The government has introduced the pre-packaged insolvency resolution process (PPIRP) for MSMEs, which allows them to initiate an insolvency process with the approval of two-thirds of their creditors.
Tag: insolvency proceedings
Artificial Intelligence and Insolvencies
Machine learning, deep learning, artificial neural networks, rule-based expert systems, and natural language processing are a few examples of artificial intelligence technologies employed in worldwide insolvency and bankruptcy processes.
SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Need for a new legal framework
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
Role of Mediation in the Insolvency Process
Specifically in insolvency proceedings, mediation as a tool can be employed to resolve issues and clear the bottleneck in the resolution process which had led to delays.
Jurisdiction in Copyright dispute arising from CIRP can be decided only by NCLT: Delhi HC
A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.
Allotees are Financial Creditors : Supreme Court
Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
How NCLT through IBC can help homebuyers to get refund from defaulting Builders
Hon’ble SC clarified the position of the homebuyers similar to that of a “financial creditor” under the IBC, after this the homebuyers were at a par with banks and financial institutions.
How to Choose Best Legal Firm for Joint Insolvency Petition By Homebuyers
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
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
Relief for MSMEs in Response to COVID-19, No Fresh Insolvency Proceedings for 1 Year
The Ministry of Corporate Affairs had earlier limited initiation of fresh insolvency proceedings for a period of 6 months which now stands extended to 1 year.
Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT
The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.
New IBC Amendments in work likely to benefit creditors in cases of Cross Border Insolvency
The IBBI has disclosed that work is in progress to amend the IBC to make it compliant with cross border insolvency processes.
Creditors Recover of INR 3.75 Lakh Crore in 1.6 years at IBC/NCLT Pre- Admission Stage
The recovery rate has increased almost three times i.e. from 26.5% in 2018 to 71.6% in 2019 and the time taken for recovery improved from 4.3 years to 1.6 years within a short span of one year.
Execution of RERA Orders-Through RC-An Analysis
Since there are various difficulties in getting the order executed. At this point of time, the orders may be executed through RERA and also one can approach NCLT under IBC Law.