this contains provisions as to execution of decree and orders, provisions for execution of different orders, modes of execution by detention, arrest and attachment.
Study on Prospectus according to companies act 1956 and different case studies which would help you understand the provisions well. It's important to look at companies act 2013 for amendments made, so that much more clarity can be obtained.
Appointment and qualification of directorsRaksha Shree
Chapter XI - Sec 149 to sec 172 of companies act 2013 - All provisions related to directors explained - Provisions relating to Appointment, qualification, duties, Vacancy, retirement explained - Provisions relating to independent director, small shareholders director, nominee director, additional director, alternate director, women director and resident director explained
Especially for CA final
this contains provisions as to execution of decree and orders, provisions for execution of different orders, modes of execution by detention, arrest and attachment.
Study on Prospectus according to companies act 1956 and different case studies which would help you understand the provisions well. It's important to look at companies act 2013 for amendments made, so that much more clarity can be obtained.
Appointment and qualification of directorsRaksha Shree
Chapter XI - Sec 149 to sec 172 of companies act 2013 - All provisions related to directors explained - Provisions relating to Appointment, qualification, duties, Vacancy, retirement explained - Provisions relating to independent director, small shareholders director, nominee director, additional director, alternate director, women director and resident director explained
Especially for CA final
What is the procedure for corporate insolvency resolution under the IBC.pdfyamunaNMH
A recovery method made available to creditors under the Insolvency and Bankruptcy Code (IBC) is the Corporate Insolvency Resolution Process (CIRP). The concerned creditor or the corporate entity (the debtor) itself may start CIRP in the event that a corporate entity becomes insolvent (unable to repay debt).
CORPORATE INSOLVENCY:
COMPANIES ACT 2016
Business is a combination of war and sport!!
- Andre Maurois
2
2
“
INSOLVENCY –
Insolvency – what does it mean?
Cessation of companies
New Corporate rescue mechanisms
Insolvent companies – what options are available?
1
2
3
4
Insolvency is inability to pay debts.
When a company is unable to pay its debts, it may be subject to various insolvency proceedings.
The aim of insolvency approaches is for the insolvency administrator to take over the affairs of the debtor company in order to settle the debts of the creditors and distribute the insolvency proceeds to the rightful persons in accordance with law and equity.
Receivership
Compromise & Arrangement
Reconstruction and amalgamation of companies
Insolvency : Alternative Mechanisms
Corporate recovery plans
Cessation of business
Additional measures –introduced in CA2016
The aim is to help financially distressed companies to allow them to restructure their debts, to remain as a going concern and to avoid winding up.
Corporate Voluntary Arrangement (CVA)
Judicial Management (JM)
Winding up
Members’ voluntary winding up
Creditors’ voluntary winding up
Winding up by Court (compulsory)
Striking off
RECEIVERSHIP
Let’s start by briefly discussing on how lender’s interests are protected
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1
Receivership
“A company going into receivership would mean that its affairs are being managed by a ‘receiver’ or a ‘receiver and manager’. The company is not in liquidation except that the directors will have to surrender their rights to run the company’s business to the ‘receiver’ or ‘receiver and manager’ as a going concern”.
7
INTRODUCTION TO RECEIVERSHIP
When a financial institution / debenture holders provides a financial loan or facility (or other creditors provide credits) to a company, the financial institution would want to have some form of security to recover the debt.
One form of security is through a charge on the immovable property of the company. The charge can take a form of fixed charge or floating charge.
The fixed and floating charge will commonly be set out in the debenture. The terms of the debenture will commonly allow for the appointment of a ‘receiver’ or ‘receiver and manager’ and has duty to realise the charged assets and utilise the proceeds to repay the financial institution.
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RECEIVERSHIP
A company goes into receivership when receiver is appointed by the debenture holder (or trustee) under a power contained in debenture or trust deed, or Court upon application.
The appointment by debenture holder is normally made in the event of a breach by the co of the conditions attached to the debentures.
The powers of the receiver under this form of insolvency administration are usually specified in a contractual agreement between the secured creditor and the company.
9
RECEIVERSHIP
A receivers’ task is to take possession of assets cover ...
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
An Overview of Insolvency and Bankruptcy Code, 2016 along with the process for resolution order and bankruptcy order against the debtor and how it will be beneficial for the Banks & Other lending institutions of India.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
New charts of insolvency & bankruptcy code 2016
1. Corporate Insolvency resolution Process Provision Covered in Part ii of the Code
Corporate Insolvency
resolution.
is a Process
During which financial
Creditors assess
Whether the debtors
business
is viable to Continue & the option for
its rescue & revival
NO
It Should be would up the debtors
Assets are realized & distributed by the
liquidation
Who Can make the Application
Corporate DebtorsOperational Creditors
A Person to whom an
Operational debt is owned
Financial Creditors
Any Person to Whom a financial debt
is Owned
& Includes a person to whom.
Such debt legally assigned.
A Corporate Person Who Owns
A Debt
To any Person
The Process of Insolvency
Is Triggered by Occurrence
Of Default Means Non Payment of debt When whole or any
part thereof
Of Minimum amount of
Rs 1 lacs or more
Only Covered or (C.G can specify
maximum amount Rs 1 Crore. Higher Value
& is not repaid by the debtor
or the Corporate debtors
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Overview of Insolvency & Bankruptcy Code 2016.
2. .
ORUndergoing
A Corporate
Insolvency
resolution
Process
A Corporate debtor
Having Completed
Corporate Insolvency
resolution Process.
12 Months Preceding
The date of making of the
application .
OR a Financial
Creditor
Who has Violated
Any of the term of
resolution plan
Which was approved
Twelve Months
Before the date of making
of an application Under this
Chapter .
In respect
Of Whom
A Liquidation
order has been
made .
OR
Includes a corporate applicant In respect of such
Corporate debtors.
Person not entitled to make applications:
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3. Time limit for Completion of Insolvency resolution Process:
Within a Period of 180 days
From the date of admission of the application
To Initiate Such Process.
This Period Can be Extended
Only if Creditors
Vote atleast 75% of the
Voting Shares
Provided application is made to adjudicating
authority & is Satisfied
Then Period can be extended but not
exceeding 90 days
Extension Can be granted only once .
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:www.lawcharts.in
For complete Charts
4. The A.A. ,After admission of the application, Shall by an Order
.
Declaration of Moratorium & Public announcement:
Declare a (Moratorium)
Means
After the Commencement after
the declaration of corporate
insolvency resolution
A claim Period for 180 days is
declared .
During Which all Suits & legal proceeding
are stayed against Corporate debtor.
& give time to the entity to
resolve its status .
It is Called the MORATORIUM PERIOD.
Not allowed for following acts :
1) Institution of suits or Continuation of
Pending Suits .
2) Transferring of any property by Corporate
debtors.
3) Any action to foreclose ,recovers.
Appoint an Interim resolution
Professional.(IRP)
TERM
Shall not exceed 30
days from the date of
his appointment.
Within 14 days From the
insolvency Commencement date.
Process of Appointment
A Financial Creditor
Or Corporate debtor
& recommend
appointment there of
Then Such IRP Shall
be appointed.
If the application for Corporate insolvency resolution process is made by
Operational creditor
Proposal for IRP Made
YES NO
The Board within 10 days of receipt of a reference
from AA
Shall be appointed as IRP
If no disciplinary proceeds
are pending against him
Recommend the name of an insolvency Professional
Public announcement (P.A.) IRP Shall make (P.A.)
Within three days from the date of application of
the IRP Includes:
1) Name /Address of Corporate
debtor.
2) Name of the authority under which
the Corporate debtor is Incorporated.
3) Details of IRP.
4) Penalties for false Claims
5) Last date for the submission of the
claims .
6) The date on which the corporate
insolvency process ends.
1) Issuance of Public notice of the Corporate
Insolvency.
2) Resolution Process.
3) Collation of claims received .
4) Constitution of the Committee of the creditor.
5) Conduct of the first meeting of the Committee of
Creditors.
A.A Means adjudicating
authority
Key roles of
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5. (COC) COMMITTEE OF Creditors Sec 21 of the Code .
The IRP Shall after Collection of all Claims received against the Corporate debtor
& determination of the financial position of the corporate debtor
Shall Constitute a Committee of Creditors .
Constitution of
Committee of
Creditors .
Comprises of all financial
Creditors of the
Corporate debtors.
1) If Corporate debtor
owns financial debt to 2 or
more financial Creditors .
Each Such Financial
creditors shall be part of the
Committee of creditors &
voting share shall be in
accordance with financial
debt owned to them .
2) Where an operational
creditors has assigned any
operational debt to a
financial creditors
Then the assigner shall be
Consider as an operation
creditors .
All decision of the
Committee of Creditors .
Shall be taken by a Vote .
Not less than 75% Voting
Share of the financial
Creditors .
C.O.C
Shall have the
Right to require the
resolution (IRP)
To Furnish any financial
Information.
Such IRP Shall furnish within 7
days of such requisition.
Ist Meeting of the C.O.C
Shall be held within 7 days of its
Constitution.
Can be done by
electronic means or in
participated also.
Notice given by IRP to
1) Members of C.O.C.
2) Members of suspended BOD or the
partners of the Corporate debtors .
3) Operational Creditors or their
representatives
If the amount of their aggregate
dues is not less than 10 % of the
debts.
The director
Partner & one
representative of
Operational
Creditors.
May attend the
meeting but no
right to vote in
such meeting
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6. Replacement of resolution Professional by Committee of Creditors
Process
C.O.C is of the opinion that a IRP as appointed
Is Required to be replaced
(YES)
It may replace him with another resolution
Professional
In a meeting by a vote of 75% of Voting Shares
C.O.C Shall forward the name of the proposed resolution
Professional to the AA
Forward to the board for its Confirmation & a resolution Professional shall be appointed
Where any disciplinary Proceeding
are Pending against
The Proposed IRP
Shall be Continued
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7. Resolution Plan Sec 30 to 31 of the Code
Deals With resolution Plan
Resolution Plan
Shall be prepared by
resolution Professional
In Form of information
Memorandum
Which Contain information for
preparing resolution plan.
It Contain :
1) Details about insolvency
resolution process cost.
2) Repayment of the debt of
Operational Creditors.
3) Provide for the management of
the affairs of the Corporate
debtors.
4) Does not Contravene any of the
Provisions of the Law.
Resolution Professional
Shall Present to the
Committee of crs for its
approval.
By Atleast 75% of
Voting share of the
Financial Creditors
YES Then Submit
to A.A.
If Satisfied
Then approve such resolution plan
NO
Reject the resolution
plan.
Effect Shall be binding
Over on the
Moratorium Order Passed By the A.A.
Shall Ceased to have effort
The resolution Professional
Shall forward all records To the Board
To be recorded on its
database.
1) Corporate
debtor
2) Employee.
3) Member.
4) Creditors.
5) Guarantors
6) Other
Stakeholder
involve in
resolution Plan.
Resolution applicant can attend the
Meeting of C.O.C
Provided, No right to Vote
Unless He is also a financial
Creditors.
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8. Liquidation Process : Sec (33 to 54)
The Code Concerns itself To resolve default in payment
of Corporate debtors.
This Process is Called the
corporate insolvency
resolution Process
If this process
does not works
Then only the liquidation
Provision of the Code are
triggered.
Event Triggering liquidation.
A 75 % Majority of the
Creditors Committee.
Resolve to Liquidate
The Corporate debtors
At Any time
During the insolvency
resolution Process
The Creditor Committee
Does not approve
A Resolution Plan
Within 180 days( or within
the extended 90 days )
The NCLT
Reject the resolution Plan
Submitted to it on technical
grounds.
OR The Debtors
Contravenes
The Agreed
resolution Plan.
& An affected
person make an
application
To the NCLT to
liquidation the
Corporate debtors
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9. Appointment of Liquidation Sec 34 of the Code
Where the adjudicating authority
passes.
An Order for liquidation of the
Corporate debtors
The resolution professional
appointed
Shall act as the
liquidation unless
replaced by A.A.
1) All Powers of BOD ,KMP & the
partners of the Corporate debtors
Shall ceased to have affect
Shall be Vested with the liquidator.
Power & duties of liquidator
Sec 35 of the code
1) To Verify Claims of all Creditors .
2) To take into his Custody or
Control all the assets.
3) To Evaluate the assets & Property.
4) Measures to Protect & Preserves
the assets & Properties .
5) To Carry on the business of the
Corporate debtors .
6) To Sell any immovable Property &
movable Property.
7) To Obtain any Professional
assistance.
8) To Investigate the financial affairs
9) To Perform Such other functions.
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Complete CA Final
Company law & Allied law
BO
