Need for a new legal framework
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
Pre-pack mechanism, differs from the existing corporate insolvency resolution process (CIRP) and what challenges this new mechanism is likely to bring.
The withdrawal of an application for CIRP by the applicant would not prevent any other financial creditor from taking recourse to a proceeding under IBC.
The court fined the suspended director of the corporate debtor (the applicant) Rs. 1 lakh for starting several legal actions to obtain the same remedy and wasting valuable judicial time.
Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
There is no such provision to implead creditors other than the ones which triggered the Corporate Insolvency Resolution Process.
Section 10A proceedings are not applicable against the Personal Guarantor under section 95 of the Insolvency and Bankruptcy Code, 2016.
The minimum threshold limit mentioned under section 4 of Insolvency and Bankruptcy Code, 2016 can include both principal and interest amount. The invoices/bills raised by the Operational Creditor clearly mentioned that the interest will be charged @18% after the due date of the bill.
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.
Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.
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.
Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.
The enforcement proceedings for the foreign award (under S. 47-48) are the last and final stage where the debtor can resist the award from becoming binding/ enforceable for grounds listed under Section 48 of the Arbitration Act.
The Adjudicating Authority cannot allow or approve the application regarding modifications or withdrawals of CoC-approved Resolution Plans once the plan has been submitted before NCLT.