IBC against NBFC
The IBC’s applicability to NBFCs is a welcome legislative effort, and the new rules have extended the RBI’s role in performing an NBFC’s CIRP.
Search Results for: Corporate Insolvency Resolution Process (CIRP)
Homebuyers Deplore Supreme Court Order on Jaypee Infratech
“Supreme Court is playing with the emotion of homebuyers” an unhappy homebuyer of Jaypee Wishtown said after the Superme Courts’s order on Jaypee Infratech.
NCLAT: CIRP can be initiated against a Company whose name has been Struck off from the Registrar of Companies
The NCLAT has affirmed that a request for the initiation of the Corporate Insolvency Resolution Process(CIRP) under sections 7 and 9.
Status of Homebuyers under IBC and its Mechanism
Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.
Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case
Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.
What is Moratorium and public announcement?
Once NCLT has issued moratorium under section 14 of Insolvency Code in respect of Company in liquidation, Bank cannot pursue proceedings for recovery of loan.
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