Search Results for: National Company Law Tribunal

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”.

Appeal to Hon’ble National Company Law Appellate Tribunal (NCLAT) and limitation period thereof

Any person aggrieved by the order of the Hon’ble Adjudicating Authority i.e. National Company Law Tribunal (“NCLT”) under Section 61(1) of the Insolvency & Bankruptcy Code, 2016 (“IBC, 2016”) may prefer an appeal before the Hon’ble National Company Law Appellate Tribunal (NCLAT).  

The attachment of assets by the ED under the PMLA Act is not permissible once a company has entered insolvency

Asset attachment by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) is critical in combating money laundering and criminal activities.

SIGNIFICANCE OF THE CASE LAW: MITTAL V. WESTBRIDGE VENTURES

Mittal v Westbridge Ventures, the Singapore Court of Appeal reviewed several fundamental arbitration law issues, including the proper law of arbitration agreements and determining whether law determines whether a particular case is arbitrable.

NCLT Prescribes Dress Code for Members, Lawyers, RP, Authorized Representatives & Parties in Person

NCLT specified the dress code for NCLT President, NCLT Members, Legal Practitioners, Authorized Representatives, Interim Resolution Professional, Liquidator, Resolution Professional, and parties present in person.

NCLAT Chennai condones a delay of 147 days in filing of Appeal before the Appellate Tribunal

The National Company Law Appellate Tribunal in the matter of M. K. Resely & Ors. Vs Union Bank of India has condoned a delay of 147 days in filing of appeal before NCLAT upon equity.

CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT

The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.

Petition can be admitted against maintenance company of developer: NCLAT

Section 5(8)(f) Explanation makes it clear that any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing.

A Journey of Homebuyer in IBC Laws

A tug of war going on between the companies involved in the real estate sector and the homebuyers since the Insolvency and Bankruptcy Code (IBC) came in force in 2016

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

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.

Aviva Life Insurance Company now a Corporate Debtor under IBC

Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.

Check if you need to file a claim for company facing insolvency process

In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws.