Supremacy of Insolvency and Bankruptcy Code
The code has helped the creditors to recover their amount from defunct companies and bring them back to their actual position. IBC was introduced so as to reduce India’s long-standing problem of NPAs.
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Covid-19 Impact on the Insolvency Bankruptcy Code
In response to the damage done to the economy the Indian Government has placed certain embargoes and granted certain grace periods to help reduce the financial strain caused by the complete shutdown of the economy this includes the three month moratorium that has been given by the RBI regarding payments of EMI.
Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016
The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.
Applicability of the limitation act on Insolvency and Bankruptcy Code
The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.
NCLAT explains essential criteria of Financial Creditor
In the present case, the NCLAT held that the Appellants were acting as investors, the money they gave to the Respondents was in the nature of a loan, satisfying the condition of amount “disbursed against consideration for time value of money,” and the committed returns were in the nature of “interest.”
Allotees are Financial Creditors : Supreme Court
Under Section 7 of the IBC, this amendment allowed the home buyer to initiate insolvency proceedings against defaulting Promoters. However, the Insolvency Amendment 2018 was challenged in the Supreme Court of India by approximately 200 realtors.
Supreme Court: Personal Guarantor Liable for Loans under IBC
The Supreme Court of India has cleared the way for lenders to file insolvency proceedings against personal guarantors of stressed companies, who are typically promoters.
Outstanding payments to allottees in Real Estate Projects are Financial Debts
The Supreme Court did not agree to the payment of amounts deposited by the promoter to homebuyers on the grounds that it would be preferential payment to one class of creditors.
Can homebuyers approach the Supreme Court under Article 32 against developers?
The Hon’ble Supreme Court in its latest judgement dated February, 11 2021 declared that the proceedings under Article 32 of the Constitution by a purchaser, seeking relief in respect to a real estate project cannot be entertained.
Is IBC unfair to Operational Creditors?
Homebuyers are now considered financial creditors, whereas operational creditors, who are from the business world, may have a better understanding of the industry but still lack those rights.
Winding up Proceedings will not create any bar for initiation of the Insolvency Proceedings
These two judgements would be of great importance because they have paved a way for the transfer of post-notice winding up petitions pending before the different High Courts.
PETITION BEFORE NCLT CAN BE ADMITTED EVEN IF A LIQUIDATOR HAS BEEN APPOINTED BY THE HIGH COURT
Petition before NCLT can be admitted even if official liquidator has been appointed by the High Court (Held By NCLT and Hon’ble Supreme Court)
Homebuyer with refund order is financial creditor, not a homebuyer any more
The homebuyers who have got RERA refund orders and if builder has defaulted in making the payment, you can file case before NCLT under IBC laws
NCLT Holds Filing of Default Record Mandatory under Section 7 Applications
New Petitions under section 7 of the Insolvency and Bankruptcy Code will mandatory be required to file default record from the Information Utility as per NCLT directed.
Supreme Court extends ‘Limitation Period’ amid COVID-19 Crisis
The timelines prescribed under the Limitation Act or different laws like Insolvency and Bankruptcy Code, 2016, the Arbitration Act, 1996 or any other action will stand extended.
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