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.
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Relief for the Homebuyers under Insolvency and Bankruptcy Code, 2016
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
Resolution Professional (Appointment, Tenure) and his Duties
The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.
Key Highlights on Insolvency and Bankruptcy Code, 2016
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
Liquidation under Insolvency and Bankruptcy Code
Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.
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.
NCLT: Voting Threshold in IBC is directive in nature
The NCLT ordered appointment of IRP even though only 50% voting was in favor of the appointment however the requirement is 66% as per the IBC laws.
Should Home Buyer under RERA be given preference under Insolvency And Bankruptcy Code, 2016
IBC and RERA Act, enacted in 2016, appear to be pitted against each other as far as protecting the interests of bankers and home buyers are concerned.
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.
RERA and the IBC to the rescue of homebuyers
The IBC (Amendment) Bill 2017 was passed by the Lok Sabha to form the base for covering loopholes in prevailing code and to increase the effectiveness of the resolution.
New IBC Ordinance effect on RERA
The purpose and the objective for Enacting IBC is different as Compared to RERA Act, which explicitly focuses in resolving land sector disputes.
Defaulting promoters cannot make backdoor entry in cases filed before Ordinance 2017 was passed
The government has made it clear that it doesn’t want any defaulting promoters back until they clear their dues.
IBC timelines will help in faster realizations
The recent amendments in the bankruptcy resolution framework will help reduce timelines, enhance transparency and improve realisations.
Powers and Duties of Resolution Professional during Insolvency Process
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
One homebuyer alone can proceed against the builder to Bankruptcy Court
President Ram Nath Kovind has given his nod to promulgate an ordinance amending the insolvency law, recognising homebuyers as financial creditors to real estate developers.
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