Amount paid towards lease of immovable property not an Operational Debt- NCLAT
Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.
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Financial Creditors can Initiate Insolvency against Personal Guarantors under IBC
The new framework allows Creditors to continue recovery process with Personal Guarantor after completion of the Corporate Insolvency Resolution Process.
Execution- Yet another hurdle for Homebuyers
In UP RERA, a separate department has now been made to look into the matters where the execution of the order has not been done.
Whatsapp admissible as valid demand notice or pre-existing dispute under 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.
RC issued by RERA leads to arrest of builders
An RC was issued for recovering 3.04 crores, based on the same a 15 days’ notice was issued to clear the dues post which due to non-compliance builders were arrested.
IBC- Greatest rescue for the homebuyers
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
Key Highlights on Insolvency and Bankruptcy Code, 2016
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
RERA and the IBC to the rescue of homebuyers
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.
All about RBI diktat in invoking Insolvency Resolution
Reserve Bank of India Governor Urjit Patel put his signature to a historic order for recovering over Rs 3 lakh crore from the top 12 defaulters, just 10% is in banks
Nirav Modi and ICICI cases to get special attention from Ministry of Corporate Affairs
Nirav Modi scam and the ICICI Bank controversy were amongst the top notch cases that the NCLT is dealing with and Government is taking keen interest in resolving these issues.
Operational Creditors still unable to gain from Insolvency 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.
65 Bad Loan Accounts have been referred to NCLT for resolution by Allahabad Bank
Insolvency Code has motivated a lot of lenders to suo moto move the court against their borrowers and recover their bad debts without showing any further leniency.
Powers and Duties of Resolution Professional during Insolvency Process
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
Insolvency proceedings against S Kumars Nationwide
S Kumars like other top notch business entities is facing insolvency proceedings. This Code has brought a revolution in the country.
Insolvency & Bankruptcy Code, 2016- Background
The old and archaic provisions to deal with sickness arising out of financial difficulties have been replaced by Insolvency and Bankruptcy Code, 2016.
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