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.
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.
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.
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”
The Insolvency and Bankruptcy legislation is a comprehensive legislation that contains all of the required provisions for providing a haven for business debtors in difficulty.
Interim Finance is defined under Section 5 (15) of the IBC, 2016 which means
The integration of GSTN with the PMLA would make it easier for different authorities to work together, which is essential for preventing money laundering and maintaining the integrity of the GST system.
Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
Asset attachment by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) is critical in combating money laundering and criminal activities.
The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.
the criminal case brought under Section 138 read with Section 141 of the NI Act against the natural persons would not be over by application of the IBC’s provisions.
CIRP proceedings under section 7 can be initiated against corporate debtors who are co-borrowers but there can be no double recovery of the same amount from both.
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.
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.
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