National Company Law Tribunal recommends review of Insolvency Code

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”.

CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT

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.

Petition can be admitted against maintenance company of developer: NCLAT

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 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

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

No issues can be raised before any court or tribunal after resolution plan attained finality

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 Insurance Company now a Corporate Debtor under IBC

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.

Check if you need to file a claim for company facing insolvency process

In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws. 

Pendency of proceedings before debt recovery tribunal cannot affect the petition under 7 of IBC

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.

Recovery of Money through Insolvency Laws

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.

Innoventive vs ICICI Bank- Supreme Court settles the law; Centre’s Insolvency Code to override all conflicting Acts

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