Search Results for: legal proceedings

NCLT may override the order under PMLA

Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.

Recovery of Money through Insolvency Laws

If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.

Insolvency petition to NCLT by a Homebuyer

An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.

Effect of Moratorium on Personal Properties of the Promoter given as Security

Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.

Complaints should be taken up by RERA not by NCLT or Consumer Forums

The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.

Can financial creditor approach NCLT while the petition is pending in NCDRC?

The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.

Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016

The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.

HRERA: Buyers of abandoned project have superior right to satisfy claims

Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.

Resolution Professional (Appointment, Tenure) and his Duties

The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.

Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016

The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.