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 Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.
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.
operational creditors are those creditors where liabilities arise from transactions on operations.
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.
Reserve Bank of India Governor Urjit Patel put his signature to a historic order for recovering over Rs 3 lakh crore from the top 12 defaulters, just 10% is in banks
The IBC is playing a crucial role in helping the banks recover their bad debts and these vacations if avoided can help in resolving the mounting cases and help in ease of doing business.
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
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 ministry of corporate affairs is readying what many believe to be IBC 2.0. The ordinance recommended by the Union Cabinet on Wednesday was part of the plan.
The old and archaic provisions to deal with sickness arising out of financial difficulties have been replaced by Insolvency and Bankruptcy Code, 2016.
RERA Authority order is not being complied with by the party or if we are precise, the builder is not paying the amount ordered by authority.
Steps taken by the resolution professional (RP) for Alok Industries to recover trade outstanding to the tune of Rs 11,622 crore from 5,293 debtors
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.
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