22 Apr 2018

It shall be recalled that the Ministry of Corporate Affairs of India (MCA) vide notifications in September 2017 had disqualified many directors and strike off names of many companies from the Register of Registrar of Companies, for failure to file MCA annual returns/annual financial statements, MCA had de-activated the Director Identification Number (DIN) of Directors who were disqualified. Hence, the disqualified Directors were not able to file the overdue annual returns or any other forms with the MCA. Feeling remediless, the disqualified directors of “struck off” companies have again started approaching High Court to seek suitable directions.>>

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21 Sep 2017

The Supreme Court of India (“SC”) recently delivered its first judgment [1] under the Insolvency and Bankruptcy Code (“IBC”) wherein SC has delved into (i) the circumstances which led to promulgation of the IBC and the legislative intent behind its promulgation; (ii) an in-depth examination of the provisions of the IBC relating to the Insolvency Resolution Process (“Resolution Process”) and (iii) the principles of repugnancy vis-à-vis IBC and State law. >>

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18 Jan 2017

The Insolvency and Bankruptcy Code notified on 28th May, 2016 (“Code”), lays down the structure for a unified insolvency and bankruptcy resolution mechanism in India. This is an important legislation for corporate India because the term "insolvency" has not previously been defined under India’s corporate law framework, although Section 433 of the erstwhile Companies Act 1956 provided for grounds of winding up a company that is "unable to pay its debts". [Black’s Law Dictionary defines the term “insolvency” as “the condition of being unable to pay debts as they fall due or in the usual course of business”][1].>>

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