditor in the event such secured
creditor has relinquished security in the manner set out in
section 52
+
Wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation
commencement date
Financial debts owed to unsecured creditors
Any amount due to the Central Government and
the State Government
Debts owed to a secured creditor for any amount
unpaid following the enforcement of security interest
+
Any remaining debts and dues
Preference shareholders, if any
Equity shareholders or partners, as the case may be
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39. Preferential transactions
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• Sec 43- Corporates & Sec 165 – Individuals
• Examples-
▫ payment or set-off of debts not yet due;
▫ performance of acts - no obligation to perform;
▫ granting of a security interest to secure existing unsecured
debts;
▫ unusual methods of payment;
▫ payment of a debt of considerable size in comparison to the
assets of the debtor;
▫ payment of debts in response to extreme pressure from a
creditor
• Defences available
▫ transaction as consistent with normal commercial practice
▫ ordinary course of business
▫ new credit & new value
▫ counterparty proves that it was unaware of a preference
▫ no knowledge of the debtor's insolvency
• Creation of an escrow in favour of certain payees was held to
be voidable preference in Re Lewis’ of Leicester Ltd (1995)
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40. Undervalued transaction
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• Sec 45 – Corporate & Sec 164 – Individuals
▫ What is not an arm‟s length transaction is an
undervalued transaction
▫ Imply unequal exchange
• What constitutes an "undervalued transaction"?
▫ Gift
▫ Significantly less value
• Not of "proportionate value" but "ordinary course
of business" – Is it covered under undervalued
transaction?
• In Hill vs Spread Trustee Co Limited, creation of
security interest has been regarded as
undervalued transaction.
57
41. Transactionsdefrauding creditors
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• Sec 49- Corporate
▫ the transaction is an undervalued transaction
under sub- section (2) of section 45;
▫ such transaction was deliberately entered into by
the corporate debtor;
▫ the transaction was entered into:
(a) for keeping assets of the corporate debtor beyond
the
reach of any person who is entitled to make a claim
(b) to adversely affect the interests of such a person in
relation to the claim.
58
42. ExtortionateCredit Transactions
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• Sec 50 – Corporate & Sec 167 – Individuals
• What constitutes "extortionate"?
• Cannot presume that every regulated
financial services provider will necessarily be
compliant with either the law, or self-framed
fair lending code
59
43. • Broad description of the transaction to be avoided
▫ Any transfer made to a certain creditor, surety or
guarantor.
So as to put the recipient in a beneficial position in
relation to other creditors
▫ Gifts or transfer of property at a value significantly lower
than the consideration paid by the debtor.
▫ Any transaction deliberately intended.
to put the assets of entity beyond the reach
adversely affect the interest to any claim
▫ Any financial or operating debt on exorbitant terms.
60
Power of the RP or liquidator to seek avoidance and
reversal of transactions
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44. Distribution of Assets: Order of Priority
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• Insolvency resolution process costs and the liquidation costs paid in full
• debts which shall rank equally
▫ debts owed to a secured creditor in the event such secured creditor has relinquished
security
▫ workmen‟s dues for the period of 24 months preceding the liquidation commencement
date
• wages and any unpaid dues owed to employees
▫ other than workmen for the period of 12 monthspreceding the liquidation
commencement date
• financial debts owed to unsecured creditors dues which shall rank equally
▫ amount due to the CG and the SG
including the amount to be received on account of the Consolidated Fund of India and the
Consolidated Fund of a State, if any, in respect of the whole or any part of the period of 2 years
preceding the liquidation commencement date;
▫ debts owed to a secured creditor for any amount unpaid following the enforcement of
security interest;
• any remaining debts and dues;
• preference shareholders,if any; and
• equity shareholdersor partners, as the casemay be.
• Fees payable to liquidator shall be deducted from the proceeds
proportionately payable to each class of aforementioned recipients
61
45. 62
Distribution of Assets: Order of Priority
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• The section brings very important changes in
the priority
of distribution.
▫ First, it puts government dues, which, by several specific
statutes are put on the top of the waterfall, to a position
below unsecured lenders.
▫ Second, it distinguishes between financial creditors and
operational creditors, putting the former in priority over
the latter.
▫ Third, by putting the unrealized part of a secured
creditor‟s claim who enforces security interest outside
liquidation, to a position subordinated to unsecured
creditors, it gives a positive temptation to secured
creditors to join the queue in winding up, and gain
priority.
46. • Whether to stay in liquidation proceedings, or stay out of liquidation?
▫ Creditors will have to take an early call on Secure Liquidation –
Whether to Stay Out of Liquidation or Stay in
Staying out – secured creditor enforces security interest, for
remaining claim, he is at par with unsecured lenders
Staying in - secured creditor relinquishes security interest. Asset
becomes part of the common pool. Secured creditor gains first
priority out of all assets
▫ Decision to be based on:
LTV ratio of the secured asset vs. LTV ratio of other free
assets of the entity
Recovery rate depends on the choice
▫ Choice once made cannot be changed
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47. ProvisioningImplicationsof the Code
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• Once an insolvency resolution application
is filed
▫ Prima facie, this is an indication of weakness in
credit; should warrant provisioning
• Once resolution application is sanctioned
▫ Provisioning may be required based on the fair
value of the restructured facility
• Once company goes into liquidation
▫ Deeper provisioning may be required looking at
the deficit on assets
64
49. ResolutionPlan
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• Section 5 (26) defines “resolution plan” -
▫ a plan proposed by any person for insolvency resolution
of the corporate debtor as a going concern in
accordance with Part II
• Resolution plan is prepared by resolution applicants
–
▫ Resolution applicant can be creditors of the corporate
debtor, prospective lenders, prospective investors, or
any other person
• Resolution plan shall be prepared on the
basis of information memorandum prepared by RP
68
50. Vertical comparison
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• Section 30(2) of the Code provides for essential
components in the resolution plan which calls for
vertical comparison
▫ Resolution plan must provide for –
Repayment of debts of operational creditors in such
manner as may be specified by the Board
Shall not be less that the amount to be paid to the operational
creditors in the event of liquidation of the corporate debtor under
section 53
• Vertical comparison means a comparison between
a creditor's entitlement in the resolution plan and
in a hypothetical liquidation
69
51. Dutiesof liquidator
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• Make public announcement
▫ Within 5 days from appointment
• Verify the claims submitted
▫ Within 30 days from the last date for receipt of claims
• File the list of stakeholders with AA
▫ Within 45 days from the last date for receipt of claims
• Inform the secured creditor if a person is willing
to buy
the secured asset
▫ Within 21 days of receipt of the intimation
• liquidate the corporate debtor
▫ Within a period of 2 years
70
52. Liquidator's fee
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• Fee payable to the liquidator shall form part of
the liquidation cost
• Liquidator shall be paid fees as decided by the
committee before a liquidation order is passed
under section 33(1)(a) and 33(2)
• In all other cases, liquidator shall be paid fees
as provided in next slide
71
54. Tabulating Liquidation and Voluntary
Liquidation Process under the IBC, 2016
S.No Particulars Part/Regulation Liquidation of Corporate Persons Voluntary Liquidation of Corporate
Persons
1 Sections applicable Both fall under Part II of
the Code on INSOLVENCY
RESOLUTION AND
LIQUIDATION FOR
CORPORATE PERSONS
Chapter III
Sections 33-54
Chapter V
Section – 59
2 Offence and Penalties Chapter VII of Part II – on
Offences and Penalties
S 69 to 77 for Liquidation – for the penal
provision.
Applicable Chapter VII
3 Regulations Applicable and
w.e.f
IBBI (Liquidation Process) Regulations,
2016
W.e.f 15th December 2016
IBBI (Voluntary Liquidation Process)
Regulations, 2017
W.e.f 1st April 2017
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57. 8 Initiation of
Liquidation Process
Liquidation of a Corporate Person
Is Initiated under Section 33 of
IBC, 2016 by an order of the
Adjudicating Authority
- When Resolution plan is not
received or
- When the Resolution Plan is
rejected
- Decision of the Committee of
Creditors to liquidate the
Corporate Debtor
- On Contravention of the
Resolution Plan approved by
AA, application to AA by those
whose interest is affected
Voluntary Liquidation
Proceedings of a corporate
person is initiated by a
declaration, resolution, approval
and information
-Of a company given under
Section 59 (3) of the IBC 2016
-Other than a company under
Regulation 3
9 Appointment of
Liquidator
Section 34 of the IBC, 2016
- Resolution Professional appointed
for CIRP under Chapter II of Part
II shall act as a Liquidator
Resolution passed in the General
meeting for Voluntary liquidation and
appointment of the Liquidator
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58. 10 Replacement of
Liquidator
Under section 34(4) of the IBC,
2016 the AA replaces the liquidator
on two grounds
- The Resolution plan submitted
u/s 30 fails to meet the
requirement
- The board recommends
replacement of liquidator
No specific provision
11. Liquidator’s Fee Section 34(9) states that the
Liquidator’s fee shall be paid from the
proceeds of liquidation estate.
According to Regulation 4
- Fee agreed upon by the
Committee of Creditor before
Liquidation order passed under
33(1)(a) and 33(2). (Reg 4(2))
- Fee as a percentage of assets
realized in all other cases (Reg
4(3))
According to regulation 7 the
liquidator remuneration will form
part of Liquidation Cost
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59. 12 Powers and Duties of
the Liquidator
Section 35 of the IBC 2016 Section 35(1) (a) to (o) defines 15 duties
and powers of the Liquidator
Chapter III covering regulations 5-11
1. Reporting
2. Books to be maintained
3. Appointment of Professionals
4. Consultation with Stakeholders
5. Personnel to extend co-operation
6. Disclaimer of Onerous property
7. Extortionate Credit transactions
Chapter IV covering regulations
8-14
1. Reporting
2. Books to be maintained
3. Appointment of Professionals
4. Consultation with Stakeholders
5. Extortionate Credit transactions
6. Public Announcement
13 Power of the Liquidator to
access information
Section 37 of the IBC 2016 Notwithstanding anything contained in any
other law for the time being in
force, the liquidator can access information
from
- an information utility
- credit information systems
- agency of Central, State or Local
Government
- Financial/Non- Financial information
utility
- Information systems for securities
- Database of the board
- Any other source specified by the
board
Same thing applicable for Voluntary
liquidation due to application of section
59(6)
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60. 14 Liquidation Estate Section 36 (1) to (4) – The
liquidator holds it in a
fiduciary capacity
Estate of the assets listed under section
36 mainly those on which it has
ownership rights. It also includes assets
that do not form part of the assets under
36(4) mainly assets owned by a third
party
Section 59 (6) - The provisions of
sections 35 to 53 of Chapter III shall
apply to
voluntary liquidation proceedings for
corporate persons with such
modifications as may be
necessary.
15 Consolidation and Verification
of Claims
Section 38 & 39 of the IBC
2016
- The liquidator shall receive or collect
claims within 30 days from the date of
commencement of Liquidation
- Both financial and operational
creditors shall submit claims with
supporting documents
- Financial creditor (Form
- Claims can be withdrawn within 14
days from the date of submission
- The claims are verified and further
supporting evidence may be requested
by the liquidator
- Same provisions- Section 59(6)
- Claims shall be proved by the
stakeholder (Reg 15)
Following forms are submitted
- Operational Creditor Form B of
Schedule I (Reg 16)
- Financial Creditor Form C Schedule I
(Reg 17)
- Workmen and employees – Form D
of
- Schedule I (Reg 18)
- Other stakeholder Form E of
Schedule I
- The claimant shall bear the cost of
proving its claims
- Foreign Currency debts are
converted into Indian Rupees on the
liquidation commencement date
- The claims shall be verified within 30
days by the liquidator
- The liquidator shall prepare a list of
stake holders within 45 days from
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61. Transfer of Proceedings from High Court to
Tribunal
COMPANIES (TRANSFER OF PENDING PROCEEDINGS) RULES, 2016 clarifies as follows
Winding up proceedings pending before High Court (HC) on account of inability to pay
debts
All proceedings pending before HC as on 15th December, 2016
And the notice for which has not been served on the respondent
Shall stand transferred to the respective Bench of the Tribunal having jurisdiction
And shall be dealt with according to the PROVISIONS OF THE CODE
Winding up proceedings pending before High Court (HC) on account of other than
inability to pay debts
All proceedings pending before HC as on 15th December, 2016
And the notice for which has not been served on the respondent
Shall stand transferred to the respective Bench of the Tribunal having jurisdiction
And shall be dealt with according to the provisions of the COMPANIES ACT, 2013
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62. Transfer of Proceedings from High Court to
Tribunal…
Winding up proceedings pending before High Court (HC) relating
to Voluntary Winding Up
All proceedings pending before HC as on 1st April, 2017
Shall continue to be dealt with by the High Courts
In accordance with the provisions of the COMPANIES ACT, 1956
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Winding up
Proceedings
transferred to NCLT
Inability to Pay Debt IBC, 2016
Other than Inability
to Pay Debt
Companies Act, 2013
63. Resolution Professional / Liquidator
“Resolution Professional", for the
purposes of this Part, means
an insolvency professional
appointed to conduct the corporate
insolvency resolution process and
includes an interim resolution
professional
“Liquidator" means
an insolvency professional appointed
as a liquidator
in accordance with the provisions of
Chapter III or Chapter V of this Part.
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