FM RELAXES CORPORATE, INSOLVENCY AMID PANDEMIC

March 24, 2020: Finance Minister Nirmala Sitharaman announced various relaxations under the insolvency law. Finance minister Nirmala Sitharaman provide relief for the coronavirus pandemic-hit economy, she said that the government will provide various relaxations under the insolvency law, including suspending fresh proceedings for up to one year, exempting COVID-19-related debt and coming out with a special framework for MSMEs.

Any industry which is badly affected by Covid-19 due to the nature of its business such as aviation and tourism, such loan defaults will not be treated as a default under the IBC.

LIQUIDATOR HAS OVERRIDING RIGHT OVER ON COMPANY’S ASSET OVER TAX DEPARTMENT RULES NCLT

June 18, 2020: The principal bench of the National Company Law Tribunal (NCLT) in New Delhi ruled that the liquidator has overriding powers under the Insolvency and Bankruptcy Code to take over both movable and immovable assets of a corporate debtor.

COMPANIES (APPOINTMENT AND QUALIFICATION OF DIRECTORS) 3rD AMENDMENT RULES 2020

23 June 2020: In exercise of the powers conferred by sections 173, 177, 178 and section 186 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Meetings of Board and its Powers) Rules, 2014,.

AMENDMENTS OF CSR

23 June 2020: In the said Schedule, in item (vi), after the words “war widows and their dependents”, the words “Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;” shall be inserted.

NATIONAL ONLINE QUIZ ON INSOLVENCY & BANKRUPTCY CODE, 2016 WITH FIRST PRIZE RS, 1 LAKH BY MINISTRY OF CORPORATE AFFAIRS

July 1, 2020, to July 31, 2020

The quiz is open for Indian citizens above 18 years of age.

QUESTION OF RIGHT TITLE INTEREST IS DOMAIN OF CIVIL COURT & CANNOT BE DECIDED BY NCLT: SUPREME COURT

In the instant case, appeals had been preferred against the judgment passed by the National Company Law Appellate Tribunal (NCLAT) affirming the order passed by the National Company Law Tribunal (NCLT) concerning maintainability of the applications filed under sections 241 and 242 of the Companies Act, 2013 (the Act).

MCA: SPECIAL SCHEME TO RESCUE BANKRUPT MSME SOON

As per news reports, the centre is likely to roll out a special scheme for salvaging bankrupt micro, small and medium enterprises (MSMEs). The ministry of corporate affairs is finalising a special insolvency resolution under the Insolvency and Bankruptcy Code ‘to provide relief to MSMEs and the same would be notified soon,’ said the official statement. The scheme, to be notified under Section 240A of the Code, will specify a modified version of the bankruptcy scheme for small business. The section empowers the government to customise the requirements of bankruptcy resolution for small businesses.

CORPORATE AFFAIRS MINISTRY CHALLENGES NCLT ORDER IN DELHI GYMKHANA CLUB

July 15, 2020: The corporate affairs ministry, which is seeking to take over the management control of the Delhi Gymkhana Club, has moved the National Company Law Appellate Tribunal (NCLAT) against a ruling in the matter.

In an order passed in June, the National Company Law Tribunal (NCLT) asked the ministry to appoint two members to the General Committee of the club as well as constitute a five-member panel to look into certain issues related to the club.

NCLAT UPHOLDS NCLT ORDER TO INITIATE INSOLVENCY PROCEEDINGS AGAINST HDIL

The NCLAT has upheld the NCLT order to initiate insolvency proceedings against HDIL and rejected the plea of its promoter Rakesh Wadhwan. A three-member bench of the appellate tribunal observed that the NCLT had given ample opportunity to Housing Development & Infrastructure Ltd (HDIL) to settle the matter amicably with its lenders, but it has failed to make the payment or arrive at a settlement.

Earlier on August 20, 2019, the Mumbai bench of National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against HDIL, after allowing the insolvency plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.

WEBINARS

INTERNATIONAL BAR ASSOCIATION: MITIGATING THE RISK OF PRIVATE BRIBERY IN IMPLEMENTING COMPLIANCE PROGRAMMES

Our panel, made of anti-corruption specialists, will present the offense of private/commercial bribery in different jurisdictions (ie USA, France, Italy, South America and Asia) and will explain how to integrate properly this specific risk in anti-corruption compliance programmes.

This webinar will give our specialists the opportunity to explain:

How commercial bribery is handled and sanctioned (where relevant) in each of their jurisdictions
How addressed and assessed this specific risk when implementing anticorruption measures and more specifically anticorruption risk-maps