the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.
As per section 8 of IBC an operational creditor, if does not receive amount from corporate debtor, has to deliver a demand notice of unpaid amount along with the copy of invoice demanding payment of the amount involved.
The fast-track CIRP is designed to expedite the insolvency process for smaller companies and enable their efficient restructuring or liquidation.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
RERA was implemented to acknowledge and solve discrepancies and issues of home buyers. By establishing rules for the sale of real estate and requiring developers to adhere to certain criteria, it protects the interests of homebuyers.
the advance copy of the Application for initiating CIRP under Section 7, Section 9, or Section 10 of IBC, 2016 needs to be served to the Insolvency & Bankruptcy Board of India.
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.
An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.
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.
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Since a specific limitation period for filing such an appeal is clearly mentioned, Section 17 of the Limitation Act could not be applied here.
The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.
A person to whom a debt has been properly assigned or transferred is also included in the definition of “Financial Creditor” under Section 5(7) of the IBC.
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
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.
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