Insolvency And Bankruptcy In India Law Practice 2e

About the Book In its second edition released during COVID times, it specifically includes all that is significant for a practitioner to know about Insolvency Law during this time including exclusion of period of limitation w.e.f. 15.03.2020 till 14.03.2021 in computation, while filing suits, appeals etc. under law. Key Highlights - Comprehensive Commentary on IBC - Updated IBC Rules, Regulations, NCLT and NCLAT Rules 2016 - Includes Understanding on Core Issues like limitation under IBC, Guarantors, Pre-Pack Insolvency etc - Includes Landmark judgments of SC, HCs, NCLAT and NCLT - Incorporates draft provisions of Cross-Border Insolvency (“Draft Part Z”); and - Incorporates Report of Insolvency Sub-Committee of the Insolvency Law Committee on Pre-packaged Insolvency Resolution Process.

This book examines the Insolvency and Bankruptcy Law and Practices across jurisdictions viz., India, United Kingdom and the United States of America. The individual chapters explore the different insolvency regimes prevalent in India, UK and the USA and the emergency measures amidst the COVID-19 pandemic to deal with the upsurge in insolvency filings as the pandemic has sent the financial markets into a tailspin across the world. The full range of chapters evaluates the legal framework of the insolvency laws in germane jurisdictions and divulges into the foundational concepts upon which rests the cornerstone of the bankruptcy law and assesses the basal substantive law for further policy amendments. The book dictates deployment of a judicious mix of conventional and unconventional changes to revamp the sinking financial markets with insolvency being a protuberant aspect inter alia requisitioning refit. The book imbibes the multitudinous approach to examine the principles of insolvency and bankruptcy law and presents a comparative outlook on different insolvency regimes with statistics in the selected jurisdictions as the overriding theme of the book.

Vanessa Finch provides an interesting look at corporate insolvency laws and processes. She adopts an interdisciplinary approach to place two questions at the centre of her discussion. Are current UK laws and procedures efficient, expert, accountable and fair? Are fundamentally different conceptions of insolvency law needed for it to develop in a way that serves corporate and broader social ends? Topics considered in this wide-ranging book include different ways of financing companies, causes of corporate failure and prospects for designing rescue-friendly processes. Also examined are alternative asset distribution of failed companies, allocations of insolvency risks and effects of insolvency on a company's directors and employees. Finch argues that changes of approach are needed if insolvency law is to develop with coherence and purpose. This book will appeal to academics and students at advanced undergraduate and graduate level, and to legal practitioners throughout the common law world.

This book provides an exhaustive analysis of the Real Estate (Regulation and Development) Act (RERA), 2016, discussing its multifaceted impact on the real estate sector. It thoroughly examines RERA's legal, professional, and practical dimensions and associated regulations, catering to various stakeholders. Organised into multiple sections, each part of the book focuses on distinct elements and viewpoints relevant to real estate regulation, ensuring a comprehensive understanding. This book incorporates the perspectives of the following stakeholders: • General Section (Applicable to All Stakeholders) • Promoters • Real Estate Agents • Allottees and Association of Allottees • Professional Perspective including CAs, Advocates, Engineers, Architects The Present Publication is the 2nd Edition, authored by the study group of industry experts & representatives from all stakeholders. It is edited by CA. Ramesh S. Prabhu & co-edited by CA. Vinay Thyagaraj, with the following noteworthy features: • [Content and Structure of the Manual] The manual covers various practice areas like registration, certification, and litigation, catering to different stakeholders. It includes legal provisions, SOPs, FAQs, and judicial rulings • [Inclusion of Peripheral Subjects] Beyond RERA provisions, the manual also addresses related areas like o Income Tax o GST o Stamp Duty o Registration o Insolvency and Bankruptcy o Other Relevant Laws • [Practice Manual for Practitioners and Professionals] The manual serves as a guide for new entrants and a reference for seasoned real estate practitioners, covering legal aspects and including various formats and drafts • [Limitations and Challenges] The manual acknowledges the limitations in applying a uniform approach to practice and non-practice-oriented topics, aiming to elevate the standards of beginners and intermediate practitioners • [Professional Application and Compliance] It emphasises the need for Chartered Accountants and professionals to apply their knowledge creatively while adhering to RERA's objectives and client needs • [Dynamic Nature of RERA and Legal Changes] The manual incorporates the evolving nature of RERA, legal pronouncements, and building regulations The detailed contents of the book are as follows: • General – Applicable to all Stakeholders o Overview of RERA, 2016 o Journey & Implementation of RERA & Important Circulars of MahaRERA from Inception till December 2023 o Objective and Purpose of RERA o Real Estate Sector Deficiencies Addressed by RERA o The Authorities to Implement the Act o Powers and Functions of the Real Estate Regulatory Authority o Powers and Functions of Adjudicating Officers o Central Advisory Council – Establishment and Functions o Real Estate Appellate Tribunal and its Functions and Powers • Promoter – From the Promoters Perspective o Promoter under RERA o Functions and Duties of Promoter o Registration of Real Estate Project – Legal Framework o Documents Required and the Process of Registration o Operation of RERA Designated Bank Account o Financial Planning for Real Estate Projects o Quarterly Progress Report (QPR) to be done by the Promoters o Procedure to Extend the Period of the Registration o Procedure for Amendment or Modification in the Sanctioned Plans o Transfer of Real Estate Project to Third Party o The Transfer of Title o Force Majeure and COVID Impact on Real Estate Sector o Advertising and Marketing Post RERA o Importance of End Date/Completion Date and Date of Possession under RERA o Change in Process and Procedure of Real Estate Business post-RERA o Car Parking Space and MahaRERA Circular o RERA Compliance Report by Chartered Accountant o De-Registration of the Project o Gradation of Real Estate Projects • Agent – From the Real Estate Agent Perspective o Registration of Estate Agents Legal Framework o Process to Obtain Registration for Real Estate Agent o Functions of Real Estate Agent o Impact of RERA on Estate Agents o Changing Business Landscape for REALTORS Post RERA o Training and Certification for Real Estate Agents o Self Regulatory Organisation for Real Estate Agents. o Anti-Money-laundering, Countering the Financing of Terrorism and Combating Proliferation Financing Guidelines for Real Estate Agents, 2023 • Allottees – From the Allottees and the Association of Allottees Perspective o Revocation of Registration of the Project o Stalled Real Estate Projects and Revival o Alternative Investment Fund for Real Estate, including SWAMIH Funds o Rights and Duties of Allottees o Association of Allottees o Remedies for Conveyance and Deemed Conveyance o Allottee Due Diligence Before Purchasing Property • Professional – From a Professional Perspective for CAs, Advocates, Engineers, Architects o Title Certificate o Allotment Letter, Agreement for Sale and Sale Deed o Role and Responsibilities of Architect under RERA o The Roles & Responsibilities of a Civil Engineer and Issue of FORM 2 under RERA o Quality Assurance and Defect Liability under RERA o Certificate in Form 3 By Chartered Accountant o Audit by Chartered Accountant under MahaRERA (Form No. 5) o Guidance Note on Accounting for Real Estate Transactions (Revised 2012) and Revenue from Contracts with Customers (Ind AS-115) o Key Audit Challenges – Real Estate Sector o Real Estate Collaborations & Significance of Corporate Due Diligence • Redressal – Redressal System: Complaint, Appeal, Second Appeal, Conciliation o Source (Complaints Against Unregistered Projects for Registration) o Complaint Filing and its Procedure o Process of an Inquiry by the Authority or Adjudication Officer o Appeals under RERA o Second Appeal before the High Court o Execution of orders of MahaRERA and Adjudicating Officer o Execution of a Decree under the Code of Civil Procedure, 1908 o Complaints by the Association of Allottees o Offences and Penalties o MahaRERA Conciliation and Dispute Resolution Forum o MahaRERA Conciliation Forum Role Model of ADR in the Real Estate Sector o Establishing of a Home Buyer/Allottee Grievance Redressal Cell • Income Tax, GST – Taxation: Income Tax, GST, Stamp Duty and Registration o Income tax Applicable on Real Estate Transactions o Overview of GST Implications for the Real Estate Sector o Stamp Duty and Registration • Allied Laws – Other Allied Laws like MRTP, DCPR, IBC, Consumer Protection, etc. o Real Estate Laws of India o Salient Features of Maharashtra Ownership Flats Act, 1963 ('MOFA') o Comparison between MOFA and RERA o Overview of Maharashtra Apartment Ownership Act, 1970 o Development Control Regulations and MahaRERA o Consumer Protection and RERA – Best Recourse to Allottees o Draft Format/Specimen of Consumer Complaint o Landmark Judgments of the Consumer Courts o Insolvency Resolution Process in Real Estate o Interplay of PMLA, Benami, FEMA with RERA • Miscellaneous – Topics Related to Real Estate Rulings & Redevelopment o Constitutional Validity of RERA o Analysis of Judgments o Redevelopment and RERA

This book provides MCQs based questions on Insolvency and Bankruptcy Code, 2016, Rules & Regulations, Allied Laws, General Awareness, Finance & Accounts, Decisions of the NCLT, NCLAT, High Courts and Supreme Court on the issues emerging out of the Code and case studies, which will help in thorough preparation for the examination to the aspirants. Tranzission Insolvency Practice Exams contains 890 MCQs in a methodical, logical and systematic manner as per the weightage given in the syllabus for the Limited Insolvency Examination. MCQs comprehensively covers both the Insolvency and Bankruptcy Code, 2016 and the notified Rules & Regulations as per the syllabus for the examination w.e.f. 1st July, 2019. MCQs will facilitate in reinforcing learning.

Adopted by UNCITRAL on 1 July 2009, the publication provides information for insolvency practitioners and judges on practical aspects of cooperation and communication in cross-border insolvency cases. The information is based upon a description of collected experience and practice, focusing on the use and negotiation of cross-border agreements. It provides an analysis of more than 39 agreements, ranging from written agreements approved by courts to oral arrangement between parties to the proceedings that have been entered into over the last decade or so. It illustrates how the resolution of issues and conflicts that might arise in cross-border insolvency cases could be facilitated by cross-border cooperation, and includes a number of sample clauses to illustrate how different issues have been, or might be, addressed. It also includes summaries of the cases in which the cross-border agreements that form the basis of the analysis were used.