To provide a relief to MSME and to offer them some respite from this pandemic, the process of pre-packaged insolvency resolution was introduced. This PIRP was introduced by way of ordinance dated 04.04.2021 by the Ministry of Law and Justice.
Insolvency and Bankruptcy Board of India (IBBI) mentioned the assignment of not readily realisable assets (NRRA) in the discussion paper on Corporate Liquidation Process dated 26 August 2020.
If the debt recovery is based on erroneous information that led to the loss of your score, then you can file a defamation suit against the bank and recovery agency.
The Liquidator has a fiduciary responsibility with the Company and its creditors. The major goal of choosing a Liquidator is to resurrect a failing firm and operate professionally.
A common practice among the Builders/Developers to issue Possession Letter without obtaining the Occupation Certificate to pressurize the allottees to pay complete sale price without any chance of getting the possession or execution of sale deed.
When a business decides to wind up, it can choose between a voluntary winding up method and a compulsory winding up procedure. In the year 2020, the Ministry of Corporate Affairs will issue notices on the winding up of small businesses.
The enforcement proceedings for the foreign award (under S. 47-48) are the last and final stage where the debtor can resist the award from becoming binding/ enforceable for grounds listed under Section 48 of the Arbitration Act.
The Competent Authorities hold the power to revocate the registration of such promoters along with the publication of the name of such promoter in the defaulter’s list.
SARFAESI Act allows banks and financial institutions to recover their dues exceeding One Lakh Rupees by proceeding against secured assets of the borrower/guarantor without the intervention of the court/tribunals.
There are a number of distinguishing features that often persuade parties to choose arbitration as opposed to court litigation for the resolution of their dispute.
The Supreme Court overturn decision of the a 5-Judge Bench order of the NCLAT that balance sheet entries do not amount to the acknowledgment of a debt and thus do not extend limitation under Section 18.
Arbitration is a form of dispute resolution which make both the parties mutually agree on the procedure of arbitration. Arbitration the most efficient form of remedy for settlement of dispute as it saves a lot of time and resources.
Credit score is also named as CIBIL score that is representation of credit worthiness based on your history of credit repayment. Hence it is very crucial to keep your CIBIL score good so as to not to face any rejection of credit application.
In arbitration, whenever a civil dispute arises between two or more parties it is referred to the sole arbitrator or tribunal or three or more arbitrators, which always will be in odd numbers.
Harassment by the bank and agents are situation which makes an individual suffer through mental and sometimes physical damage too. Keeping such situation in mind a conduct is been laid for the agents to perform under.