The fast track process which can be initiated by a creditor or the corporate debtor itself cuts down the time taken to complete an insolvency resolution to almost half as compared to the regular process under the IBC.
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
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.
This judgement is a step in the right direction because it recognizes the authority of a non-petitioning creditor to request for a transfer of the winding up proceedings. It assures that A creditor is not deprived of their right just because they didn’t participate in the initial winding up procedure against corporate debtor.
The Adjudicating Authorities have affirmed the IBC’s goals through a series of judgments and further proved its prevalence over the other laws of land.
Resolution applicants enter the CIRP and prepare “Resolution Plans,” which are effectively instruments for taking over a corporate debtor, paying its creditors’ debts, and completing its recovery and restructuring.
Fall in Non-Performing Assets and Stressed Assets of the Indian Banking Sector have finally resulted in a profit for the first time in 7 years.
The manner of recovery of interest, penalty and compensation and the same is to be carried out in the manner provided in Karnataka Land Revenue Act 1967 and the rules made there under.
To revive the ship the major equipment which is required will be RERA as it will soon accelerate its healing on the damage caused to the real estate sector.
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