Search Results for: Demand Notice

IBC Pecuniary Threshold: – Interest Component to Be Merged with Principal Debt?

The interest component can include in the principal debt to acquire a minimum threshold limit i.e., 1 crore if delayed payment stipulated in the agreement or invoice.

Hon’ble NCLAT declares claim of the license fee will be covered under the ambit of IBC

Claim of the rental lease will be treated as operational debt under Section 5(21) of the code as per the decision given by the Hon’ble NCLAT.

GST is not applicable if unit sold after occupation/completion certificate

As per the Central GST Act there being no supply of goods within the meaning of the GST Act in a real estate transaction as ‘Goods’, as per Section 2 (52) include only movable properties.

Adjudicating Authority is not required to order of Arbitration: NCLAT

The issue of existence of a dispute when the application under Section 9 of IBC is filed before the Adjudicating Authority. These actions raise doubt regarding the veracity of the dispute and its pre-existence.

What constitutes a “Dispute” under the IBC as per the Supreme Court?

The Supreme Court clarified the code’s object while keeping legislative intent in mind. The court, through this judgement, has struck a balance between creditors’ rights and debtor companies’ remedies.

Cheque Bounce cases under NI Act, are covered under moratorium u/s 14 of IBC

Calcutta High Courts held that moratorium under Section 14 of IBC also includes criminal proceedings for cheque bounce cases under Section 138 of the Negotiable Instruments Act, thus parallel proceedings against a corporate debtor cannot be allowed.

Prevalence of IBC over the SARFAESI Act

The Adjudicating Authorities have affirmed the IBC’s goals through a series of judgments and further proved its prevalence over the other laws of land.

Best Legal remedy for Stalled Real Estate Project – A Comparison

More than 5 Lakh homebuyers are struck in the projects which are either stalled for multiple years or has been abandoned. The builder either don’t have money or intention to start construction on such products.

Employee Benefits Constitute Operational Debt

A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.

Insolvency plea cannot reject if the dispute is raised on telephonic communication: Allahabad NCLT

A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records. 

Claims towards the lease of immovable property do not fall within the definition of Operational Debt under IBC

NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.

Amount paid towards lease of immovable property not an Operational Debt- NCLAT

Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.

IBC- Rescue to the Employees

It is advised to the employees to recognize their rights under IBC and approach NCLT to recover their dues in a time-bound manner.

When can Insolvency proceedings commence?

When the corporate debtor starts making default in the payment of the amount to its creditors and it goes on for some time, subsequently that corporate debtor/company is deemed as insolvent.