Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
The duties of liquidator have been elaborately mentioned in this article to make aware about his position as an Officer.