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.
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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.
Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case
Home buyers who had invested in housing projects by JIL, were permitted by the Interim Resolution Professional (IRP) to submit their claims as ‘other creditors’, subordinate to financial and operational creditors of JIL.
Nirav Modi and ICICI cases to get special attention from Ministry of Corporate Affairs
Nirav Modi scam and the ICICI Bank controversy were amongst the top notch cases that the NCLT is dealing with and Government is taking keen interest in resolving these issues.
RBI’s February 12 bankruptcy circular has been challenged by PSU Bankers’ union
Reserve Bank of India’s (RBI’s) controversial February 12 circular that bankruptcy proceedings will kick in 180 days.
Insolvency Resolution Process of Corporate Person by Operational Creditor
In this article we will discuss about the insolvency process by an Operational Creditor and extensively cover the entire topic in the most precise manner.
Promoters abusing IBC, contends stakeholders of TechPro and Educomp
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
Indian Overseas Bank faces a bad loan of Rs.3,606.73 cr
Public sector lender Indian Overseas Bank’s net loss widened to Rs 3,606.73 crore in the March quarter due to higher provisioning for mounting bad loans.
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.
Insolvency & Bankruptcy Code, 2016- Background
The old and archaic provisions to deal with sickness arising out of financial difficulties have been replaced by Insolvency and Bankruptcy Code, 2016.
Powers and Fees of liquidation professional as liquidator
Their powers are extensive and under their purview the liquidation process of a corporate person is carried out.
Liquidation of Corporate Person- A way to recover bad debts
In this article we have discussed about liquidation, its initiation, contents and when Adjudicating Authorities can pass an order for it.
Essar Steel- What led to the landmark case under Insolvency and Bankruptcy Laws?
Amongst the 11 high profile case under the purview of Insolvency Code, Essar Steel has attracted a lot of attention.
What is Moratorium and public announcement?
Once NCLT has issued moratorium under section 14 of Insolvency Code in respect of Company in liquidation, Bank cannot pursue proceedings for recovery of loan.
Innoventive vs ICICI Bank- Supreme Court settles the law; Centre’s Insolvency Code to override all conflicting Acts
The judgement of the Supreme Court, in the case of Innoventive Industries vs ICICI Bank is a shot in the arm for the regime established under the Insolvency and Bankruptcy Code, 2016
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