A perfect decision by the SC where the parties perform activities to avoid any commercial transactions which are collusive in nature or where financial creditor escape the bar under Section 21(2) first proviso of the IBC.
Tag: Insolvency and Bankruptcy Code
Implications of cheque bounce under Insolvency Laws (IBC)
Cheque bouncing is also the default in making payment of debt, and petition under IBC laws may be admitted
Economic Survey: Insolvency and Bankruptcy Code dramatically reduced time for resolution of Stressed Assets
Laws relating to IBC that caused inadequate and ineffective results with undue delays has proven its success by a dramatic reduction for resolution of stressed assets at an average of 340 days as compared 4.3 years in the era before the IBC as per the most Economic Survey.
3 Years since IBC- A road to Success
Since IBC enactments, it is necessary to consider the hits and misses of this momentous legislation so as to truly exploit the potential of the insolvency regime.
Period of Lockdown to be Excluded from Insolvency Process- NCLAT
The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.
Withdrawal of money by directors during the CIRP, to attract criminal offence: NCLAT
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
Further litigation/alternative remedy cannot be pursued by creditors whose claim is taken into consideration within resolution plan
The Appellants cannot be permitted to pursue alternative remedy of suit/arbitration proceeding even if pending as Resolution Plan is binding on all the stakeholders.
NCLAT: CIRP can be initiated against a Company whose name has been Struck off from the Registrar of Companies
The NCLAT has affirmed that a request for the initiation of the Corporate Insolvency Resolution Process(CIRP) under sections 7 and 9.
Wave group to Refund buyer’s money with 12% interest
The hope of Ramkrishna Shard Parsodkar and his wife was shattered in to pieces when the builder failed to give possession after years of booking. That after being tormented at the hands of the builder, the couple was forced to approach the highest Consumer court of the county.
NCDRC vs RERA vs IBC, Which Is the best mechanism for consumers to get timely relief
Supreme Court allowed several buyers to join their suit property in order to increase valuation of their dispute and approach the NCDRC however buyers still find it difficult to get timely relief from the NCDRC.