Insolvency Petition against Emaar MGF Land Ltd.

The Hon’ble National Company Law Tribunal (NCLT) has admitted the Insolvency Petition against the EMAAR MGF Land Ltd. filed by one of the homebuyers i.e. Mr. Neeraj Gupta.

Move to increase efficiency of IBC: Renewal of NCLT Benches

Steps like the appointment of new judges and revamping the whole infrastructure of few NCLT benches shall prove to improve the current status of IBC cases being filed in the nation.

Withdrawal of admitted Insolvency process/petition Essar Steel Case

An insolvency petition admitted u/s 7, 9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.

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.

NCLT may override the order under PMLA

Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.

Recovery of Money through Insolvency Laws

If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.

IBC- Rescue to the Employees

It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.

More NCLT benches to be set up with the increase in no. of insolvency cases

According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.

Jurisdiction and Powers of NCLT

National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.

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.

Execution of RERA Orders

The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.

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.