The union cabinet in its meeting has given approval to 7 new amendments in the Insolvency and Bankruptcy Code 2016 (IBC) which will allow the government to stick to strict timelines, and along with that, maximize the value of an insolvent entity from the resolution plan as a going concern.
In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws.
The claims can be filed before the Resolution Process will be closed, but in the same case, the Creditor cannot become a part of the COC without filing the claim.
Centrik is feeling proud to being helping hand to the 144 aggrieved homebuyers to get justice on handover stalled projects.
All the creditors need to file a claim with the IRP regarding their debts under different forms which are provided in the schedule of Insolvency and Bankruptcy Board of India Regulations, 2016.
Corporate Insolvency Resolution Process initiated against Housing Development and Infrastructure Limited. Claims have been invited by the IRP from the creditors of the Company.
Claim filing might seem like an easy process but the creditors have to understand that it is not and they have to submit their respective claim in a meticulous manner.
NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).
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.
Judgment, which is titled Pioneer Urban Land and Infrastructure Ltd. and Anr. v. Union of India and Ors. upholds the constitutional validity of Section 5(8)(f) of the Insolvency & Bankruptcy Code, 2016 (hereinafter as the ‘Code’).