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.
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.
If the builder is delaying in giving possession or not giving the property as per the agreements there are some effective legal remedies for the aggrieved homebuyers under the law.
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.
In the light of the provisions and section 238 of IBC, when there arises any inconsistency between the aforementioned two laws the provision of IBC will prevail over the provisions of SARFAESI Act, 2002.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.
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.
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.
In case of financial creditor being an applicant to the insolvency process, an application would be made to Adjudicating Authority and a copy of such application would be sent to the corporate debtor.
Public sector lender Indian Overseas Bank’s net loss widened to Rs 3,606.73 crore in the March quarter due to higher provisioning for mounting bad loans.
The National Company Law Tribunal has dismissed an insolvency application filed by Gemini Innovations, raising doubts over the “unnatural” facts listed by the company in its filing
In this article we have discussed about the procedures of filing a case before NCLT and the required documents.
India has jumped 30 spots to number 100 in the latest Ease of Doing Business report for 2018 released by the World Bank today.
A glance at how RERA impacts moneylenders, and how it can be alleviated.
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