Under section 14 of the code, the moratorium order is passed. Accordingly till the time moratorium period exists no other action or suit or case or proceedings against the corporate debtor can take place.
If some other recovery proceedings are pending or the amount of claim is disputed before other tribunal or adjudicating body that won’t empower the adjudicating authority to reject the petition.
The Apex court of the country has denied to put stay on the NCDRC’s order allowing the homebuyers of JayPee Infratech Ltd. to move against the parent company Jai Prakash and Associates for compensation and possession of their respective flats.
The former directors of the corporate debtor shall not merely provide the financial status of the corporate debtor but more than that so that they are aware of the terms to which they are bound.
Steps like the appointment of new judges and revamping the whole infrastructure of few NCLT benches shall prove to improve the current status of IBC cases being filed in the nation.
An employee is an operational creditor and has the right to file an insolvency application against the corporate debtor or employer under section 10 of IBC.
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.
If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
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.
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.
NCALT in the appeal filed in the matter of Kamineni’s reversed the order passed by NCLT and remanded the matter back to go through the liquidation process.
It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.
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.
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