Search Results for: application filed under the IBC

Succinct Summary of The Fast Track CIRP under IBC, 2016

The fast-track CIRP is designed to expedite the insolvency process for smaller companies and enable their efficient restructuring or liquidation.

Deciphering the Enigma of Interim Moratorium under IBC

Insolvency and Bankruptcy Code, 2016 brings in the concept of Interim Moratorium, which offers protection to individuals during the insolvency process.

NCLT can issue non-bailable warrants against persons under IBC: NCLAT

The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.

Service of Advance Copy of Applications to IBBI for Initiating CIRP under IBBI Rules, 2016

the advance copy of the Application for initiating CIRP under Section 7, Section 9, or Section 10 of IBC, 2016 needs to be served to the Insolvency & Bankruptcy Board of India.

Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016

The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.

NCLT’s discretion while admitting Section 7 Applications– A Vidarbha Judgement Outlook

An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.

Section 33(5) of IBC doesn’t bar legal proceedings against a ship owned by Corporate Debtor in liquidation: Bombay HC

It is evident upon reading Section 33(5) that this clause merely forbids the filing of a lawsuit or other legal action against the Corporate Debtor. It in no way precludes the filing of a lawsuit or starting another legal action against a ship or vessel owned by the corporate debtor.

IBC Overrides the Limitation Act

In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.

SC resorts to Article 142 of the Constitution to cut short IBC technicalities to benefit home-buyers

The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.

Appeals and Limitations under Section 17 of the Limitations Act

Since a specific limitation period for filing such an appeal is clearly mentioned, Section 17 of the Limitation Act could not be applied here.

Unregistered Partnership Firm Cannot Initiate Insolvency Proceedings Under IBC: NCLT Kochi

The Bangalore Sales Corporation v Sark Spice Products Pvt. Ltd., the National Company Law Tribunal (“NCLT”), Kochi Bench, comprised of Shri. P. Mohan Raj (Judicial Member) and Shri. Satya Ranjan Prasad (Technical Member), held that an unregistered Partnership Firm cannot institute insolvency proceedings under IBC.

IBC Does Not Prohibit an Assignee from Continuing Pending Section 7 Proceedings: Judgement by NCLAT Delhi

A person to whom a debt has been properly assigned or transferred is also included in the definition of “Financial Creditor” under Section 5(7) of the IBC.

Supreme Court holds that section 7(5) Of IBC is discretionary

VIPL sought for a stay on the proceedings before the NCLT on the pretext of pendency of proceeding before the Supreme Court and resultantly, VIPL was unable to realize a substantial sum of Rs. 1730 crores which would enable the Appellant to clear the debt towards Axis Bank.

Supreme Court’s Road Map to interpret The IBC Code for better Resolution

Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.