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

The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.

Homebuyers who have been assured of committed returns from the developer could trigger IBC as a financial creditor under section 7 whereas all the homebuyers have been granted the right to represent themselves as a participant of the committee of creditors.

The officers and managers of the Corporate Debtor, shall report to Resolution Professional. They shall provide him all the documents or records as required by him in the course of his duties.

Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.

A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.

Insolvency is just the state where the financial inability is reached whereas the bankruptcy is the realization and announcement of that the state of being insolvent.

The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.

The powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.

The code is not applicable to corporates in finance sector. Thus no petition shall be entertained by NCLT filed against Banks, Financial Institutions, Insurance Company, Asset Reconstruction Company, Asset Reconstruction Company, Mutual Funds, Collective Investment Schemes or Pension Funds.

operational creditors are those creditors where liabilities arise from transactions on operations.

RERA or IBC- Both the laws provides with the subjective approach depending upon the facts of the case and the situation of the developer.

The Essar Steel matter has raised a valid and crucial point of inordinate delays which is a big concern as it was the important provision of IBC, time bound resolution. If this purpose fails, the whole motive of IBC will fall apart.

The ministry of corporate affairs is readying what many believe to be IBC 2.0. The ordinance recommended by the Union Cabinet on Wednesday was part of the plan.

The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.