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Tag Archive for "purpose-of-ibc" -

CentrikBlogsPurpose of IBC

Tag: Purpose of IBC

The Insolvency and Bankruptcy Code, 2016 is not Interest Recovery Code

Posted by Sidra Khalid KhanPosted on May 25, 2022May 31, 20220 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags CIRP against a corporate debtor, CIRP under IBC, corporate debtor under IBC, does a financial creditor include a secured creditor, fair practice code RBI for NBFC, insolvency and bankruptcy code 2021, insolvency and bankruptcy code bare act, liquidation of the Corporate Debtor, persons who can initiate corporate insolvency resolution process, Purpose of IBC, rbi fair practice code for banks, rbi guidelines for NBFC recovery agents, who is a corporate debtor under IBC

NCLT held that the “interest” component alone cannot be claimed or pursued, in absence of the debt, to trigger a CIRP against the corporate Debtor. Further, the application pursued realization of the interest amount alone is against the intent of the IBC, 2016.

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