In Banking Industry, the Borrower is not in a position to negotiate the Terms of the Loan Agreement, especially in cases of Home Loans, hence there is inequality of Bargaining power among Home Buyers.
Directing the Appellate Tribunal to reconsider the matter, the apex court said that the NCLAT must have notified the bank (Financial Creditor) before closing the CIRP initiated by the NCLT.
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
The interest component can include in the principal debt to acquire a minimum threshold limit i.e., 1 crore if delayed payment stipulated in the agreement or invoice.
The actions of the CoC by not accepting the Applicant’s Resolution Plan were void in nature and held that the Applicant must be given a fresh opportunity to participate in the process of submission of the Resolution Plan.
Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.
Both operational creditors and financial creditors own certain advantages over each other. But Financial creditors are given some priorities over other creditors such as they are members of the creditor’s committee and have voting power etc and operational is not a member of the creditor’s committee.
The Hon’ble NCLAT, Principal Bench, New Delhi held that the IBC does not vest the power to NCLT to Suo-moto classify a transaction as Preferential Transaction under Section 44 r/w Section 45 of IBC.
At present, the Indian legislature has not yet determined any full regulatory requirements for SPACs. However, India’s market regulator, the Securities and Exchange Board of India (SEBI) has set up an expert committee that will look into the possibility of introducing SPACs regulations to India, which may increase the chances of domestic listing for start-ups.
Udyam Registration a government registration for MSMEs which provides them with a unique identity number and a recognition certificate to certify them as micro/ medium or small enterprises.
The allottees are left helpless when the developers stands either insolvent or incapable of delivering the possession even after passage of years beyond the date of delivery.
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.
The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.
Before signing on subvention agreement the buyers must read the agreement thoroughly to avoid any mishappening in future.
It is just a matter of time that the detailed information with thorough research about the specific loan market and details of methods used by the Banks to exploit the allottees and regarding abuse or malpractices of the Banks to be reported to the commission.
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