Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016
The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.
Search Results for: application under IBC
NCLT’s discretion while admitting Section 7 Applications– A Vidarbha Judgement Outlook
An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.
Section 33(5) of IBC doesn’t bar legal proceedings against a ship owned by Corporate Debtor in liquidation: Bombay HC
It is evident upon reading Section 33(5) that this clause merely forbids the filing of a lawsuit or other legal action against the Corporate Debtor. It in no way precludes the filing of a lawsuit or starting another legal action against a ship or vessel owned by the corporate debtor.
Cross-Border Mergers and IBC
The adoption of the Model Law will help in the ease of doing business and significantly increase the inflow of FDI into India by way of cross-border mergers and acquisitions.
IBC Overrides the Limitation Act
In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.
SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Appeals and Limitations under Section 17 of the Limitations Act
Since a specific limitation period for filing such an appeal is clearly mentioned, Section 17 of the Limitation Act could not be applied here.
Putting Resolution Professionals under the spotlight: The latest IBC Amendments
The resolution professional (RP), appointed under the Code, is at the heart of these endeavors and has the mandate to complete this process in a time-bound manner.
No bar to withdraw admitted CIRP application before constitution of the committee of creditors: Supreme Court
The withdrawal of an application for CIRP by the applicant would not prevent any other financial creditor from taking recourse to a proceeding under IBC.
Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi
The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.
Rights of Homebuyers under the Insolvency and Bankruptcy Code
Homebuyers could only engage in the IBC procedure as a class of financial creditor. Individual homebuyer rights were absorbed by homebuyer rights as a class.
IBC Does Not Prohibit an Assignee from Continuing Pending Section 7 Proceedings: Judgement by NCLAT Delhi
A person to whom a debt has been properly assigned or transferred is also included in the definition of “Financial Creditor” under Section 5(7) of the IBC.
Eligibility of Resolution Applicant: Section 29A of IBC Code, 2016
Section 29A of the Insolvency and Bankruptcy Code has emerged as one of the key aspects in determining the Eligibility of the Potential Resolution Applicants in a tedious attempt to save the company in question under the Corporate Insolvency Resolution Process (CIRP).
Supreme Court holds that section 7(5) Of IBC is discretionary
VIPL sought for a stay on the proceedings before the NCLT on the pretext of pendency of proceeding before the Supreme Court and resultantly, VIPL was unable to realize a substantial sum of Rs. 1730 crores which would enable the Appellant to clear the debt towards Axis Bank.
Supreme Court’s Road Map to interpret The IBC Code for better Resolution
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
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