There is no specific threshold limit for the NCLT Delhi under the IBC 2016. The IBC provides that a financial creditor, operational creditor, or the corporate debtor itself can initiate the insolvency resolution process with the NCLT.
Reverse CIRP is still in an experimentation process and we should wait for more cases in which Reverse CIRP is applied and then observe its effect.
The claims filed/to be submitted by the workers of the appellant must be decided upon and taken into consideration by the Liquidator even if RP has not submitted the claims towards the wages/salaries as part of CIRP costs.
Corporate Insolvency Resolution Process (CIRP) cannot be initiated against government undertakings as it will defeat the very purpose of the provisions stated in article 12 of the constitution of India.
In this article we will discuss about the fast track method of filing an application under corporate insolvency resolution process.
In this article we have discussed about how an Operational creditor can file an application for initiation of Corporate Insolvency Process against it debtors.
The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.
In this article we will discuss about the insolvency process by an Operational Creditor and extensively cover the entire topic in the most precise manner.
In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.
Initiation process of Insolvency Resolution by a financial creditor in the easiest possible manner along with the time line that is required to be followed.
When it comes to a detailed and again rather complicated legal framework of insolvency law under the Insolvency and Bankruptcy Code, 2016,(IBC) the key point is the commencement of the Corporate Insolvency Resolution Process (CIRP). This process is intended to assist firms that are in deficit and also to aid in avoiding being caught in the financial debt trap.
The Insolvency and Bankruptcy Code, 2016 (IBC) marks a significant milestone in the realm of insolvency and bankruptcy resolution in India. With its passage by Parliament and Presidential assent on May 28, 2016, the IBC revolutionized the legal framework surrounding insolvency and bankruptcy.
The provisions Insolvency and Bankruptcy Code, 2016 specifically provides for treatment for all sums due to any workman or employee from the provident fund
The designation and subsequent empowerment of an Insolvency Professional (IP) within the framework of a Corporate Debtor entail an array of responsibilities primarily focused on the effective management of the corporate entity.
The Insolvency and Bankruptcy Code, of 2016 introduced a paradigm shift in India’s corporate legal landscape. One of its most significant features is the overriding effect it has on other laws.
join For Updates