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.
In a significant ruling, the National Company Law Tribunal (NCLT) Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri D. Arvind (Technical Member), has upheld the admission of Corporate Insolvency Resolution Process (CIRP) proceedings against Shree Mahalaxmi Corporation Pvt. Ltd. (the Corporate Debtor) under the Insolvency and Bankruptcy Code, 2016 (IBC), despite a Provisional Attachment … Continue reading “NCLT Kolkata Allows CIRP Proceedings Despite PMLA Provisional Attachment Order”
As a landlord, if you find yourself in a situation where you need your tenant to vacate the premises, sending a legal notice can be the appropriate first step.
Cheque bounce is a criminal offence stipulated under Section 138 of the Negotiable Instruments Act, 1881. The aggrieved party can file a criminal as well as a civil case against the accused who must have had a legal obligation to repay the amount.
Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
The institution or continuation of a proceeding of dishonour of cheque against company under the provisions of Negotiable Instruments Act, 1888 fall within the ambit of moratorium provision of the IBC.
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.
Since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. “The right to sue”, therefore, accrues when a default occurs.
Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.
NCLT clarified many controversial legal issues surrounding telecom spectrum, including whether it could be subjected to IBC proceedings whether the bankrupt telcos could sell spectrum rights allotted to them as part of the IBC resolution process.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
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