Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.
The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.
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.
In this article we will discuss about the insolvency process by an Operational Creditor and extensively cover the entire topic in the most precise manner.
In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.
The Supreme Court rejected an appeal by Dalmia Bharat , one of the bidder who lost out to UltraTech Cement in the second round of bidding, to stay the resolution process of Binani Cement.
Initiation process of Insolvency Resolution by a financial creditor in the easiest possible manner along with the time line that is required to be followed.
This article discusses about the main components of this Code which forms the base of this very legislation.
Their powers are extensive and under their purview the liquidation process of a corporate person is carried out.
In this article we will discuss about the fast track method of filing an application under corporate insolvency resolution process.
In this article we have discussed about how an Operational creditor can file an application for initiation of Corporate Insolvency Process against it debtors.
The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.
interim finance can be raised by the resolution professional appointed by the National Company Law Tribunal (NCLT). The resolution professional is authorized to raise interim finance after obtaining approval from the Committee of Creditors (CoC).
NCLT specified the dress code for NCLT President, NCLT Members, Legal Practitioners, Authorized Representatives, Interim Resolution Professional, Liquidator, Resolution Professional, and parties present in person.
The Corporate Debtor went into CIRP vide the Adjudicating Authority (AA) order dated 20.09.2019 and Mr. Hemant Mehta (Appellant) got appointed as Interim Resolution Professional (IRP).
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