The time period of limitation can be extended by various modes, one of them is mere admission of debt. If the corporate debtor admits the debt on some later day then the time period of limitation shall be counted from that day.
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.
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.
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.
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.
Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute
The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
When the corporate debtor starts making default in the payment of the amount to its creditors and it goes on for some time, subsequently that corporate debtor/company is deemed as insolvent.
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.
RERA or IBC- Both the laws provides with the subjective approach depending upon the facts of the case and the situation of the developer.
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.
Liquidation of corporate person is considered to be the last resort in order to recover money. When all the plan of resolution have failed and no other way could be adopted then dissolution of company is done.
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