A perfect decision by the SC where the parties perform activities to avoid any commercial transactions which are collusive in nature or where financial creditor escape the bar under Section 21(2) first proviso of the IBC.
Supreme Court rules that remedies under RERA and Consumer can be pursued by a buyer and one does not bar another. The same has been done in the matter of “M/S Imperial Structures Ltd vs Anil Patni and another”.
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.
In the matter of Mr. Anil Mnagaldas Vade & ors. vs. Siddhitech Developers, the delay in filing an appeal u/s 44 of RERA Act, MREAT allowed delay of 14 months & 22 days to homebuyers.
A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
NCALT in the appeal filed in the matter of Kamineni’s reversed the order passed by NCLT and remanded the matter back to go through the liquidation process.
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.
The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.
In this article we will discuss about the insolvency process by an Operational Creditor and extensively cover the entire topic in the most precise manner.
In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.
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