The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
Tag: resolution professional
No issues can be raised before any court or tribunal after resolution plan attained finality
Once the resolution plan is approved and is implemented under IBC, no issue can be raised at a later stage when resolution Process Costs and fees of the Resolution Professional.
Promoters abusing IBC, contends stakeholders of TechPro and Educomp
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
National Company Law Tribunal recommends review of Insolvency Code
The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
What is Moratorium and public announcement?
Once NCLT has issued moratorium under section 14 of Insolvency Code in respect of Company in liquidation, Bank cannot pursue proceedings for recovery of loan.
Provisions of IBC to be rechecked said Uday Kotak
The Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset
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