The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Category: Legal Advisory
Operational Debt Includes Advance Payment Made to a Corporate Debtor for the supply of Goods or Services: SC
A debt arising from an advance payment given to a corporate debtor for the supply of goods or services would be deemed an operational debt.
Proposed Amendment by the Ministry of Corporate Affairs
Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
Should resolution professionals admit time-barred claims of homebuyers?
the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.
Need for a new legal framework
It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.
Are the principal amount and the interest levied dependent on each other for the purpose of section 7?
A recently evolved notion of co-relation of Principal amount and interest levied on it, for the purpose of Section 5(8) of the code and its implication in the application filed under Section 7.
Landowner in a development agreement cannot be considered a Financial Creditor
The Corporate Debtor would carry on construction and out of total saleable construction 32% will be of landowner and remaining 68% will be of the Corporate Debtor.
Appeals and Limitations under Section 17 of the Limitations Act
Since a specific limitation period for filing such an appeal is clearly mentioned, Section 17 of the Limitation Act could not be applied here.
Water connection cannot be restored automatically to the successful resolution applicant
The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.
Judges & Social Media: Managing the Risks
Criminal Procedure Jurisprudence explains the evidentiary value that social media posts carry. Certainly, there are advantages and good policy reasons for accessing social media evidence used in criminal proceedings.
Putting Resolution Professionals under the spotlight: The latest IBC Amendments
The resolution professional (RP), appointed under the Code, is at the heart of these endeavors and has the mandate to complete this process in a time-bound manner.
Wages/salaries of only those employees who worked during the Corporate Insolvency Resolution Process are to be included in CIRP costs, rules SC
The claims filed/to be submitted by the workers of the appellant must be decided upon and taken into consideration by the Liquidator even if RP has not submitted the claims towards the wages/salaries as part of CIRP costs.
Housing Discrimination: A Myth or a Never-Ending Struggle?
No person shall be discriminated against because of their race, sex, caste, color, or religion. Article 21 of the constitution, under its various interpretations, also includes the ‘right to housing’ or ‘right to shelter’ as an individual’s fundamental right.
INTRODUCTION OF PRE-PACKS
Pre-pack mechanism, differs from the existing corporate insolvency resolution process (CIRP) and what challenges this new mechanism is likely to bring.
The Secretary, Ministry of Defense vs. Babita Puniya & Ors. SCC, 17 Feburary 2020
A quest for equality of opportunity for women seeking Permanent Commissions in the Indian Army forms the rationale of the instant case.