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Insolvency and Resolution Process of Corporate Debtor

In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.

Corporate Insolvency Resolution Process (IRP)

The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.

How is public announcement made?

An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional and that the word ‘immediately’ means not later than three days from the date of his appointment.

NCLT can issue non-bailable warrants against persons under IBC: NCLAT

The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.

How to take maximum benefit from RERA as a Homebuyer and as a builder?

RERA was established to do away with project delays, malpractice, and irregularities in norms and increase transparency and accountability from builders and homebuyers both.

NEW CHALLENGES IN THE IBC WATERFALL MECHANISM

A key element that differentiates the IBC from previous legislation governing corporate insolvency is the distribution waterfall in the event of liquidation.

Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs

Case of “Sundaresh Bhatt, Liquidator of ABG shipyard vs. Central Board of Indirect Taxes and Customs, in which it was held that the IBC provisions will prevail over the provisions laid down in the “Customs Act, 1962” and also set aside the order of the NCLAT”.

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The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.

Proposed Amendment by the Ministry of Corporate Affairs

Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.

Insolvency Process Versus Liquidation

Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.

Tax authorities can’t issue notice to freeze accounts of the company during liquidation: NCLAT

The Corporate Debtor went into CIRP vide the Adjudicating Authority (AA) order dated 20.09.2019 and Mr. Hemant Mehta (Appellant) got appointed as Interim Resolution Professional (IRP).

How RERA and NCLT would be a solution for stuck projects

Different forums provide for different reliefs and one must be cautious enough before choosing an appropriate forum. Before choosing the appropriate forum, points to be analyzed are type of violation by the builder, what relief is prayed for, urgency, repetitive nature, financial condition of the builder, status of other projects, etc.

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.