A five-judge bench, comprising Justice SK Kaul, Hima Kohli, SR Bhat, PS Narasimha and headed by Chief Justice of India- Justice Dhananjaya Yeshwant Chandrachud, delivered its verdict on the issue in question for a long; the Legality of same-sex marriage in India, on 17th October 2023.

Alternative dispute resolution (ADR) refers to the different ways people can resolve disputes without a trial. Common ADR processes include mediation, arbitration, and neutral evaluation.

Through primary legislation, Parliament allows others to enact laws and rules through delegated legislation. The law established through delegated legislation must be consistent with the Act’s objectives.

When a dividend is declared by a company but has not been paid or claimed within 30 days, the company shall transfer the amount to an Unpaid Dividend Account. If the money transferred to the Unpaid Dividend Account remains unpaid or unclaimed for a period of 7 years from the date of transfer, the amount shall be transferred to the Investor Education & Protection Fund.

Interim Finance is defined under Section 5 (15) of the IBC, 2016 which means

Main reasons for the delay is the spate of litigations by the promoters. Once the CIRP order is passed, the promoters get into the action with the sole objective of getting back the company at a cheaper price.

Being the least expensive and less time-consuming, Mediation is popular ADR in India. The mediator plays the role of a neutral party who helps the parties to have direct communication and assists in exploring the options and a mutually accepted agreement.

The IBC would prevail over The Customs Act, to the extent that once the moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, as the case may be, the respondent authority has a limited jurisdiction to assess/determine the quantum of custom duty and other levies.

For India’s distressed debt, the Insolvency and Bankruptcy Code 2016 (IBC) was a game-changing change. It developed a tool to revitalize struggling distressed debtors, heralding a shift from previous resolution and recovery methods.

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.

As per proviso to Section 12 of the IBC, the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of CIRP granted under Section 12 of the IBC.

Wages and salaries are considered and included in CIRP costs as per under Section 53(1)(a) of the IB Code.

NCLT held that the “interest” component alone cannot be claimed or pursued, in absence of the debt, to trigger a CIRP against the corporate Debtor. Further, the application pursued realization of the interest amount alone is against the intent of the IBC, 2016.

Introduction of Insolvency and Bankruptcy Code, 2016 has decreased the idea of Subordinate Charge as Form H and Section 53 of Insolvency and Bankruptcy Code (“IBC”) recognizes only secured creditors.

If any individual has any outstanding claims against an organization and the said organization has been exposed to CIRP, the primary thing that must be finished by such bank immediately is to document his/her cases before any IRP/RP.