A credit history is considered as a record of a borrower’s repayment of debts. Being a record of the borrower’s credit history from numerous sources, including banks, credit card companies, collection agencies, and governments.
The purpose of Banning of Unregulated Deposit Schemes Ordinance is to totally ban all forms of the Unregulated Deposits. This may be intended to protect investors from dubious outfits selling Ponzi and pyramid schemes.
For living a fantastic retired life you must do your financial planning. Don’t put off today what you can’t afford to do tomorrow.
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.
Subvention schemes, brings to light incidents of harassment, and analyses how fraud continues to exist in the market despite regulatory interventions such as the NHB decision to end subvention schemes.
Commercial Law Act, 2016, came into force on 23.10.2015. Wherein the Act had limited the specific value of the suit to not less than Rupees One crore and the commercial courts were established at all the District levels.
Cheque bounce is a criminal offence stipulated under Section 138 of the Negotiable Instruments Act, 1881. The aggrieved party can file a criminal as well as a civil case against the accused who must have had a legal obligation to repay the amount.
CIRP proceedings under section 7 can be initiated against corporate debtors who are co-borrowers but there can be no double recovery of the same amount from both.
Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.
Finance Minister has announced a scheme to support state governments and municipalities in replacing their old polluting vehicles.
Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
A recently evolved notion of co-relation of Principal amount and interest levied on it, for the purpose of Section 5(8) of the code and its implication in the application filed under Section 7.
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.
CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.
The criminal liabilities that may be invoked in a subvention scheme may vary depending upon the facts and circumstances of each case.
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