Cross-Border Mergers and IBC
The adoption of the Model Law will help in the ease of doing business and significantly increase the inflow of FDI into India by way of cross-border mergers and acquisitions.
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Eligibility of Resolution Applicant: Section 29A of IBC Code, 2016
Section 29A of the Insolvency and Bankruptcy Code has emerged as one of the key aspects in determining the Eligibility of the Potential Resolution Applicants in a tedious attempt to save the company in question under the Corporate Insolvency Resolution Process (CIRP).
The Insolvency and Bankruptcy Code, 2016 is not Interest Recovery Code
NCLT held that the “interest” component alone cannot be claimed or pursued, in absence of the debt, to trigger a CIRP against the corporate Debtor. Further, the application pursued realization of the interest amount alone is against the intent of the IBC, 2016.
Rights of the borrower in case of harassments by the banks
If the debt recovery is based on erroneous information that led to the loss of your score, then you can file a defamation suit against the bank and recovery agency.
Power and Duties of Company Liquidator
The Liquidator has a fiduciary responsibility with the Company and its creditors. The major goal of choosing a Liquidator is to resurrect a failing firm and operate professionally.
Debt without interest is also “Financial Debt” under IBC– Supreme Court
‘Financial Debt’ would have to be construed to include interest free loans advanced to finance the business operations of a corporate body.
Recovery can be permitted against the assets of group companies: Bombay High Court
If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.
What does the Supreme Court say on the application of the Limitation Act to NCLT proceedings?
Since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. “The right to sue”, therefore, accrues when a default occurs.
Supreme Court: Personal Guarantor Liable for Loans under IBC
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
How is Interim Resolution Professional Appointed under IBC
The resolution professional, as proposed respectively in the application under section 7 or section 10 of IBC, shall be appointed as the interim resolution professional under Section 16(2) of IBC, if no disciplinary proceedings are pending against him.
Claims, not part of Resolution Plan, gets exhausted
No further legal action shall be permissible by creditor, whose claim has been rendered unsatisfied as per the resolution plan.
What is PPIRP (Pre-Packaged Insolvency Resolution Process) ?
PPIRP (Pre-packaged Insolvency Resolution Process) is an alternate for normal Insolvency Process. It has been announced for MSME Sector.
Reliance Communications Resolution Plan filed before the NCLT
RCom burdened with over Rs 46,000 crore of debt after the failure of its asset monetisation plans with Reliance Jio in March 2019 is undergoing insolvency proceedings with its assets up for sale.
Corporate Debtor cannot be blamed for delay in delivery of possession when delay occurs due to Force Majeure
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.
Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?
The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
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