Search Results for: moratorium under the IBC

Withdrawal of money by directors during the CIRP, to attract criminal offence: NCLAT

Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors

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. 

When Resolution Plan can be challenged by the aggrieved Person

The resolution plan can be challenged by an aggrieved person as per the grounds mentioned in Sub-Section (3) of Section 61 of the Code.

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.

Further litigation/alternative remedy cannot be pursued by creditors whose claim is taken into consideration within resolution plan

The Appellants cannot be permitted to pursue alternative remedy of suit/arbitration proceeding even if pending as Resolution Plan is binding on all the stakeholders.

Homebuyers can now move RERA against Raheja Developers

Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.

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.

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.

Check if you need to file a claim for company facing insolvency process

In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws. 

Homebuyers can file claim against HDIL

Corporate Insolvency Resolution Process initiated against Housing Development and Infrastructure Limited. Claims have been invited by the IRP from the creditors of the Company.

What happens once Insolvency application is admitted

What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.

Maintaining the balance of interests of all the creditors

It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.

Insolvency Application viz-a-viz Ongoing Arbitration Proceedings

An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute

Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016

The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.