It was held that the Consumer Complaint of the appellant is not maintainable as the appellant is not a consumer as per section 2(1) d of the Consumer Protection Act,1986.
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Tax authorities can’t issue notice to freeze accounts of the company during liquidation: NCLAT
The Corporate Debtor went into CIRP vide the Adjudicating Authority (AA) order dated 20.09.2019 and Mr. Hemant Mehta (Appellant) got appointed as Interim Resolution Professional (IRP).
A banker’s Certificate is not mandatory to initiate CIRP under Section 9, NCLAT
A banker’s certificate is not mandatorily required for an operational creditor to begin Corporate Insolvency Resolution Process (CIRP) under section 9 of Insolvency and Bankruptcy Code, 2016.
Threshold Limit To Include Principal And Interest Amount Both
The minimum threshold limit mentioned under section 4 of Insolvency and Bankruptcy Code, 2016 can include both principal and interest amount. The invoices/bills raised by the Operational Creditor clearly mentioned that the interest will be charged @18% after the due date of the bill.
Whether the license fee can be claimed as Operational Debt
In the present case, debt pertaining to unpaid license fee was fully covered within the meaning of ‘operation debt’ under Section 5(21), and the Adjudicating Authority committed an error in holding that the debt claimed by the Operational Creditor is not an ‘operational debt’
SC imposes a penalty of ₹5 Lakhs on the petitioner seeking an alternative to Supertech Twin Towers Demolition
SC Imposes penalty of Rs.5 lakhs and directed the same to be deposited within 4 days to the SC registry. The amount will be transferred to Supreme Court Bar Association (SCBA) to be used for the welfare of families affected by Covid.
The Corporate Guarantor can initiate CIRP against the Corporate Debtor under “Right to subvention”
Proceeding against the Corporate Debtor for the recovery of the dues and hence can file a petition against the Corporate Debtor under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority.
Supreme Court’s Road Map to interpret The IBC Code for better Resolution
Hon’ble Supreme court declared that the provisions of IBC (Code) to be interpreted liberally to expand the objective of the Statute.
Is Adjudicating Authority under obligation to accept an application against a Corporate Debtor u/s 7?
The Adjudicating Authorities have been given discretionary powers under section 7(5)(a) of I&B Code, 2016. The Authorities are required to apply their mind and take into consideration all facts and circumstances.
IBC Pecuniary Threshold: – Interest Component to Be Merged with Principal Debt?
The interest component can include in the principal debt to acquire a minimum threshold limit i.e., 1 crore if delayed payment stipulated in the agreement or invoice.
Is the Principle of Natural Justice applicable to the Insolvency and Bankruptcy Code, 2016?
The actions of the CoC by not accepting the Applicant’s Resolution Plan were void in nature and held that the Applicant must be given a fresh opportunity to participate in the process of submission of the Resolution Plan.
Hon’ble NCLAT declares claim of the license fee will be covered under the ambit of IBC
Claim of the rental lease will be treated as operational debt under Section 5(21) of the code as per the decision given by the Hon’ble NCLAT.
Land Allotment Cancellation over Non-Payment of Dues, Red Alert for the Developers
the Yamuna Expressway Industrial Development Authority had cancelled the allotment of ‘Panorama’ in Sector 22A over non-payment of dues of Rs 46.8 crore.
Consumer court have the power to direct refund and compensation in case of delayed delivery of the apartment
The Consumer Protection Act is a wide-ranging provision and it is not a specific resolution like the Insolvency ad Bankruptcy Code and the remedies are simultaneously and mutually exclusive.
Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws
Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.