Claims, not part of Resolution Plan, gets exhausted
No further legal action shall be permissible by creditor, whose claim has been rendered unsatisfied as per the resolution plan.
Search Results for: recovery of the dues
IBC Overrides the Limitation Act
In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.
6 Steps of Corporate Insolvency Process
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.
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.
A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC
Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.
Rights of the borrower in case of harassments by the banks
If the debt recovery is based on erroneous information that led to the loss of your score, then you can file a defamation suit against the bank and recovery agency.
SARFAESI Act: A Brief Introduction
SARFAESI Act allows banks and financial institutions to recover their dues exceeding One Lakh Rupees by proceeding against secured assets of the borrower/guarantor without the intervention of the court/tribunals.
Status of claims that do not form part of the Resolution Plan
Claims that do not form part of the resolution plan will be extinguished on the date of the adjudicating authority’s acceptance of the resolution plan. This ruling has reaffirmed the IBC’s goal, which is for the Corporate Debtor to start over with a clean slate based on the resolution plan.
What constitutes a “Dispute” under the IBC as per the Supreme Court?
The Supreme Court clarified the code’s object while keeping legislative intent in mind. The court, through this judgement, has struck a balance between creditors’ rights and debtor companies’ remedies.
IBC vs SARFAESI Act
The IBC is favoured over the SARFAESI Act, primarily because it offers a quick solution and is also effective in reviving the company and safeguarding the interests of all stakeholders.
UPRERA imposes fine on 14 Promoters over non-compliance of its order
UPRERA has imposed a cumulative penalty of over Rs 1.93 crore to 14 promoters over non-compliance of its orders under Section 63 of the RERA Act.
Lack of Execution under RERA- Another roadblock for Homebuyers
The time period of paying the money lapsed, few more months also went by chasing the builder to pay the money as per RERA order but all this begged no results and Homebuyers are forced to knock on the doors of RERA Authority again.
Reliance Communications Resolution Plan filed before the NCLT
RCom burdened with over Rs 46,000 crore of debt after the failure of its asset monetisation plans with Reliance Jio in March 2019 is undergoing insolvency proceedings with its assets up for sale.
All About- Moratorium and its relevance under IBC
The term Moratorium is nowhere defined in the Code, however, the term in basic parlance means, ”a stopping of activity for an agreed amount of time”.
Claims towards the lease of immovable property do not fall within the definition of Operational Debt under IBC
NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
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