A careful reading or analysis of the provisions of different statutes governing tax evasion, money laundering, security fraud, etc. suggests that Indian statutes impose vicarious liability on officers who are in charge of and responsible to the company for the conduct of business and those who contributed to the contravention or the offense by giving consent, connivance and not acting diligently.
Sec 2(37) of the Companies Act, 2013 defines “employees stock option” read with Sec 62(1)(b) of the Companies Act, 2013 and Rule 12 of the Companies (Share Capital and Debentures) Rules, 2014.
The arbitrator is a neutral third party who is appointed to resolve a dispute between two or more parties outside the court system. They play a crucial role in arbitration proceedings, which is an alternative dispute resolution method used to settle conflicts.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
the criminal case brought under Section 138 read with Section 141 of the NI Act against the natural persons would not be over by application of the IBC’s provisions.
The Adjudicating Authority dismissed the Application and held that it is a case of collusive Application whereby the Corporate Debtor is trying to seek benefits of Moratorium u/s 14 of the IBC and other advantages in accordance with other provisions of IBC 2016.
CA. Venkata Siva Kumar, the petitioner, is a chartered accountant who has registered as an IP with the IBBI. In his writ petition, he claimed that the IBBI Regulations, 2016 are in violation of Articles 14, 19, and 21 of the Constitution and should be overturned.
SBI initiated proceedings against Veesons under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), demanding an outstanding amount of approximately INR 61 crores as Veesons did not pay its debts on time.
IBC is economic legislation and that when it comes to economic legislation, flexibility should be given to the legislature because no economic law can be fool proof at its inception.
The NCLT Kolkata Bench imposed a mandatory condition on all the financial creditors to file information of their record of default with the National E-Governance Services Ltd. (NESL).
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 term Moratorium is nowhere defined in the Code, however, the term in basic parlance means, ”a stopping of activity for an agreed amount of time”.
The resolution plan can be challenged by an aggrieved person as per the grounds mentioned in Sub-Section (3) of Section 61 of the Code.