Search Results for: cirp

Whether the Wages/Salaries during the CIRP Period are to be qualified as CIRP Costs or not

Wages and salaries are considered and included in CIRP costs as per under Section 53(1)(a) of the IB Code.

Whether CIRP against Corporate Guarantor be initiated in respect of loan account of the principal borrower

Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.

Possibility of extending the CIRP beyond the stipulated time of 330 days

The time specified for the completion of the corporate insolvency resolution process is 330 days as has been laid by the legislature. The intention behind keeping process in a time bound manner is to guarantee relief to the already aggrieved creditors of the company.

Prosecution u/s 138 of NI Act cannot be quashed on grounds of acceptance of CIRP: Madras HC

If the corporate debtor’s resolution plan was authorised and declared binding on the corporate debtor and its workers, members, creditors, guarantors, and other stakeholders under Section 31 of the Code, criminal proceedings under Section 138 will continue.

Jurisdiction in Copyright dispute arising from CIRP can be decided only by NCLT: Delhi HC

A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.

AA should exercise discretion to protect CD from CIRP : NCLAT

If the Application filed under Section 7 meets all the requirements, then also the Adjudicating Authority has to exercise discretion carefully to prevent and protect the Corporate Debtor from being dragged into the Corporate Insolvency Resolution Process mala fide.

Conundrum on concept of subordinate charge in CIRP under IBC

Introduction of Insolvency and Bankruptcy Code, 2016 has decreased the idea of Subordinate Charge as Form H and Section 53 of Insolvency and Bankruptcy Code (“IBC”) recognizes only secured creditors.

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.

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

NCLAT: CIRP can be initiated against a Company whose name has been Struck off from the Registrar of Companies

The NCLAT has affirmed that a request for the initiation of the Corporate Insolvency Resolution Process(CIRP) under sections 7 and 9.

NCLAT Chennai Bench: Tribunal Dismisses Review Application Seeking Recall of Order

In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma, and Shri Jatindranath Swain, delivered a significant verdict regarding the jurisdiction of tribunals in recalling orders. The case in question, titled Adv. (CA) V. Venkata Sivakumar v Hari S. Hari Karthik & Ors., … Continue reading “NCLAT Chennai Bench: Tribunal Dismisses Review Application Seeking Recall of Order”

Treatment and Priority of EPFO dues under Insolvency and Bankruptcy Code, 2016 (“IBC”)

The provisions Insolvency and Bankruptcy Code, 2016 specifically provides for treatment for all sums due to any workman or employee from the provident fund, the pension fund and the gratuity fund. Further, in the present scenario there is much debate on the admissibility of the claim of EPFO under Sections 7Q and 14B for which … Continue reading “Treatment and Priority of EPFO dues under Insolvency and Bankruptcy Code, 2016 (“IBC”)”

Real Solution for Real Estate Insolvencies

The major challenges in the insolvency resolution of real estate companies arise from the peculiarities of this sector, especially since the divergent interests of the allottees of the real estate projects do not align with the scheme of the CIRP.

Deciphering the Enigma of Interim Moratorium under IBC

Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.