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Tag Archive for "cirp-proceedings" -

CentrikBlogsCIRP proceedings

Tag: CIRP proceedings

CIRP proceedings could be initiated against both corporate co-borrowers, but the recovery of the same amount could not be made from both parties: SC

Posted by Vanshika SharmaPosted on March 23, 2023March 23, 20230 CommentsCategories Authentic Legal Advice, Business Advisory, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags CIRP application filed against the Doshi holdings, CIRP proceedings, CIRP proceedings could be initiated against both corporate co-borrowers, CIRP proceedings under Section 7, Loan-cum-Pledge Agreements

CIRP proceedings under section 7 can be initiated against corporate debtors who are co-borrowers but there can be no double recovery of the same amount from both.

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NCLT’s discretion while admitting Section 7 Applications– A Vidarbha Judgement Outlook

Posted by khyatikhemkaPosted on March 17, 2023March 18, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags CIRP against the petitioners under Section 7(2) of the IBC, CIRP proceedings, IBC Proceedings, Insolvency & Bankruptcy Code (IBC), resolution professional, section 7 of IBC, swiss ribbons judgment, Vidarbha Industries case, Vidarbha Industries Power Limited v. Axis Bank Limited, vidarbha judgment, vidarbha vs axis bank

An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.

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Are Corporate Guarantors equivalent to Corporate Debtors

Posted by AdminPosted on February 18, 2023February 21, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags CIRP proceedings, Corporate Guarantors equivalent to Corporate Debtors, K. Paramasivan v. The Karur Vysya Bank Ltd., Karur Vysya Bank Ltd. against Maharaja Theme Parks, Proceedings against the Corporate Guarantor under CIRP

The Supreme Court has made an attempt to shed light on this matter recently in K. Paramasivan v. The Karur Vysya Bank Ltd. An appeal is preferred before the apex court under which the NCLAT decision is challenged.

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IBC Overrides the Limitation Act

Posted by Pulkit JoshiPosted on February 6, 2023February 7, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags Appeal under the IBC Regime, Bank filed the claim on money, CIRP proceedings, claim on money by the Bank, corporate debtor, IBC Overrides the Limitation Act, Innoventive Industries Limited v. ICICI Bank Limited ICICI, Limitation under IBC, Money under the MRUA Act

In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.

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SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers

Posted by Vanshika SharmaPosted on February 4, 2023February 5, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Insolvency & Bankruptcy Code 2016, Legal Advisory, Registration And Compliance, RERA ConsultingTags CIRP application under Section 7 of the IBC before the NCLT, CIRP proceedings, IBC technicalities to benefit home-buyers, Insolvency and Bankruptcy Code, insolvency proceedings, plea filed against a builder by the homebuyers

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.

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A banker’s Certificate is not mandatory to initiate CIRP under Section 9, NCLAT

Posted by Adv. Niraj ChamyalPosted on August 19, 2022August 20, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Insolvency & Bankruptcy Code 2016Tags Certificate Not Mandatory, CIRP proceedings, CIRP proceedings against Debtor, CIRP under Section 9 of IBC, Decision of the NCLAT, demand notice under IBC, Insolvency and Bankruptcy Code, pre-existing dispute under IBC

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.

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Debts incurred during CIRP are also a part of IRP costs, says NCLAT

Posted by khyatikhemkaPosted on August 8, 2022August 13, 20220 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags CIRP against Corporate Debtor, CIRP Cost under IBC, CIRP proceedings, conditional resolution plan, corporate insolvency resolution process, insolvency resolution process costs, latest supreme court judgement on nclt, non implementation of resolution plan, Supreme Court Judgement on IBC

the Resolution Plan in question is in violation of section 30(2) (a) of the IBC. The NCLAT subsequently modified the Resolution Plan to include this claim in accordance with the law.

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  • CIRP proceedings could be initiated against both corporate co-borrowers, but the recovery of the same amount could not be made from both parties: SC March 23, 2023
  • Promoters toiling with Insolvency and Bankruptcy Code March 22, 2023
  • Service of Advance Copy of Applications to IBBI for Initiating CIRP under IBBI Rules, 2016 March 22, 2023
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