The IBC has introduced new and distinct concepts of ‘Financial Creditor’ and ‘Operational Creditor’ as opposed to the Companies Act, 2013 which merely introduced the term ‘creditor’, without any classification thereof.
A detailed article about the previous Insolvency and Bankruptcy law and changes that have been improvised post amendment bill in 2017.
The corporate tribunal is expected to hear the matter on Thursday, weeks after the 11th meeting of the “Committee of Creditors” of Educomp Solutions BSE 2.93 % was held on March 13.
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
The regulator is planning to come out with a discussion paper on compliance with SEBI standards by listed companies undergoing insolvency resolution process.
Based on the experience in other countries restructuring of corporate debt and need for a similar mechanism in India, a Corporate Debt Restructuring System was evolved, and detailed guidelines were issued.
Jyoti Structures, one of the 12 entities from the first central bank list to be taken to bankruptcy courts, would head into liquidation, inflicting a loss of Rs.7,000 crore on the affected bankers, people in the know told ET.
Those dealers who have claimed transitional deemed credit of 60% & 40% in GST TRAN 1 form need to file TRAN 2 form by 31-3-2018. Non-filing will disallow your claim.
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.
The conversion of Limited Liability Partnership into Private Limited Company with share capital can be processed in this article.
The company which is undergoing loss because of bad debts can sell its debts to a third party buys back its debts on an agreed amount.
Most of you must have seen an arbitration clause in the terms & conditions of any contract that you sign. A detailed article on this subject and how it impacts debt recovery.
The fact is that all those who default don’t do it intentionally but your money is important so is recovery of bad debt, which is owed to your company by your debtor.
An appellate tribunal has stayed the order of the National Company Law Tribunal (NCLT) allowing the promoter of MBL Infrastructure to bid for his insolvent company. It also stayed the resolution plan for the company. The Kolkata bench of the NCLT had allowed the promoter of MBL Infrastructure, Anjanee Kumar Lakhotia, to place a resolution … Continue reading “Appellate tribunal stays NCLT order allowing promoter to bid for firm”
In a landmark judgement which may assist different promoters who are combating to defend their organizations, Mumbai-primarily based laminates maker Shirdi Industries has come to be the first case where a National Company Law Tribunal (NCLT) exceeded an order that allowed the corporation to be surpassed over to the same promoters for implementing the decision … Continue reading “NCLT gives Shirdi Industries to promoters, offers hope to others”
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