December 26, 2017:
The year 2017 was a watershed year for the Insolvency and Bankruptcy Code (IBC) which was notified in late 2016. The first insolvency petition was filed by ICICI Bank in December 2016. It was foreseeable that this laudable and long-overdue legislation, would undergo its share of trial by fire throughout 2017.
In the case of Innoventive Industries, the Supreme Court held that once an interim resolution professional (IRP) takes charge of the insolvent company, the directors lose any right to prefer an appeal on its behalf.
The judgment in Mobilox Innovations removed all ambiguities regarding the extent to which the Adjudicating Authority can investigate the veracity of a dispute for the purposes of a notic…
Read the full article at: http://www.thehindubusinessline.com/money-and-banking/changes-challenges-ahead-for-insolvency-and-bankruptcy-code/article10002681.ece