Search Results for: provisions of the IBC

Can homebuyer approach NCLT before RERA?

RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.

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.

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.

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.

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.

Applicability of the limitation act on Insolvency and Bankruptcy Code

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.

Liabilities of the directors or Promoters or partners during or before the Insolvency Resolution Process

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.

Persons upon whom the Insolvency code is applied

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 still unable to gain from Insolvency Resolution

According to the terms of loan resolution in the Insolvency and Bankruptcy Code, the first preference on recovery is to secured financial creditors, followed by unsecured financial creditors, and then operational creditors.

Homebuyers get a relief under the Insolvency and Bankruptcy Code, 2016

Homebuyer is a person who buys or expects to buy a house. And A promoter is an individual or organization that helps raise money for some type of investment activity.

India winning NPA War steadily- Bhushan Steel puts Rs.36,400 crore in Bank, a way to recovery

NPA War: The major buyout of debt-ridden Bhushan Steel by a Tata Group company and many more to come under the Narendra Modi-led government’s IBC reform.