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
Steps that can be initiated by corporate creditors against their debtors in case of default and when the debtor refuses to accept the notice and come to a settlement.
In this article we will discuss about the fast track method of filing an application under corporate insolvency resolution process.
The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.
An operational creditor as defined under s 5(20) of the Insolvency and Bankruptcy Code as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred
A detailed article about the previous Insolvency and Bankruptcy law and changes that have been improvised post amendment bill in 2017.
The corporate tribunal is expected to hear the matter on Thursday, weeks after the 11th meeting of the “Committee of Creditors” of Educomp Solutions BSE 2.93 % was held on March 13.
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
Based on the experience in other countries restructuring of corporate debt and need for a similar mechanism in India, a Corporate Debt Restructuring System was evolved, and detailed guidelines were issued.
Those dealers who have claimed transitional deemed credit of 60% & 40% in GST TRAN 1 form need to file TRAN 2 form by 31-3-2018. Non-filing will disallow your claim.
The latest amendment bill of Insolvency & Bankruptcy, 2017 has been passed by the Lok Sabha to deal with recovery and reorganization in a speedy, reliable process.
In a landmark judgement which may assist different promoters who are combating to defend their organizations, Mumbai-primarily based laminates maker Shirdi Industries has come to be the first case where a National Company Law Tribunal (NCLT) exceeded an order that allowed the corporation to be surpassed over to the same promoters for implementing the decision … Continue reading “NCLT gives Shirdi Industries to promoters, offers hope to others”
The Reserve Bank of India has suggested banks to report for insolvency complaints on their very own rather than watching for its commands.
With the introduction of Corporate Social Responsibility provisions, many corporate consider this provision to be a burden on them. Many of them believe that the business set up by them is for the betterment of their own and their successors and when the Society’s welfare comes into picture, they say that govt.
A company or agency that is in the business of recovering money from debtors of others known to be Debt Collectors. Many debt collectors are hired by companies for a fee or for a percentage of the total amount collected. These companies purchase debt at a fraction of its face value and then attempt … Continue reading “Afraid of Debt Collectors! Here are ways to deal with Debt Collectors & Agencies”
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