Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.
CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.
Proceeding against the Corporate Debtor for the recovery of the dues and hence can file a petition against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority.
NCLT held that the “interest” component alone cannot be claimed or pursued, in absence of the debt, to trigger a CIRP against the corporate Debtor. Further, the application pursued realization of the interest amount alone is against the intent of the IBC, 2016.
Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.
NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.
The NeSL was the first Information Utility service registered under the BBI Regulations, 2017 it is one of the three pillars of the IBC system.
Money matters are a sensitive issue for everyone involved in the business as nobody would want to leave or lose their hard-earned money like that.
How can a corporate person file for insolvency? the insolvency process for section 10 application, the fees, documents required and other details required to file such an insolvency petition.
Under section 14 of the code, the moratorium order is passed. Accordingly till the time moratorium period exists no other action or suit or case or proceedings against the corporate debtor can take place.
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.
An insolvency petition admitted u/s 7, 9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.