the Yamuna Expressway Industrial Development Authority had cancelled the allotment of ‘Panorama’ in Sector 22A over non-payment of dues of Rs 46.8 crore.

The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.

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.

Wages and salaries are considered and included in CIRP costs as per under Section 53(1)(a) of the IB Code.

Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.

If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.

The Appellate Tribunal recorded its dissatisfaction to the effect that the appellant has not complied with provisions of Section 43(5) of the Act, 2016 and has not deposited the balance amount.

Both operational creditors and financial creditors own certain advantages over each other. But Financial creditors are given some priorities over other creditors such as they are members of the creditor’s committee and have voting power etc and operational is not a member of the creditor’s committee.

NCLT held that the “interest” component alone cannot be claimed or pursued, in absence of the debt, to trigger a CIRP against the corporate Debtor. Further, the application pursued realization of the interest amount alone is against the intent of the IBC, 2016.

Recover the money against the supply made along with interest notified by the Reserve Bank of India (RBI) if any company make the payment after 45 day of acceptance of goods and service from any MSME’s vendor.

The Hon’ble NCLAT, Principal Bench, New Delhi held that the IBC does not vest the power to NCLT to Suo-moto classify a transaction as Preferential Transaction under Section 44 r/w Section 45 of IBC.

Delhi-based bench of NCLT passed an order by allowing a plea filed by the Residents Association for breach clauses of the agreement between the builder and the association, terming it as default. 

Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.

Covid-19 being a natural calamity and not having been caused due to actions of any party under a legal contract/agreement shall be treated as Force Majeure for a specific period of time or till the prevalence of lockdown, as and when the same shall be imposed by the Government.

The time specified for the completion of the corporate insolvency resolution process is 330 days as has been laid by the legislature. The intention behind keeping process in a time bound manner is to guarantee relief to the already aggrieved creditors of the company.