RCOM has decided to adopt the fast track insolvency process to get over this debt-laden battle and has filed insolvency petition voluntarily under section 10 of Insolvency and Bankruptcy Code, 2016 (IBC).

An insolvency petition admitted u/s 7, 9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.

The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10 on an application made by the applicant.

What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.

Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.

If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.

It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.

An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.

According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.

National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.

It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.

The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.

If anyone is looking to recover their debts in a time bound manner or resolution of the corporate debtor in a timely manner then IBC provides the necessary redressal.

Only those properties in the name of the corporate debtor shall come under the purview of the moratorium and not the personal properties in the name of the corporate debtor.

Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.