According to the various resources that central government is planning to increase the number of NCLT benches from 11 to 24.
Category: Debt Recovery Management
Maintaining the balance of interests of all the creditors
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.
Execution of RERA Orders
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
Delay under IBC not Acceptable
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.
Effect of Moratorium on Personal Properties of the Promoter given as Security
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.
Complaints should be taken up by RERA not by NCLT or Consumer Forums
The complaints against the defaulting builders should only be taken up by RERA Authorities of the State before being referred to the NCLT for the insolvency proceedings.
Balancing IBC and RERA- For protection of homebuyers’ interests
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.
How to become an Insolvency professional?
To enroll as an Insolvency Professional an individual has to qualify the eligibility criteria set under insolvency and bankruptcy code, 2016.
Can financial creditor approach NCLT while the petition is pending in NCDRC?
The homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
IBC- Greatest rescue for the homebuyers
If there is no assured return plan incorporated into the builder buyer agreement entered into between the homebuyer and builder then the homebuyer had to approach RERA to seek refund.
Voluntary Liquidation under Insolvency and Bankruptcy Code, 2016
The voluntary winding up or voluntary liquidation, as the code defines, of the company can take place under section 59 of the IBC.
Promoters and Shareholders Promoters are not Creditors under IBC
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor
Relief for the Homebuyers under Insolvency and Bankruptcy Code, 2016
The homebuyers can file a petition against the builder or developer to commence Corporate Insolvency Process or not.
Issues to be addressed in Insolvency and Bankruptcy Code
NCLT under Insolvency and Bankruptcy code, 2016, has seen many twists and turns which has led to various amendments in the law.
Liquidation under Insolvency and Bankruptcy Code
Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.
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