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.
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.
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 a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
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.
The NCLAT has affirmed that a request for the initiation of the Corporate Insolvency Resolution Process(CIRP) under sections 7 and 9.
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.
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.
The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
An insolvency petition admitted u/s 7, 9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.