SC Imposes penalty of Rs.5 lakhs and directed the same to be deposited within 4 days to the SC registry. The amount will be transferred to Supreme Court Bar Association (SCBA) to be used for the welfare of families affected by Covid.
Category: Legal Advisory
The Corporate Guarantor can initiate CIRP against the Corporate Debtor under “Right to subvention”
Proceeding against the Corporate Debtor for the recovery of the dues and hence can file a petition against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority.
Supreme Court’s Road Map to interpret The IBC Code for better Resolution
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
Debts incurred during CIRP are also a part of IRP costs, says NCLAT
the Resolution Plan in question is in violation of section 30(2) (a) of the IBC. The NCLAT subsequently modified the Resolution Plan to include this claim in accordance with the law.
Is Adjudicating Authority under obligation to accept an application against a Corporate Debtor u/s 7?
The Adjudicating Authorities have been given discretionary powers under section 7(5)(a) of I&B Code, 2016. The Authorities are required to apply their mind and take into consideration all facts and circumstances.
IBC Pecuniary Threshold: – Interest Component to Be Merged with Principal Debt?
The interest component can include in the principal debt to acquire a minimum threshold limit i.e., 1 crore if delayed payment stipulated in the agreement or invoice.
Is the Principle of Natural Justice applicable to the Insolvency and Bankruptcy Code, 2016?
The actions of the CoC by not accepting the Applicant’s Resolution Plan were void in nature and held that the Applicant must be given a fresh opportunity to participate in the process of submission of the Resolution Plan.
Hon’ble NCLAT declares claim of the license fee will be covered under the ambit of IBC
Claim of the rental lease will be treated as operational debt under Section 5(21) of the code as per the decision given by the Hon’ble NCLAT.
Land Allotment Cancellation over Non-Payment of Dues, Red Alert for the Developers
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.
Consumer court have the power to direct refund and compensation in case of delayed delivery of the apartment
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 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws
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.
Whether the Wages/Salaries during the CIRP Period are to be qualified as CIRP Costs or not
Wages and salaries are considered and included in CIRP costs as per under Section 53(1)(a) of the IB Code.
Whether CIRP against Corporate Guarantor be initiated in respect of loan account of the principal borrower
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.
Trademark Registration and Protection against its Infringement
The trademark is Intellectual property and every property must be registered in the name of its owner, and here the brand name is Intellectual property of the owner which comes from the intellect of the owner.
Limitation is continuous in cases of Homebuyers
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.
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