Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
Category: Insolvency & Bankruptcy Code 2016
How to Execute RERA Order through NCLT under IBC
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
Corporate Debtor cannot be blamed for delay in delivery of possession when delay occurs due to Force Majeure
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.
No bar to Initiate Insolvency Proceedings pendency the action under SARFAESI Act or RDBFI Act
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
Claim amount towards interest on loan alone cannot be termed as Operational Debt
A pre-existing dispute towards interest on the delayed payments before the issuance of the demand notice and that the alleged claim amount towards interest on loan alone, cannot be termed as an “Operational Debt”.
Employee Benefits Constitute Operational Debt
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.
New IBC Amendments in work likely to benefit creditors in cases of Cross Border Insolvency
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
Insolvency plea cannot reject if the dispute is raised on telephonic communication: Allahabad NCLT
A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records.
Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?
The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
Claims towards the lease of immovable property do not fall within the definition of Operational Debt under IBC
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.
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