The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
In this article we have discussed about the procedures of filing a case before NCLT and the required documents.
The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.
Section 5(8)(f) Explanation makes it clear that any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing.
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
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
Once the resolution plan is approved and is implemented under IBC, no issue can be raised at a later stage when resolution Process Costs and fees of the Resolution Professional.
Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.
In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws.
If some other recovery proceedings are pending or the amount of claim is disputed before other tribunal or adjudicating body that won’t empower the adjudicating authority to reject the petition.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
Amongst the 11 high profile case under the purview of Insolvency Code, Essar Steel has attracted a lot of attention.
The judgement of the Supreme Court, in the case of Innoventive Industries vs ICICI Bank is a shot in the arm for the regime established under the Insolvency and Bankruptcy Code, 2016
article we will discuss about Compulsory and Voluntary Liquidation and how it is helpful for the Corporate Creditor against their debtor/s.
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.