Search Results for: provisions of the IBC

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.

Applicability of the limitation act on Insolvency and Bankruptcy Code

The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.

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.

Persons upon whom the Insolvency code is applied

The code is not applicable to corporates in finance sector. Thus no petition shall be entertained by NCLT filed against Banks, Financial Institutions, Insurance Company, Asset Reconstruction Company, Asset Reconstruction Company, Mutual Funds, Collective Investment Schemes or Pension Funds.

Operational Creditors still unable to gain from Insolvency Resolution

According to the terms of loan resolution in the Insolvency and Bankruptcy Code, the first preference on recovery is to secured financial creditors, followed by unsecured financial creditors, and then operational creditors.

Homebuyers get a relief under the Insolvency and Bankruptcy Code, 2016

Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.

India winning NPA War steadily- Bhushan Steel puts Rs.36,400 crore in Bank, a way to recovery

NPA War: The major buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform.

Is it mandatory to serve demand notice on corporate debtor?

Demand notice means a notice served by an operational creditor to the corporate debtor demanding repayment of the operational debt in respect of which the default has occurred.

Financial Creditor & Operational Creditor within the scope of Insolvency & Bankruptcy Code (Amendment) Bill, 2017

The IBC has introduced new and distinct concepts of ‘Financial Creditor’ and ‘Operational Creditor’ as opposed to the Companies Act, 2013 which merely introduced the term ‘creditor’, without any classification thereof.

Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy Code

To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.