The union cabinet in its meeting has given approval to 7 new amendments in the Insolvency and Bankruptcy Code 2016 (IBC) which will allow the government to stick to strict timelines, and along with that, maximize the value of an insolvent entity from the resolution plan as a going concern.
Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects.
If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.
The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.