Critical Analysis of Digital Personal Data Protection Bill, 2022
The Proposed Law’s current draft represents a substantial improvement over its earlier versions and is more open-ended, leaving more to be prescribed by the Central Government.
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Insolvency and bankruptcy code, 2016- A game changer
For India’s distressed debt, the Insolvency and Bankruptcy Code 2016 (IBC) was a game-changing change. It developed a tool to revitalize struggling distressed debtors, heralding a shift from previous resolution and recovery methods.
A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC
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.
Assignment and valuation of not readily realisable assets
Insolvency and Bankruptcy Board of India (IBBI) mentioned the assignment of not readily realisable assets (NRRA) in the discussion paper on Corporate Liquidation Process dated 26 August 2020.
Rights of the borrower in case of harassments by the banks
If the debt recovery is based on erroneous information that led to the loss of your score, then you can file a defamation suit against the bank and recovery agency.
SARFAESI Act: A Brief Introduction
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.
Arbitration Overview: Meaning and Importance
Arbitration is a form of dispute resolution which make both the parties mutually agree on the procedure of arbitration. Arbitration the most efficient form of remedy for settlement of dispute as it saves a lot of time and resources.
The Credit Information Companies and ‘Credit Score’
A credit history is considered as a record of a borrower’s repayment of debts. Being a record of the borrower’s credit history from numerous sources, including banks, credit card companies, collection agencies, and governments.
Arbitration: Rising alternative dispute resolution mechanism
The resolution of a dispute via an arbitration mechanism saves time and cost. The proceedings are conducted as agreed by the parties or accordingly. However, if the parties are not satisfied with the award, then it can be challenged also.
Status of claims that do not form part of the Resolution Plan
Claims that do not form part of the resolution plan will be extinguished on the date of the adjudicating authority’s acceptance of the resolution plan. This ruling has reaffirmed the IBC’s goal, which is for the Corporate Debtor to start over with a clean slate based on the resolution plan.
What constitutes a “Dispute” under the IBC as per the Supreme Court?
The Supreme Court clarified the code’s object while keeping legislative intent in mind. The court, through this judgement, has struck a balance between creditors’ rights and debtor companies’ remedies.
Cheque Bounce cases under NI Act, are covered under moratorium u/s 14 of IBC
Calcutta High Courts held that moratorium under Section 14 of IBC also includes criminal proceedings for cheque bounce cases under Section 138 of the Negotiable Instruments Act, thus parallel proceedings against a corporate debtor cannot be allowed.
Allotees are Financial Creditors : Supreme Court
Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
Gujarat High Court on banks’ statutory right to initiate Proceedings against Loan Defaulters
Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.
THE INSOLVENCY AND BANKRUPTCY CODE, 2016: AN OVERVIEW
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
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