IBBI Updates {Insolvency and Bankruptcy Board of India}
Due to the emerging financial distress faced by most companies, it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent the triggering of insolvency proceedings against MSMEs.
Important Notifications and Circulars Tracker (December 2020)
| Sl. | Notification(s) | Link(s) |
| 1. | In the matter of Mr. Sanjay Kumar Agarwal, Insolvency Professional | Click Here |
| 2. | In the matter of Mr. Arun Mohan, Insolvency Professional | Click Here |
| 3 | In the matter of Mr. Ajay Gupta, Insolvency Professional | Click Here |
| 4 | Corporate Insolvency Resolution Processes Yielding Resolution: As on 30th September, 2020 | |
| 5 | Corporate Insolvency Resolution Processes Ending With Order of Liquidation: As on 30th September, 2020 | |
| 6 | Notice for appointment of Executive Director on deputation | Click Here |
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7 |
Clarification- computation of fee payable for delay in filings under regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 | |
| 8 | In the matter of Mr. Balaknath Bhattacharyya, Insolvency Professional | |
| 9 | In the matter of Mr. Satinder Kapur, Insolvency Professional | |
| 10 | In the matter of Mr. Pinaki Sircar, Insolvency Professional | |
| 11 | In the matter of Mr. Sarvesh Kashyap, Insolvency Professional | Click Here |
| 12 | Invitation of application for 8th Advanced IP Workshop for Insolvency Professionals to be held on 14th December, 2020 | |
| 13 | In the matter of Mr. Romesh Chander Sawhney, Insolvency Professional | |
| 14 | IBBI Communication to IPs on invitation of EOI [Empanelment of IPs for AA for January 1, 2021 to June 30, 2021] | |
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15 |
Extension of deadline till 15th January, 2021 -Invitation of Expression of Interest from prospective eligible institutions for conducting Graduate Insolvency Programme |
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| 16 | In the matter of Mr. Rajesh Samson, Insolvency Professional | Click Here |
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17 |
In the matter of Mr. Abhay Narayan Manudhane, Insolvency Professional | |
| 18 | In the matter of Mr. Manoj Kumar Jain, Insolvency Professional | Click Here |
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19 |
International Conference on Insolvency Law & CISG@40 on 18th December, 2020 – Schedule | |
| 20 | In the matter of Mr. Venkata Sivakumar, Insolvency Professional | Click Here |
| 21 | In the matter of Ms. Sonu Jain, Insolvency Professional | Click Here |
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22 |
Notification under section 10A of the Insolvency and Bankruptcy Code, 2016 | |
| 23 | Order of NCLT on Automatic Case Number Generation | Click Here |
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24 |
Provisional List of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020 | |
| 25 | Engagement of Research Associates in Law/Economics/Public Policy on Contract Basis | |
| 26 | Publication: Section-wise Jurisprudence on IBC upto 30.09.2020
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Click Here |
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27 |
Final Panel of IPs for appointment as IRP, Liquidator, RP and BT for a period from January 1, 2021 to June 30, 2021 prepared in accordance with ‘the Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2020
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NCLT & NCLAT Updates
| Sl. | Particulars
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Link |
| 1 | Corrigendum No. 04/01/2020-NCLT dated 23.12.2020 Corrigendum regarding Absorption in NCLT. | |
| 2 | Vacation Benches NCLT -order dated 21.12.2020 | Click here |
| 3 | Order dated 18.12.2020-Released of matters NCLT New Delhi Court No. II | Click Here |
| 4 | Notice dated 2.12.2020-E-filing at NCLT Chennai Bench | Click Here |
| 5. | Constitution of Special Bench NCLT New Delhi order dated 18.12.2020 | Click Here |
| 6. | Notice dated 3.12.2020-E-filing at NCLT Indore Bench | Click Here |
| 7. | NCLT Calendar 2020-21 | Click Here |
- Infibeam Avenues rises 10% as NCLT approve demerger proposal
In a filing to BSE, the company said that the composite scheme of arrangement will assist Infibeam Avenues to unlock value for its shareholders.
- Ruchi Soya shareholders approve the appointment of Baba Ram Dev, Acharya Balkrishna on board
The board of directors, at its meeting held on August 19, appointed Ram Bharat as managing director of the company with effect from August 19, 2020, to December 17, 2022 and his designation was changed from whole-time director to managing director.
[highlight color=”yellow”]Also read: Due Date for Signing of Financial Statement[/highlight]- NCLT restrains MGF from creating third-party rights on Gurugram land
Emaar has received this NCLT order against the developer in response to a case related to the main petition that accused MGF Developments, its chairman Shravan Gupta and his wife Shilpa Gupta of siphoning off funds and fraudulent activities.
- NCLT directs IBBI, lenders to investigate the affairs of Lotus Auto Engineering
The development is likely to set a precedent as an order to investigate into the conduct of the Resolution Professional (RP) and the Committee of Creditors (CoC) of the company to ascertain whether they have done their duty well.
- NCLT gives nod to Reliance Infratel resolution plan
Under the plan, lenders may recover about Rs 4000 crore through the resolution plan of Reliance Infratel, which is a unit of bankrupt Reliance Communications, and holds some 43,000 towers and ans 1,72,000 km of fibre, a person familiar with the matter said.
- Insolvency case: NCLT allows plea for private sale of ABG Shipyard assets
The ruling by the dedicated bankruptcy court is expected to set a precedent in cases where the company is already admitted for liquidation and auctions have not brought in buyers.
MSME KEY UPDATES
| Sl. | Particulars | Link |
| 1 | Activities -NIC Codes- not covered -with exception of certain categories- under MSMED Act, 2006 for Udyam Registration-regarding | Click here |
| 2 | IIT KGP devices AI-based system to inspect quality of MSME goods | Click here |
| 3 | Odisha govt extends financial incentive to 278 MSME units | Click Here |
| 4 | MSME units engaged as vendors with the government or PSUs likely to revive first: Dun & Bradstreet report | Click Here |
| 5 | PSBs Disburse Rs 21,029-crore Loan to MSMEs under Credit Guarantee Scheme | Click Here |
| 6 | Women Executives of Delhi Police to Wear Khadi Silk Sarees | Click here |
| 7 | FM lauds concerted efforts resulting in higher procurement and payment of over Rs 21000 crore to MSMEs upto November | Click here |
| 8 | Amazon India Launches Toyathon Challenge 2020 to Support Aatmanirbhar Toy Tech Innovation | Click Here |
| 9 | DBS Bank India partners with Haqdarshak to aid MSME recovery | Click Here |
| 10 | Govt efforts put MSME back on track, procurement, payments on the rise | Click Here |
| 11 | MSME Ministry thanks the consumers as MSMEs celebrated not just Diwali but also Atmnirbharata; | Click here |
| 12 | The integrated effort needed for developing a solid finance model to support the MSME sector and to fulfill PM’s vision of Atmanirbhar Bharat: Shri Gadkari | Click here |
| 13 | Skill India Establishes First Centre of Excellence for Skill Development in Power Sector | Click Here |
| 14 | The E-commerce Platform becomes another symbol of Ministry’s process re-engineering; this time through e-marketing; | Click Here |
Competition Commission of India
| Sl. | Particulars | Link |
| 1 | CCI approves acquisition of Rivigo Services Private Limited (Rivigo) by Spring Canter Investment Ltd (SCIL) through the subscription of compulsorily convertible preference shares | Click here |
| 2 | CCI approves the proposed amalgamation of Srikalahasthi Pipes Limited (SPL) with and into Electrosteel Castings Limited (ECL) | Click here |
| 3 | Competition Commission of India scraps certain disclosure requirements for merger reviews | Click here |
| 4 | CCI trains its focus on PE investments across sectors in India | Click here |
| 5 | CCI initiates investigation against cement companies in India | Click here |
| 6 | Doors of CCI & NCLAT must be kept wide open in the public interest: Supreme Court | Click here |
| 7 | Probe a blip for cement firms, unless there is a concrete result | Click here |
| 8 | Carlsberg, SABMiller, UB colluded to fix beer prices in India: CCI report | Click here |
| 9 | CCI amends one of the formats prescribed for notification of proposed combinations in Form I | Click here |
| 10 | CCI approves acquisition by TPG Growth V SF Markets Pte. Ltd. of 8% (approx.) of the equity shareholding of API Holdings Private Limited | Click here |
| 11 | CCI approves acquisition by Jamnalal Sons Private Limited of 51% of the equity share capital of Mukand Sumi Special Steel Limited | Click here |
IRDAI – Insurance Sector Updates
| Sl. | Particulars | Link |
| 1 | Maintenance of records under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations 2020 | Click Here |
| 2 | Guidelines on Standard Personal Accident product | Click Here |
| 3 | Guidelines on Standard Travel Insurance Policy – Exposure Draft | Click here |
| 4 | Disclosure of benefit/premium illustration for Health insurance policies issued on floater basis | Click here |
| 5 | Relaxations in Point of Sales- Life Insurance Master Circular | Click Here |
| 6 | Gross premium is underwritten by non-life insurers within India (segment-wise) – For the month / up to the Month Of November 2020 | Click Here |
| 7 | Filing of Half-Yearly PoSP Returns in IIB Portal | Click Here |
| 8 | Amendments to the Guidelines on Information and Cyber Security for Insurers dated 07.04.2017 | Click Here |
| “Books may be the most valuable treasure of knowledge, but it is the human mind, that turns that knowledge into wisdom.” ― Abhijit Naskar |
This article is updated till 31st December, 2020 with all Laws / Regulations and their respective amendments.
