How to Choose Best Legal Firm for Joint Insolvency Petition By Homebuyers
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
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How to choose your Interim Resolution Professional (IRP) for Insolvency Process
an Insolvency Professional having all the aforementioned requirements may be chosen as An IRP for the corporate debtor. However it may have an advantage over other IRP if the person had already dealt in that specific industry being an RP/IRP.
REVERSE INSOLVENCY – GOOD FOR ALL (HOMEBUYERS & BUILDER)
Reverse Insolvency Under IBC laws, seems best solution for struck real estate projects and Reverse Insolvency concept is kind good for both homebuyer and builder
Implications of cheque bounce under Insolvency Laws (IBC)
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
Covid-19 Impact on the Insolvency Bankruptcy Code
In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.
Relief for MSMEs in Response to COVID-19, No Fresh Insolvency Proceedings for 1 Year
The Ministry of Corporate Affairs had earlier limited initiation of fresh insolvency proceedings for a period of 6 months which now stands extended to 1 year.
Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
Economic Survey: Insolvency and Bankruptcy Code dramatically reduced time for resolution of Stressed Assets
Laws relating to IBC that caused inadequate and ineffective results with undue delays has proven its success by a dramatic reduction for resolution of stressed assets at an average of 340 days as compared 4.3 years in the era before the IBC as per the most Economic Survey.
Period of Lockdown to be Excluded from Insolvency Process- NCLAT
The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.
No bar to Initiate Insolvency Proceedings pendency the action under SARFAESI Act or RDBFI Act
The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.
New IBC Amendments in work likely to benefit creditors in cases of Cross Border Insolvency
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
Insolvency plea cannot reject if the dispute is raised on telephonic communication: Allahabad NCLT
A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records.
Insolvency does not bar Criminal Action- Madras HC
There is a reaffirmation that the moratorium granted by the Court does not cover pending criminal litigation.
Sole proprietary Firm Cannot Initiate Insolvency
Initiation of the Corporate Insolvency Resolution Process can be done in the name of the Individual who is the owner of a Sole Proprietorship.
Revival of Construction Project from Insolvency
This article aims to caution and summarize the Corporate Insolvency Resolution Process with respect to buyers seeking revival and completion of Project.
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