The Hon’ble Karnataka High Court on Oct 25, 2019, stayed the insolvency proceedings on the grounds that the Tribunal lacked jurisdiction to adjudicate a claim for damages.
Category: Insolvency & Bankruptcy Code 2016
Homebuyers can now move RERA against Raheja Developers
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
Amount paid towards lease of immovable property not an Operational Debt- NCLAT
Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.
How an individual Home-Buyer can now proceed before NCLT?
Alternatives that an individual home buyer has in cases when the priority is refund and how they can proceed before NCLT or in other words exploit a long standing loophole.
How New IBC Ordinance Affecting Home Buyers – An Analysis
Central Govt. passed an ordinance by which they brought in a cap on number of homebuyers approaching the NCLT under Section-7 of the IBC code, 2016.
Sole proprietary Firm Cannot Initiate Insolvency
Initiation of the Corporate Insolvency Resolution Process can be done in the name of the Individual who is the owner of a Sole Proprietorship.
Revival of Construction Project from Insolvency
This article aims to caution and summarize the Corporate Insolvency Resolution Process with respect to buyers seeking revival and completion of Project.
Financial Creditors can Initiate Insolvency against Personal Guarantors under IBC
The new framework allows Creditors to continue recovery process with Personal Guarantor after completion of the Corporate Insolvency Resolution Process.
Role of Information Utility and NeSL in safeguarding Insolvency Process under the IBC
The NeSL was the first Information Utility service registered under the BBI Regulations, 2017 it is one of the three pillars of the IBC system.
High Court to intervene against orders of the NCLT
A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.
Creditors Recover of INR 3.75 Lakh Crore in 1.6 years at IBC/NCLT Pre- Admission Stage
The recovery rate has increased almost three times i.e. from 26.5% in 2018 to 71.6% in 2019 and the time taken for recovery improved from 4.3 years to 1.6 years within a short span of one year.
Relief for Creditors: Time taken under SARFAESI to be Excluded for Limitation Act
Order deliverd by NCLAT is a relief for creditors to invoke the jurisdiction of IBC and seek appropriate redressal for their long-awaited grievances against the debtor.
DHFL’s Insolvency: How it will affect the Creditors and Debtors in the Market
The institution of Insolvency proceedings against DHFL will result in Courts to venture out over new dimensions of prospective rights and liabilities of the financial service providers.
Properties of Promoters attached by HRERA to Ensure Completion of Stalled Projects
The HRERA once more in a distinctive and groundbreaking feat attached the properties of the Developer to secure funds to ensure the completion of the Greenopolis Project.
Govt May Change IBC Laws for Buyer Protection, Stricter Norms for Homebuyers
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
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