Law School NewsOthers

An Essay Competition is being organised by Gujarat National Law University and Insolvency & Bankruptcy Board of India (IBBI) on the theme of “Potential of Strategic Default in the Insolvency and Bankruptcy Code, 2016 “
About the Competition:
The Insolvency and Bankruptcy Board of India (IBBI). The Insolvency and Bankruptcy (Code) is a major economics reform of this decade and on completion of its two years of implementation, it will be a great resources for the research and academics to understand in details the change that is in the offing. In this context the IBBI is promoting essay competition through Institute of Learning to create awareness about the insolvency and bankruptcy regime amongst the students of Higher Education, Students of graduation and post-graduation courses of any disciplines, Deemed University and Professional Institute ( Institute of Charted Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India) can participate in this competition.
The IBBI announces the Essay Competition on Insolvency and Bankruptcy legislation through institutes of learning. Under the said scheme the Gujarat National Law University (GNLU) is organising an essay competition for the students of GNLU.
Theme of Essay :
  • Potential of Strategic Default in the Insolvency and Bankruptcy Code, 2016
Prize:
Best essay will receive INR 10000/-
Second best essay will receive INR 5000/-
Who can Participate:
Students of Under Graduate i.e. LLB and Postgraduate Programmes i.e. both LLM and MBA in Financial and Management Laws
Submission Guidelines:
  • Minimum words-4000, maximum words-8000
  • Font Type: Times New Roman; Font Size: Heading-14, Text-12; Line Spacing: 1.5
  • Citation Method: OSCOLA, 4th Edition
  • Co-authorship is not allowed
Entry for the Submission will be open :
  • 10th February to 10th April 2019 (23:59 Hours)
For further details, refer Essay Cpmt Banner
AchievementsLaw School News

A team comprising of Samidha Mathur, Brijraj Deora, Ravin Abhyankar and Anadi Singh Rathore represented GNLU at the 2nd edition of the NLU Delhi Insolvency and Bankruptcy Moot Court Competition held from 15-17 November 2018. The team adjudged as the winners of the moot.  The Moot was based on a relatively new concept of Insolvency and Bankruptcy Code.
Law School NewsMoot Court Achievements & Reports

The National Law University, Delhi, supported by the Insolvency and Bankruptcy Board of India (IBBI), and the UNCITRAL RCAP, in collaboration with INSOL India and Society of Insolvency Practitioners of India (SIPI) have initiated a moot competition on insolvency and bankruptcy. The Moot was organized by the Centre for Transnational Commercial Law (CTCL). The second edition of the competition was held on November 15-17, 2018 at the National Law University, Delhi, India.

The theme of 2018 edition was Process Memorandum and Resolution Plan. The participating teams had to prepare and submit a Resolution Plan as Resolution Applicant based on information memorandum and other relevant information supplied to them. Teams were shortlisted based upon the quality of submission. The shortlisted teams participated in the oral rounds. In the oral rounds, teams presented the Resolution Plan and made arguments on its merits to industry experts acting as judges.

In the finals, University of Petroleum and Energy Studies (UPES) faced Gujarat National Law University (GNLU), in which the latter defeated the former.

Conference/Seminars/LecturesLaw School News

Introduction: The Insolvency and Bankruptcy Code though provides for faster and definitive resolution to deal with distressed or failed businesses compare to erstwhile Sick Industrial and Companies Act, 1985 and the Companies Act, 1956 (now stands repealed), it does not address potential tax issues that may arise as a result of resolution plan*. (Rekha Bagry, Neelu Jalan, ‘Insolvency and the Tax Conundrum’, Tax Guru)  In other words, the transactions undertaken as a part of the resolution process under Insolvency and Bankruptcy Code, 2016 could result in taxes, and it may derange the deal financials, thus making the resolution process less efficient and effective. (Vishal Agarwal, Yashesh Asher, Sohail Manjiramani, ‘The Insolvency Code: Will Tax be a Problem’).

To know and understand these intricacies and bring ease to business, Symbiosis Law School, NOIDA in collaboration with Vaish Associates Advocates has organised Seminar on Insolvency and Bankruptcy Code, 2016 and Tax Implications upon Insolvency on July 28, 2018.

Resource Person: Ms. Kavita Jha, Partner, Vaish Associates, Advocates

Ms. Kavita Jha is a senior member of the Tax Group and has and has been associated with the Firm since 2003 when she moved her practice from the High Court of Calcutta to the High Court of Delhi. She has also been an Advocate-on-Record in the Supreme Court of India since June 2007 and specializes in tax litigation: income tax, VAT and sales tax as well as criminal law and arbitration.

Ms. Kavita has been an empanelled Advocate before the Supreme Court for the Union of India, the State of Maharashtra and other government agencies, in which capacity she has handled a multitude of tax, civil and criminal matters. She has also handled arbitration matters for various joint ventures and domestic companies in the energy and infrastructure sectors. She has also successfully facilitated dispute resolution through conciliation for other clients. Ms. Jha has also been appointed as Sole Arbitrator by Justice Dr. S. Muralidhar of the Delhi High Court in a dispute arising out of a property development agreement.

Ms. Kavita has participated in various legal seminars, workshops/seminars, conferences and lectures of national and inter-national repute on, inter alia, International Tax – International Fiscal Association, Arbitration and Alternate Dispute Resolution, Adoption law, Muslim Personal Law and Refugee Law. She has also been visiting Faculty in IMT, Ghaziabad for Corporate and Business Law in Calcutta and Delhi as well as honorary visiting Faculty in Symbiosis Law School, NOIDA.

Date & Time July 28, 2018: 09:00am – 12:00 noon

Venue: Seminar Hall, Third Floor, Academic Block, Symbiosis Law School, NOIDA

Contact Persons:

Dr. Meenakshi Kaul, Assistant Professor & Head, Training & Placement

Mr. Siddharth Kanojia, Assistant Professor & Head – Placement, Training and Placement

Ms. Pallavi Mishra, Assistant Professor & Head – Internship, Training and Placement

Email: hr@symlaw.edu.in

Legislation UpdatesStatutes/Bills/Ordinances

The Insolvency and Bankruptcy Code, 2016 (“Code”) received President’s assent on May 28th, 2016. The Code, seeks to consolidate  and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto. The Code contains 255 Sections and 11 Schedules.

The Code extends to the whole of India except Part III of this Code shall not extend to the State of Jammu and Kashmir. The provisions of this Code applies to companies, limited liability partnerships, partnership firms, other corporate persons, and individuals, and any other body specified by the Government. Part II of this Code relating to Insolvency Resolution and Liquidation and Liquidation for Corporate Persons applies to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is one lakh rupees provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more than one crore rupees.

Section 6 of the Code deals with the provision relating Persons who may initiate corporate insolvency resolution process. The provision states that where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter II. Section 7 further states the provision relating to initiation of corporate insolvency resolution process by financial creditor. The adjudicating authority for insolvency issues of a Company/LLP is prescribed to be the National Company Law Tribunal (“NCLT”) and National Company Law Appellate Tribunal (“NCLAT”), and for individuals and partnership firms, it is the Debt Recovery Tribunal (“DRT”) and Debt Recovery Appellate Tribunal (“DRAT”). The Code mandates that an appeal from an order of the Debt Recovery Tribunal under this Code shall be filed within thirty days before the Debt Recovery Appellate Tribunal and an appeal from an order of the Debt Recovery Appellate Tribunal on a question of law under this Code shall be filed within forty-five days before the Supreme Court. Section 184 provides for Punishment for false information, etc., by creditor in insolvency resolution process i.e. If a debtor or creditor provides information which is false in any material particulars to the resolution professional, he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to five lakh rupees, or with both. Section 185 provides for punishment for contravention of provisions i.e. If an insolvency professional deliberately contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may extend to six months, or with fine, which shall not be less than one lakh rupees, but may extend to five lakhs rupees, or with both.

The Code under Part IV establishes Insolvency and Bankruptcy Board of India which shall be a body corporate by the name aforesaid, having perpetual succession and a common seal, with power, subject to the provisions of this Code, to acquire, hold and dispose of property, both movable and immovable, and to contract, and shall, by the said name, sue or be sued.

Ministry of Law and Justice