As per section 8 of IBC an operational creditor, if does not receive amount from corporate debtor, has to deliver a demand notice of unpaid amount along with the copy of invoice demanding payment of the amount involved.
In the absence of specific evidence relating to invoices actually forwarded by the appellant and there being a doubt, the insolvency petition cannot be entertained under section 9 of IBC.
The Hon’ble NCLAT held the validity of the demand notice sent through whatsapp messenger app wherein the blue tick on the text implies the acceptance of the communication.
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor
Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.
operational creditors are those creditors where liabilities arise from transactions on operations.
The IBC (Amendment) Bill 2017 was passed by the Lok Sabha to form the base for covering loopholes in prevailing code and to increase the effectiveness of the resolution.
According to the terms of loan resolution in the Insolvency and Bankruptcy Code, the first preference on recovery is to secured financial creditors, followed by unsecured financial creditors, and then operational creditors.
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
This article discusses about the main components of this Code which forms the base of this very legislation.
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