Recognition of Home Buyers as Financial Creditors under IBC
Home buyers are vital stakeholders in building projects. Many home buyers book their property in advance which helps builders raise funds for construction and development of the project.
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Retention of directors by resolution applicant does make resolution ineligible
If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.
Delay under IBC not Acceptable
If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.
Balancing IBC and RERA- For protection of homebuyers’ interests
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
Promoters and Shareholders Promoters are not Creditors under IBC
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
Liabilities of the directors or Promoters or partners during or before the Insolvency Resolution Process
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.
When can Insolvency proceedings commence?
When the corporate debtor starts making default in the payment of the amount to its creditors and it goes on for some time, subsequently that corporate debtor/company is deemed as insolvent.
IBC hits the realty sector- will it alter changes in this sector too?
The IBC ordinance is the latest entry into the ring. What does it hold for homebuyers like you and me? A lot.
Homebuyers get a relief under the Insolvency and Bankruptcy Code, 2016
Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.
Mobilox v Kirusa- Supreme Court interprets ‘existence of dispute’ as per IBC
The Supreme Court of India in Mobilox Innovations Private Limited v Kirusa Software Private Limited has finally settled the widely debated question of what constitutes “existence of a dispute”.
Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy Code
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
Government plans to have more NCLT benches
The government plans to have more benches of the National Company Law Tribunal on the basis of case load and rising number of insolvency cases coming up before the NCLT.
Robust Insolvency Bankruptcy Laws to deal with bad Loans
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.
Survival Beyond RP Tenure: NCLT Authority in Avoidance Proceedings
The Insolvency and Bankruptcy legislation is a comprehensive legislation that contains all of the required provisions for providing a haven for business debtors in difficulty.
OVERRIDING EFFECT OF INSOLVENCY AND BANKRUPTCY CODE, 2016
The Insolvency and Bankruptcy Code, of 2016 introduced a paradigm shift in India’s corporate legal landscape. One of its most significant features is the overriding effect it has on other laws.
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