CROSS-BORDER INSOLVENCY DISPUTES
The UNCITRAL Model Law has been strongly recommended for providing a wide-ranging solution for resolving cross-border insolvency issues.
Search Results for: Insolvency and Bankruptcy Code
Are the principal amount and the interest levied dependent on each other for the purpose of section 7?
A recently evolved notion of co-relation of Principal amount and interest levied on it, for the purpose of Section 5(8) of the code and its implication in the application filed under Section 7.
Landowner in a development agreement cannot be considered a Financial Creditor
The Corporate Debtor would carry on construction and out of total saleable construction 32% will be of landowner and remaining 68% will be of the Corporate Debtor.
Wages/salaries of only those employees who worked during the Corporate Insolvency Resolution Process are to be included in CIRP costs, rules SC
The claims filed/to be submitted by the workers of the appellant must be decided upon and taken into consideration by the Liquidator even if RP has not submitted the claims towards the wages/salaries as part of CIRP costs.
Role of Mediation in the Insolvency Process
Specifically in insolvency proceedings, mediation as a tool can be employed to resolve issues and clear the bottleneck in the resolution process which had led to delays.
Analysis of the Pre-Packaged Insolvency Resolution Process and its advantages as compared to the CIRP
The Pre-Packaged Insolvency Resolution Process (PPIRP) mechanism have helped the MSMEs to a great extent in order to revive their operations as a going concern.
Cheque Bouncing Versus Insolvency– Whether proceedings under Section 138 and 141 of N.I. Act, 1881 can be initiated against Corporate Debtor during Moratorium period?
The institution or continuation of a proceeding of dishonour of cheque against company under the provisions of Negotiable Instruments Act, 1888 fall within the ambit of moratorium provision of the IBC.
Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi
The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.
Pre-packaged Insolvency Resolution Process
the Insolvency Law Committee in 2020 constituted a sub-committee to study Pre-packaged Insolvency Resolution Process (PPIRP). On the basis of this subcommittee’s recommendations, the Insolvency and Bankruptcy Code was amended on 4/4/2021 through an ordinance to bring effect to this change.
6 Steps of Corporate Insolvency Process
CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.
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).
Treatment of MSME Insolvency under IBC
The COVID-19 crisis has caused distress and failure in the MSME sector. The insolvency law since its enactment in 2016 has been amended several times in order to protect the interest of MSMEs as well as the future and growth of the Country.
A banker’s Certificate is not mandatory to initiate CIRP under Section 9, NCLAT
A banker’s certificate is not mandatorily required for an operational creditor to begin Corporate Insolvency Resolution Process (CIRP) under section 9 of Insolvency and Bankruptcy Code, 2016.
Threshold Limit To Include Principal And Interest Amount Both
The minimum threshold limit mentioned under section 4 of Insolvency and Bankruptcy Code, 2016 can include both principal and interest amount. The invoices/bills raised by the Operational Creditor clearly mentioned that the interest will be charged @18% after the due date of the bill.
Land Allotment Cancellation over Non-Payment of Dues, Red Alert for the Developers
the Yamuna Expressway Industrial Development Authority had cancelled the allotment of ‘Panorama’ in Sector 22A over non-payment of dues of Rs 46.8 crore.
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