Search Results for: IBC proceedings before the NCLT

Why are Homebuyers choosing NCLT over RERA?

Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.

Supreme Court holds that section 7(5) Of IBC is discretionary

VIPL sought for a stay on the proceedings before the NCLT on the pretext of pendency of proceeding before the Supreme Court and resultantly, VIPL was unable to realize a substantial sum of Rs. 1730 crores which would enable the Appellant to clear the debt towards Axis Bank.

Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws

Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.

A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC

Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.

Application Filing by the Home Buyers/Allottees under IBC, 2016

the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.

File Complaint against Builder before The Economic and Offences Wing (EOW)

The Economic Offences form a separate category of criminal offences. Economic Offences not only victimize individuals with pecuniary loss but can also have serious repercussions on the national economy. Economic offences, such as counterfeiting of currency, financial scams, fraud, money laundering, etc.

Limitation and Insolvency Laws (IBC)

The apex court held that the Code isn’t a machinery for recovery though its usage in several perspectives still be within the nature of a recovery system.

Jurisdiction in Copyright dispute arising from CIRP can be decided only by NCLT: Delhi HC

A dispute arose after the completion of the liquidation proceeding and whether the dispute relates to special legislation, such as the Copyright Act, where civil courts have been granted exclusive jurisdiction.

Creditors can request for a transfer of the winding up proceedings to NCLT: Supreme Court

This judgement is a step in the right direction because it recognizes the authority of a non-petitioning creditor to request for a transfer of the winding up proceedings. It assures that A creditor is not deprived of their right just because they didn’t participate in the initial winding up procedure against corporate debtor.

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.

What does the Supreme Court say on the application of the Limitation Act to NCLT proceedings?

Since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. “The right to sue”, therefore, accrues when a default occurs.

Binding Nature of Resolution Plan (IBC)

The NCLAT, in its Order dated 23.04.2019, ruled that GMSPL’s (Ghanshyam Mishra and Sons Pvt. Ltd.) Resolution Plan is better compared to the other Applicants. However, NCLAT noted that the parties’ claims that are not covered in the Resolution Plan may be raised before the relevant forums.

Gujarat High Court on banks’ statutory right to initiate Proceedings against Loan Defaulters

Gujarat High Court dismissed Essar Steel’s petition and refused to grant any of the reliefs sought by Essar Steel. The Gujarat High Court moved quickly and efficiently, and the order was issued within 10 working days of Essar Steel’s filing of the case.

What is the meaning of “Residuary Jurisdiction” of the NCLT under IBC?

The Supreme Court of India defined Section 60(5) of the Code as a residuary jurisdiction vested in the NCLT, allowing the NCLT to decide all questions of law or fact arising out of or in relation to the corporate debtor’s insolvency resolution or liquidation under the Code.

How is Interim Resolution Professional Appointed under IBC

The resolution professional, as proposed respectively in the application under section 7 or section 10 of IBC, shall be appointed as the interim resolution professional under Section 16(2) of IBC, if no disciplinary proceedings are pending against him.