An alien concept to the IBC regime is reverse CIRP
Despite the fact that such relief should not have existed, the NCLAT instead attempted an “experiment” to adopt the strange idea of Reverse CIRP, which has no precedent in the Code.
Search Results for: Reverse CIRP
Reverse CIRP and its Modus Operandi- An Extraneous concept to IBC Regime
The constitution of COC for one project instead of all is against the regular practice of CIRP. In the past two years, the NCLAT has passed similar orders in various cases and called them Reverse CIRP.
Reverse CIRP under IBC- A boon or Curse for the Homebuyers?
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
The Conundrum of Reverse Corporate Insolvency Resolution Process
Reverse CIRP is still in an experimentation process and we should wait for more cases in which Reverse CIRP is applied and then observe its effect.
Reverse Insolvency- Legal Remedy to Homebuyers as Group to get the Project Completed
The reason for stalling of a project can be one or many but the real objective for a homebuyer is to get the best possible remedy which protects the interest of all homebuyers of such a project.
SECTION-8 OF RERA Vs. REVERSE INSOLVENCY
Many Homebuyers are confused between RERA and Reverse Insolvency, and it’s hard to decide which one is better. So here we are explaining the concept of RERA vs Reverse Insolvency.
Real Solution for Real Estate Insolvencies
The major challenges in the insolvency resolution of real estate companies arise from the peculiarities of this sector, especially since the divergent interests of the allottees of the real estate projects do not align with the scheme of the CIRP.
The Authority Of The Nclt To Review Itself
The reviewing court can reverse the original decision or amend it as needed. With the passing of time, the judiciary has been paving the way for clearing the doubt regarding the power to review and recall.
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.
Is IBC unfair to Operational Creditors?
Homebuyers are now considered financial creditors, whereas operational creditors, who are from the business world, may have a better understanding of the industry but still lack those rights.
How to Choose Best Legal Firm for Joint Insolvency Petition By Homebuyers
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016
The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.
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