The Authority Of The Nclt To Review Itself
The reviewing court can reverse the original decision or amend it as needed. With the passing of time, the judiciary has been paving the way for clearing the doubt regarding the power to review and recall.
Search Results for: Insolvency and Bankruptcy Code
NCLT can issue non-bailable warrants against persons under IBC: NCLAT
The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.
An Interplay between the Negotiable Instruments Act, 1881 & IBC 2016
the criminal case brought under Section 138 read with Section 141 of the NI Act against the natural persons would not be over by application of the IBC’s provisions.
How IBC can be helpful to Start-Up?
The fast track process which can be initiated by a creditor or the corporate debtor itself cuts down the time taken to complete an insolvency resolution to almost half as compared to the regular process under the IBC.
Service of Advance Copy of Applications to IBBI for Initiating CIRP under IBBI Rules, 2016
the advance copy of the Application for initiating CIRP under Section 7, Section 9, or Section 10 of IBC, 2016 needs to be served to the Insolvency & Bankruptcy Board of India.
NEW CHALLENGES IN THE IBC WATERFALL MECHANISM
A key element that differentiates the IBC from previous legislation governing corporate insolvency is the distribution waterfall in the event of liquidation.
Interim Finance – A Source of Operational Funding under IBC
interim finance can be raised by the resolution professional appointed by the National Company Law Tribunal (NCLT). The resolution professional is authorized to raise interim finance after obtaining approval from the Committee of Creditors (CoC).
SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Operational Debt Includes Advance Payment Made to a Corporate Debtor for the supply of Goods or Services: SC
A debt arising from an advance payment given to a corporate debtor for the supply of goods or services would be deemed an operational debt.
Should resolution professionals admit time-barred claims of homebuyers?
the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.
Need for a new legal framework
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
Putting Resolution Professionals under the spotlight: The latest IBC Amendments
The resolution professional (RP), appointed under the Code, is at the heart of these endeavors and has the mandate to complete this process in a time-bound manner.
INTRODUCTION OF PRE-PACKS
Pre-pack mechanism, differs from the existing corporate insolvency resolution process (CIRP) and what challenges this new mechanism is likely to bring.
Adjudicating authority’s incapability to analyze the validity of a Foreign Decree: Is this so?
Tribunal cannot go into the merits of a decree pronounced by a foreign court or tribunal as it is not an apt forum to decide the propriety of a foreign decree.
Rejection of ‘Date of Knowledge’ Argument: Supreme Court
The recent judgment of the Apex Court in the case of Safire Technologies (Supra) simply expands this explanation to Section 61 of the IBC and discards the contentions that the time period for the limitation shall start running from the date of knowledge of the order.
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