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REGULATORY UPDATE: MINISTRY OF COPRORATE AFFAIRS-THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (GRIEVANCE AND COMPLAINT HANDLING PROCEDURE) REGULATIONS, 2017.

The Insolvency and Bankruptcy Board of India (IBBI) has notified the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 on 7 December 2017. The Regulation enable the stakeholders i.e., debtor, creditor, claimant, service provider, resolution applicant or any other person having an interest in an insolvency resolution, liquidation, voluntary liquidation or bankruptcy transaction under the Insolvency and Bankruptcy Code, 2016 (Code), to file a grievance or a complaint against a service provider, namely, insolvency professional agency, insolvency professional, insolvency professional entity or information utility. 12 more words

Regulatory Updates

“We’re Now Broke And I’m Now A Debtor After My Traditional Igbo Wedding” – Nigerian Lady Nkiruka Cries Out

An Igbo lady identified as Nkiruka Akpovili is really angry about the cost of her traditional wedding as it has drained herself and her Isoko… 209 more words

NEWS

Insolvency & Bankruptcy Code- Protection FROM Creditor or Protection FOR Creditor

Background

The Insolvency and Bankruptcy Code, 2016 (“Code”) was notified effective 28 May 2016 with an aim amongst many others, to complete insolvency resolution process in time bound manner, to revive the entity and to ensure/safeguard the value of creditors (specifically unsecured creditors) and to protect the entity itself from coercive action of creditors (with an introduction of moratorium period). 627 more words

Articles

Bankruptcy Law Update: Preferences and Selected Bankruptcy Issues

Preference Claims:

Elements:  A preference is a transfer of property of a bankruptcy debtor that (1) was to or for the benefit of a creditor; (2) was on account of an antecedent debt; (3) was made while the debtor was insolvent; (4) was made within 90 days of the filing of the bankruptcy petition; and (5) allowed the creditor to receive more than the creditor would receive if the payment had not been made but the creditor receives what it would receive in a liquidation of the debtor.  419 more words

Essentials of an Agreement – To qualify as a mortgage

The essentials of an agreement, to qualify as a mortgage by conditional sale, can succinctly be broadly summarized. An ostensible sale with transfer of possession and ownership, but containing a clause for reconveyance in accordance with Section 58 (c) of the Transfer of Property Act, will clothe the agreement as a mortgage by conditional sale. 95 more words

Civil Law

A Servant and a Debtor

According to Max DePree, “The first responsibility of a leader is to define reality. The last is to say thank you. In between the two, the leader must become a servant and a debtor.” 421 more words

Leadership

The Empty Idea of “Equality of Creditors”

For 200 years, the equality of creditors norm—the idea that similarly situated creditors should be treated similarly—has been widely viewed as the most important principle in American bankruptcy law, rivaled only by our commitment to a fresh start for honest but unfortunate debtors.    903 more words

Bankruptcy And Restructuring