If the resolution applicant wants to retain any of the directors of the corporate debtor the resolution applicant is allowed to retain if the plan proposes the maximum valuation of assets.
RCOM has decided to adopt the fast track insolvency process to get over this debt-laden battle and has filed insolvency petition voluntarily under section 10 of Insolvency and Bankruptcy Code, 2016 (IBC).
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
RERA has been specifically setup to regulate the real estate sector therefore one must approach RERA before approaching NCLT.
If any company is not making the payment as per agreed terms, then an insolvency petition may be filed u/s 7 or 9 based upon the facts, before NCLT to initiate the insolvency proceedings.
An application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
The execution of the orders is still a far fetched process as the RERA has failed to implement the execution mechanism under the RERA.
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.
Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.
NCLT under Insolvency and Bankruptcy code, 2016, has seen many twists and turns which has led to various amendments in the law.
An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute
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.
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
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.
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