Search Results for: financial creditor against a corporate person

Delay under IBC not Acceptable

If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.

IBC- Greatest rescue for the homebuyers

If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.

Status of Homebuyers under IBC and its Mechanism

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

Key Highlights on Insolvency and Bankruptcy Code, 2016

A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.

Liquidation under Insolvency and Bankruptcy Code

Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.

Liabilities of the directors or Promoters or partners during or before the Insolvency Resolution Process

The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.

Insolvency proceedings by Allottee/Homebuyer

The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.

When can Insolvency proceedings commence?

When the corporate debtor starts making default in the payment of the amount to its creditors and it goes on for some time, subsequently that corporate debtor/company is deemed as insolvent.

RERA or IBC-Under which law Homebuyers are well protected?

RERA or IBC- Both the laws provides with the subjective approach depending upon the facts of the case and the situation of the developer.

Should Home Buyer under RERA be given preference under Insolvency And Bankruptcy Code, 2016

IBC and RERA Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers are concerned.

Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case

Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.