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.
Reserve Bank of India Governor Urjit Patel put his signature to a historic order for recovering over Rs 3 lakh crore from the top 12 defaulters, just 10% is in banks
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
The latest ordinance has brought about a lot of changes to the IBC giving relief to small stakeholders and homebuyers but this relief has caused delays in executing the process.
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
The IBC ordinance is the latest entry into the ring. What does it hold for homebuyers like you and me? A lot.
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”.
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.
An Insolvency and Bankruptcy Board of India (IBBI) will be established. This Board (IBBI) will oversee the work of Insolvency and Bankruptcy of corporate persons, firms and individuals.
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.
Liquidation of Corporate Persons can also be considered as an effective method of recovering bad dues. Lately Insolvency Code has taken a trend in the business sector.
In this article we have briefly discussed about how replacement of resolution professional as liquidator is carried out.
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.
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