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.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
Any person aggrieved by the decision of NCLT, or is not satisfied with the decision or if there is any mistake or error on part of NCLT then such a person can appeal NCLAT u/s 61 of IBC for its corrections and proper disposal of judgement/order.
The IBC’s applicability to NBFCs is a welcome legislative effort, and the new rules have extended the RBI’s role in performing an NBFC’s CIRP.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
Homebuyers who had taken a loan from the banks to pay for their flats in the Project, were being harassed by the banks who were forcing the homebuyers to pay their EMIs.
In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
The new framework allows Creditors to continue recovery process with Personal Guarantor after completion of the Corporate Insolvency Resolution Process.
A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.
This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.
The Insolvency And Bankruptcy Code (Second Amendment) Act, 2018, the NCLT has been granted powers under Regulation 30A read with section 12A
join For Updates