Moratorium Period under section 14 of the code shall not apply upon such proceedings under the prevention of money laundering act.
The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
NCLT under Insolvency and Bankruptcy code, 2016, has seen many twists and turns which has led to various amendments in the law.
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.
The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.
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.
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.
The ministry of corporate affairs is readying what many believe to be IBC 2.0. The ordinance recommended by the Union Cabinet on Wednesday was part of the plan.
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 Ministry of Corporate Affairs has vide its notification no S.O.3453 (E) notified section 199 to section 207 [both inclusive], sub-section (1) of section 208-clause (c) and (e), sub-section (2) of section 208, section 217 to section 220 [both inclusive], section 251, section 253, section 254, and section 255 of the Insolvency and Bankruptcy Code, 2016 with effect from November 15, 2016. Please refer the attached … Continue reading “MCA notified sections of Insolvency and Bankruptcy Code, 2016 w.e.f November 15, 2016”
Any person aggrieved by the order of the Hon’ble Adjudicating Authority i.e. National Company Law Tribunal (“NCLT”) under Section 61(1) of the Insolvency & Bankruptcy Code, 2016 (“IBC, 2016”) may prefer an appeal before the Hon’ble National Company Law Appellate Tribunal (NCLAT).
The designation and subsequent empowerment of an Insolvency Professional (IP) within the framework of a Corporate Debtor entail an array of responsibilities primarily focused on the effective management of the corporate entity.
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