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.
Interpreting the Insolvency and Bankruptcy Code 2016 and sheds light on its significance in shaping the insolvency and bankruptcy landscape in India.
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.
An application filed to initiate CIRP against the petitioners under Section 7(2) of the IBC Vidarbha Industries Power Limited v. Axis Bank Limited.
The Pre-Packaged Insolvency Resolution Process (PPIRP) mechanism have helped the MSMEs to a great extent in order to revive their operations as a going concern.
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.
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.
Advantages of pre-Packaged Insolvency Resolution Process (PPIRP). A series on PPRIP. Read all the blogs to know PPRIP in detail.
the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.
The enforcement proceedings for the foreign award (under S. 47-48) are the last and final stage where the debtor can resist the award from becoming binding/ enforceable for grounds listed under Section 48 of the Arbitration Act.
The apex court held that the Code isn’t a machinery for recovery though its usage in several perspectives still be within the nature of a recovery system.
The Code was enacted in 2016 to consolidate and amend the laws governing corporate reorganization and insolvency resolution for corporations, partnerships, and individuals.
Since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. “The right to sue”, therefore, accrues when a default occurs.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
If any individual has any outstanding claims against an organization and the said organization has been exposed to CIRP, the primary thing that must be finished by such bank immediately is to document his/her cases before any IRP/RP.
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