As per the settled law there is no law or provision which states that either the Adjudicating or the Appellate Authority has the powers to question the resolution plan approved by the COC until and unless the same is barred by some irregularity.
The Karnataka RERA authority has been unable to help the aggrieved homebuyers due to lack of support from deputy commissioners, so the authority forced to write to the Revenue Department that Deputy Commissioners are not honoring the judgments to help home-buyers.
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
The RERA Act at present is still a toothless tiger due to lack of execution process of RERA orders. The reliefs under RERA at the moment rest only in paper.
The LokSabha passed the IBC (Second Amendment) Bill 2019, which was first introduced by the Finance Minister Nirmala Sitharaman on 12 December 2019.
A pre-existing dispute towards interest on the delayed payments before the issuance of the demand notice and that the alleged claim amount towards interest on loan alone, cannot be termed as an “Operational Debt”.
A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.
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”.
NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
There is a certainty that the time-barred debt can be revived even after the lapse of an initial period of limitation which is 3 years.
Fall in Non-Performing Assets and Stressed Assets of the Indian Banking Sector have finally resulted in a profit for the first time in 7 years.
Order deliverd by NCLAT is a relief for creditors to invoke the jurisdiction of IBC and seek appropriate redressal for their long-awaited grievances against the debtor.
The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
The latest government data shows that how IBC is a huge change brought by the recent government in terms of a speedy redressal for the aggrieved homebuyers.
Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.
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