IBC against NBFC
The IBC’s applicability to NBFCs is a welcome legislative effort, and the new rules have extended the RBI’s role in performing an NBFC’s CIRP.
Search Results for: Insolvency Professional
Contradictions between The RERA and IBC
The IBC recognizes homebuyers under financial creditors to protect their rights even when a creditor, other than a homebuyer, invokes insolvency proceedings against the builder.
Bombay High Court prohibit banks to recovering EMI from Homebuyers
Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.
Why Filing of Claim is Necessary under IBC
Filing Claim under IBC- It becomes very important to understand why every creditor should file their claims?
Supreme Court takes matter into its own hands in Jaypee Infratech Case
The SC has already issued notice and sought a reply from Jaiprakash Associates for the same, due to be heard on 17th October, 2020. The apex court took matters into its own hands and ordered for transfer of cases.
How IBC can help Homebuyers to revive stuck projects
There has been no or little knowledge about the functioning of IBC but let us assure you that we have done many matters under IBC and have ended up getting justice for all our home-buyers clients. It is quick, efficient and result oriented.
Reliance Communications Resolution Plan filed before the NCLT
RCom burdened with over Rs 46,000 crore of debt after the failure of its asset monetisation plans with Reliance Jio in March 2019 is undergoing insolvency proceedings with its assets up for sale.
Reverse CIRP under IBC- A boon or Curse for the Homebuyers?
Earlier the allottees had an option of claiming refund of the entire amount. But under the reverse CIRP, the allottees will not be able to claim the refund.
Decisions taken by the committee of Creditors are Business plans which are Non-Justiciable: NCLAT
As per the settled law there is no law or provision which states that either the Adjudicating or the Appellate Authority has the powers to question the resolution plan approved by the COC until and unless the same is barred by some irregularity.
Withdrawal of money by directors during the CIRP, to attract criminal offence: NCLAT
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?
The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
When Resolution Plan can be challenged by the aggrieved Person
The resolution plan can be challenged by an aggrieved person as per the grounds mentioned in Sub-Section (3) of Section 61 of the Code.
No issues can be raised before any court or tribunal after resolution plan attained finality
Once the resolution plan is approved and is implemented under IBC, no issue can be raised at a later stage when resolution Process Costs and fees of the Resolution Professional.
Further litigation/alternative remedy cannot be pursued by creditors whose claim is taken into consideration within resolution plan
The Appellants cannot be permitted to pursue alternative remedy of suit/arbitration proceeding even if pending as Resolution Plan is binding on all the stakeholders.
High Court to intervene against orders of the NCLT
A judgement has been held by Hon’ble Supreme Court that the powers of the NCLT under the IBC do not extend to adjudicating disputes relating to quasi- judicial or statutory authorities.
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