Due to the outbreak of Second wave of Coronavirus, Assocham has requested the finance ministry to re-impose a moratorium on bringing debt-ridden firms to NCLT under the Insolvency and Bankruptcy Code (IBC) until December 2021.
Hon’ble Supreme Court has held that in an application under Section 7 of the Insolvency and Bankruptcy Code, the applicant can claim the benefit of Section 14 of the Limitation Act, in respect of proceedings under the SARFAESI Act.
A tug of war going on between the companies involved in the real estate sector and the homebuyers since the Insolvency and Bankruptcy Code (IBC) came in force in 2016
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
Forum for People’s Collective Efforts, has approached the parliamentary standing committee on finance with its objection to a proposed amendment to the Insolvency and Bankruptcy Code.
Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.
NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).
The Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset
One of the major financial commitments is buying your own home. Unfortunately, in todays’ time, many homebuyers are facing situations where the Builders are unable to complete their Projects on time due to any reason whatsoever, and ends up into insolvency, leaving the homebuyers anxious about losing their investments. If you are also amongst such homebuyers, who are distressed by such a situation and are searching for the right path to get a resolution, you are at the right place.
At the initiation of CIRP when a public notice is issued under Section 15, claims of creditors are invited; but in some scenarios in real estate cases, homebuyers are often unable to take note of the public announcement of CIRP owing to different factors.
In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice M. Venugopal, Justice Sharad Kumar Sharma.
In a significant ruling, the National Company Law Tribunal (NCLT) Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member) and Shri D. Arvind (Technical Member),
The Insolvency and Bankruptcy legislation is a comprehensive legislation that contains all of the required provisions for providing a haven for business debtors in difficulty.
The major challenges in the insolvency resolution of real estate companies arise from the peculiarities of this sector, especially since the divergent interests of the allottees of the real estate projects do not align with the scheme of the CIRP.
The fast-track CIRP is designed to expedite the insolvency process for smaller companies and enable their efficient restructuring or liquidation.
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