Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws

Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.

A Journey of Homebuyer in IBC Laws

A tug of war going on between the companies involved in the real estate sector and the homebuyers since the Insolvency and Bankruptcy Code (IBC) came in force in 2016

Govt May Change IBC Laws for Buyer Protection, Stricter Norms for Homebuyers

The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.

Limitation and Insolvency Laws (IBC)

The apex court held that the Code isn’t a machinery for recovery though its usage in several perspectives still be within the nature of a recovery system.

Implications of cheque bounce under Insolvency Laws (IBC)

Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted

Succinct Summary of The Fast Track CIRP under IBC, 2016

The fast-track CIRP is designed to expedite the insolvency process for smaller companies and enable their efficient restructuring or liquidation.

Deciphering the Enigma of Interim Moratorium under IBC

Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.

NCLT can issue non-bailable warrants against persons under IBC: NCLAT

The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.

An Interplay between the Negotiable Instruments Act, 1881 & IBC 2016

the criminal case brought under Section 138 read with Section 141 of the NI Act against the natural persons would not be over by application of the IBC’s provisions.

How IBC can be helpful to Start-Up?

The fast track process which can be initiated by a creditor or the corporate debtor itself cuts down the time taken to complete an insolvency resolution to almost half as compared to the regular process under the IBC.

Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016

The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.

Section 33(5) of IBC doesn’t bar legal proceedings against a ship owned by Corporate Debtor in liquidation: Bombay HC

It is evident upon reading Section 33(5) that this clause merely forbids the filing of a lawsuit or other legal action against the Corporate Debtor. It in no way precludes the filing of a lawsuit or starting another legal action against a ship or vessel owned by the corporate debtor.

Whether IBC prevails over Custom Act?

The IBC would prevail over The Customs Act, to the extent that once the moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, as the case may be, the respondent authority has a limited jurisdiction to assess/determine the quantum of custom duty and other levies.

NEW CHALLENGES IN THE IBC WATERFALL MECHANISM

A key element that differentiates the IBC from previous legislation governing corporate insolvency is the distribution waterfall in the event of liquidation.