Operational creditors under Insolvency and Bankruptcy Code, 2016 (IBC) are the ones who supply goods or services to the corporate debtor in exchange for operational debt. As per Section 5(20) of IBC, an “operational creditor” means a person to whom an operational debt is owed. Section 5(21) of IBC defines “operational debt” as

“a claim for the provision of goods or services, including employment, or a debt for the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government, or a local authority.”

The Insolvency and Bankruptcy Code (IBC) was introduced in 2016 which primarily aims at the resolution of corporate insolvency of corporate persons, partnership firms and individuals. The IBC framework is intended to facilitate the financially distressed corporate debtor and not as a mere recovery mechanism for creditors. Accordingly, proceedings before the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are resolution centred and not recovery centred.

One of the major financial commitments is buying your own home. Unfortunately, in todays’ time, many homebuyers are facing situations where the Builders are unable to complete their Projects on time due to any reason whatsoever, and ends up into insolvency, leaving the homebuyers anxious about losing their investments. If you are also amongst such homebuyers, who are distressed by such a situation and are searching for the right path to get a resolution, you are at the right place.

Before delving into the concept of oppression and mismanagement, it is necessary to begin with the judicial origin that shaped and laid down its foundational principles by emphasizing the significance of a company’s separate legal identity and the proper plaintiff rule. It provided a simple yet powerful principle of majority and minority shareholders’ right.

Buying a home is often the biggest investment a family makes. It comes with hopes of security, stability and appreciation in value. But for many buyers across the country, this dream has been tested by long delays, mounting demands, and changing terms by the builders, backed by the arbitrary and one-sided clauses, stealthy incorporated in the Agreement. A recent judgement judgment of the Supreme Court brings this issue into sharp focus and sends an important message on fairness in builder–buyer relationships.

RERA has been a game changer for homebuyers in India. Real Estate (Regulation and Development) Act, 2016 (RERA) has made home buying less intimidating by prioritizing home buyers. Before enactment of the RERA, the real estate sector was largely unregulated, unfettered, leaving homebuyers with little protection. The RERA was introduced to bring transparency, accountability, and timely possession to the homebuyers.

The future is virtual — but the legal consequences are real.
At Centrik, we explore the evolving techno-legal landscape and decode the challenges of law beyond physical boundaries.

The Arbitration and Conciliation Act, of 1996, plays a pivotal role in providing a legal framework for resolving disputes outside the traditional court system.

Data Protection Act passed in the Rajya Sabha dated 09.08.2023. The Act came into effect on 11th August 2023. The Act will be applicable to the handling of digital personal data processed in India, whether the data is obtained online or offline and then converted to digital form.

Affordable housing remains a pressing concern in India, where a significant portion of the population grapples with inadequate housing conditions and homelessness.

“Dignity of labor has to be our national duty, it has to be a part of our nature.”

Social media has become an integral part of our lives, connecting people worldwide and facilitating communication, networking, and information sharing. However, this interconnectedness also exposes social media users to various risks, including the susceptibility to data theft.

In the tapestry of India’s Constitution, Article 15 stands as a vibrant thread, woven with the purpose of eliminating discrimination and promoting equality among its citizens.

Lotteries have been enticing people with the promise of a life-changing jackpot for many years.  With the advancement of technology, online lotteries have become increasingly popular, allowing people to participate from the comfort of their homes.

In recent times, societal norms have evolved, and various forms of relationships have emerged beyond the traditional concept of marriage. One such arrangement is a live-in relationship, where two individuals choose to live together without getting married.