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Tag Archive for "corporate-debtor-under-ibc" -

CentrikBlogscorporate debtor under IBC

Tag: corporate debtor under IBC

6 Steps of Corporate Insolvency Process

Posted by AdminPosted on November 27, 2022December 3, 20220 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags cirp process timeline, corporate debtor under IBC, corporate debtor under section 10 of IBC, corporate insolvency of a corporate debtor, Insolvency and Bankruptcy Code, insolvency procedure in india, Secured Creditor, Stages of Corporate Insolvency Process, Unsecured Creditor, What is CIRP 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.

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Whether the license fee can be claimed as Operational Debt

Posted by AdminPosted on August 16, 2022August 19, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Registration And ComplianceTags Claim for recovery of License Fee, Claim towards License Fee, corporate debtor under IBC, debt claimed by the Operational Creditor, Insolvency and Bankruptcy Code, license fee can be claimed as Operational Debt, Non-Payment of License Fee, OC issued a Demand Notice, operational debt and financial debt, Operational Debt under IBC, Unpaid License fee is the Operational Debt, Unpaid License Fees, what is debt under IBC, What is Operational Debt, which is not an operational debt

In the present case, debt pertaining to unpaid license fee was fully covered within the meaning of ‘operation debt’ under Section 5(21), and the Adjudicating Authority committed an error in holding that the debt claimed by the Operational Creditor is not an ‘operational debt’

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Is Adjudicating Authority under obligation to accept an application against a Corporate Debtor u/s 7?

Posted by shravyapathakPosted on July 27, 2022August 29, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags applicant under section 7 of IBC, application against a Corporate Debtor, CIRP against the Appellant, corporate debtor, corporate debtor under IBC, file application under NCLT, filed an appeal before APTEL, financial creditor as resolution applicant, initiation of CIRP by operational creditor, issue before the Supreme Court, procedure of filing in NCLT, section 7 IBC procedure, section 7 of IBC case laws

The Adjudicating Authorities have been given discretionary powers under section 7(5)(a) of I&B Code, 2016. The Authorities are required to apply their mind and take into consideration all facts and circumstances.

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The Insolvency and Bankruptcy Code, 2016 is not Interest Recovery Code

Posted by Sidra Khalid KhanPosted on May 25, 2022May 31, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags CIRP against a corporate debtor, CIRP under IBC, corporate debtor under IBC, does a financial creditor include a secured creditor, fair practice code RBI for NBFC, insolvency and bankruptcy code 2021, insolvency and bankruptcy code bare act, liquidation of the Corporate Debtor, persons who can initiate corporate insolvency resolution process, Purpose of IBC, rbi fair practice code for banks, rbi guidelines for NBFC recovery agents, who is a corporate debtor under IBC

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.

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CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT

Posted by AdminPosted on July 30, 2021August 2, 20210 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Cross Border Advisory, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags alternative for restructuring stressed assets, approved resolution plan under Section 31, CIRP Procedure, Committee of Creditors under IBC, corporate debtor under IBC, eligibility to submit a resolution plan, Insolvency and Bankruptcy Code, long-delayed insolvency procedure, revised financial offers, Submission of Resolution Plan

The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.

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AA should exercise discretion to protect CD from CIRP : NCLAT

Posted by ajay.shuklaPosted on July 16, 2021July 20, 20210 CommentsCategories Corporate Litigation-All In Way, Cross Border Advisory, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags an appeal to the NCLAT, Corporate Debtor before Corporate Insolvency Resolution Process, Corporate Debtor dragged into CIRP, corporate debtor under IBC, Insolvency Process, petition filed under Section 7 of the IBC, protect the Corporate Debtor from being dragged into CIRP

If the Application filed under Section 7 meets all the requirements, then also the Adjudicating Authority has to exercise discretion carefully to prevent and protect the Corporate Debtor from being dragged into the Corporate Insolvency Resolution Process mala fide.

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If default has occurred, petition must be admitted: Supreme Court

Posted by AdminPosted on July 4, 2021August 7, 20210 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags Application filed under the IBC, application under the Insolvency Code, Appointment of an Insolvency Professional, case of Innoventive Industries Limited vs ICICI Bank Limited, corporate debtor under IBC, Defaulter under the IBC, Initiation of Insolvency Resolution Process, Insolvency and Bankruptcy Code, Supreme Court on IBC

The Supreme Court of India issued its first comprehensive ruling on the operation and functioning of the Insolvency and Bankruptcy Code, 2016 in the case of Innoventive Industries Limited vs ICICI Bank Limited.

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How is Interim Resolution Professional Appointed under IBC

Posted by AdminPosted on May 19, 2021May 21, 20210 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags Appointment of the Resolution Professional, Committee of Creditors under IBC, corporate debtor under IBC, Insolvency and Bankruptcy Code, insolvency professional under IBC, Interim Resolution Professional under IBC, IRP Appointed under IBC, Liabilities of Interim Resolution Professional, Management of affairs of Corporate Debtor, resolution professional is appointed by the COC

The resolution professional, as proposed respectively in the application under section 7 or section 10 of IBC, shall be appointed as the interim resolution professional under Section 16(2) of IBC, if no disciplinary proceedings are pending against him.

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How is Information Memorandum Prepared?

Posted by AdminPosted on May 17, 2021May 20, 20210 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags Best Resolution professionals, corporate debtor under IBC, Debts of the Corporate Debtor, Information Memorandum Preparation, Liabilities of the Corporate Debtor, Resolution Professional under IBC

The purpose of an information memorandum is to support ‘decision making’ and to make a better decision in a particular problem situation that might otherwise have made without the analysis. 

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Submissions of claims by homebuyers under IBC

Posted by AdminPosted on May 13, 2021May 18, 20210 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, RERA ConsultingTags appointment of the Interim insolvency Professional, Approval of Resolution Plan, Bench of the NCLT, claims by homebuyers under IBC, Claims under IBC, corporate debtor under IBC, Homebuyers under IBC, Limitation period for submission of claims, Order passed by NCLT, submission of claims as CIRP, Submissions of claims, Submissions of Claims under IBC

Creditors who fails to the submit the claims with proof within 14 days can submit their claims within 90 days from the Insolvency Commencement date as per the amendment of Regulation 12(2).

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How is public announcement made?

Posted by AdminPosted on May 12, 2021May 17, 20210 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags CIRP under IBC, Claim before the IRP, corporate debtor under IBC, Effect of improper public Announcement, file a claim before the Interim Resolution Professional, Insolvency Resolution Process Cost, Public Announcement under IBC, Public Announcements by the Insolvency Professional, Resolution Plan under IBC

An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional and that the word ‘immediately’ means not later than three days from the date of his appointment.

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Why Should Homebuyers approach NCLT against defaulting Real Estate Developers/Builders?

Posted by kartikguptaPosted on April 30, 2021April 30, 20210 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016, RERA ConsultingTags corporate debtor under IBC, Homebuyers can approach NCLT against defaulting Builder, Homebuyers can approach NCLT against defaulting Developer, Homebuyers under IBC, How to file case in NCLT against Builder, IBC for Homebuyers, Initiate Corporate Insolvency Resolution Process, remedies against defaulting builders, Remedies against the Builder under RERA, Supreme Court Judgement on Homerbuyers

whereas legislation like RERA provides for individual remedies against the Builder, the IBC Code gives collective control over the affairs and management of the Corporate Debtor to its financial creditors.

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Is IBC unfair to Operational Creditors?

Posted by ajay.shuklaPosted on April 27, 2021April 29, 20210 CommentsCategories Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags corporate debtor under IBC, Debt Restructuring, Debt Settlement, Homebuyers as financial creditors, Operational Creditors rights restricted by IBC, Operational Creditors under IBC, petition filed by an Operational Creditor, Rights of Operational Creditors under IBC, Role of Committee of Creditors under IBC, Who are Operational Creditors under IBC

Homebuyers are now considered financial creditors, whereas operational creditors, who are from the business world, may have a better understanding of the industry but still lack those rights.

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IBC to predede over PMLA: NCLAT

Posted by ajay.shuklaPosted on April 24, 2021April 26, 20210 CommentsCategories Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags appeal filed by the ED against an NCLT order, company goes under CIRP, Conflict between PMLA and IBC, corporate debtor under IBC, Corporate Debtor under NCLT, ED filed a request, IBC, insolvency, NCLT, NCLT Order Challenged by the ED

This isn’t the first time the NCLAT has ruled that, IBC rules take precedence over other laws, such as the attachment of corporate debtor’s assets under the PMLA.

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COMMITTEE OF CREDITORS (CoC) under IBC : FROM BEGINNING TO END

Posted by Adv. Asmita Chaudhary NagpalPosted on April 22, 2021April 23, 20211 Comment on COMMITTEE OF CREDITORS (CoC) under IBC : FROM BEGINNING TO ENDFormat QuoteCategories Authentic Legal Advice, Corporate Litigation-All In Way, Cross Border Advisory, Debt Recovery Management, Government Advisory, Insolvency & Bankruptcy Code 2016, Legal Advisory, Tax AdvisoryTags Adjudicating Authority under Section 31 of IBC, Admissibility of Insolvency Petition, Amendment in the Insolvency Law, Committee of Creditors (COC), corporate debtor under IBC, file an application before Adjudicating Officer, filing before nclt by homebuyer, Financial debt, Liquidation and Insolvency, revival of a company under distress

The Committee of Creditors (CoC) has complete wisdom and right to decide the fate of the company under CIRP. Lets understand all about Committee of Creditors under Insolvency Laws

1 Comment on COMMITTEE OF CREDITORS (CoC) under IBC : FROM BEGINNING TO END
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