In this case the recovery proceedings were pending before the debt recovery tribunal and the amount claimed by the claimant was in dispute.
After observing the current situation of the corporate debtor no creditor is willing to infuse more funds as they are afraid of losing the same through the enforcement of any law or authority under law.
An insolvency petition admitted u/s 7 ,9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.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 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.
Insolvency Code has motivated a lot of lenders to suo moto move the court against their borrowers and recover their bad debts without showing any further leniency.
Reliance Communications and its subsidiaries filed pleas in the appellate tribunal to set aside the NCLT’s decision to start insolvency proceedings.
The Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset
An operational creditor as defined under s 5(20) of the Insolvency and Bankruptcy Code as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred
Haryana RERA has notified revised RERA regulations and revised form REP -1 for project registration for Haryana which differ from the original form and requirement. Here is the summary
The consumer protection bill, 2018 has been drafted keeping all these changes that require action in this global age of commerce.