The Ministry of Corporate Affairs may soon likely to move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to the NCLT.
Flipkart approached the Karnataka High Court for a stay on the CIRP process initiated by the NCLT. Further, the Karnataka High Court stayed the CIRP process.
As per section 14 of the IBC 2016 and in the judgments it has been determined that during the moratorium period the invocation of guarantee against the ‘Company under Insolvency Proceedings/ CIRP.
In a recent order given by the NCLAT, thousands of homebuyers have been given a fresh lease of life as the appellate body has ordered fresh round of …
Money laundering is the term generally used to describe the process by which an individual/entity acquires a property through criminal conduct or illegal means and shows the source of acquisition of the same property as a legal one.
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 homebuyers who wish to seek refund of their amount are legally entitled to approach National Company Law Tribunal (NCLT) under IBC.
President Ram Nath Kovind has given his nod to promulgate an ordinance amending the insolvency law, recognising homebuyers as financial creditors to real estate developers.
The IBC in section 29A bars promoters to take part in bidding process thus making them ineligible for representation in the committee of creditors.
The ministry of corporate affairs showed that over 2,100 companies have cleared their outstanding amounts, a majority of which came after the government amended the IBC.
Their powers are extensive and under their purview the liquidation process of a corporate person is carried out.
The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers
The IBBI and the adjudicating authority are set to play a major role towards the implementation of the new insolvency regime which undoubtedly acts as a catalyst of change and ensures ease of doing business in India.
The Government needs to re-look certain provisions of the Insolvency and Bankruptcy Code (IBC) as a situation might emerge where there is only one buyer for a stressed asset
A business may need to be closed for many reasons that may be due to business failure or any other unavoidable circumstances.
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