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.
The IBC (Amendment) Bill 2017 was passed by the Lok Sabha to form the base for covering loopholes in prevailing code and to increase the effectiveness of the resolution.
Liquidation of corporate person is considered to be the last resort in order to recover money. When all the plan of resolution have failed and no other way could be adopted then dissolution of company is done.
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
This article discusses about the main components of this Code which forms the base of this very legislation.
The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
Reliance Communications and its subsidiaries filed pleas in the appellate tribunal to set aside the NCLT’s decision to start insolvency proceedings.
The duties of liquidator have been elaborately mentioned in this article to make aware about his position as an Officer.
Their powers are extensive and under their purview the liquidation process of a corporate person is carried out.
Amongst the 11 high profile case under the purview of Insolvency Code, Essar Steel has attracted a lot of attention.
The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers
In this article we will elaborately discuss about an Interim resolution professional, his duties, eligibility and other aspects.
The government must amend the IBC to recognize the legitimate claim of home buyers. After all, they use their lifetime savings to invest in a house.
Both the IBC and RERA have the provisions where the probability for the conflict in their operations are very high.
The Supreme Court of India in Mobilox Innovations Private Limited v Kirusa Software Private Limited has finally settled the widely debated question of what constitutes “existence of a dispute”.
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