Directing the Appellate Tribunal to reconsider the matter, the apex court said that the NCLAT must have notified the bank (Financial Creditor) before closing the CIRP initiated by the NCLT.
The Karnataka High Court on 16.11.2021, allowed a deferment of all loan repayments, and directed the bank not to recovery the home loan and refrain from take any coercive action.
A credit history is considered as a record of a borrower’s repayment of debts. Being a record of the borrower’s credit history from numerous sources, including banks, credit card companies, collection agencies, and governments.
A subvention scheme may end up to be a double-barreled if the developer fails to deliver the project on time, the burden of both rent and EMI will must be borne by the homebuyer.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
HARERA has barred the auction of a loan-defaulting project by bank to recover damages without prior adjustment of allottees’ dues.
Restructuring plan is a ray of hope for the borrowers. As the borrowers are already being stretched between the loan repayment and pandemic situation.
Laws relating to IBC that caused inadequate and ineffective results with undue delays has proven its success by a dramatic reduction for resolution of stressed assets at an average of 340 days as compared 4.3 years in the era before the IBC as per the most Economic Survey.
The old and archaic provisions to deal with sickness arising out of financial difficulties have been replaced by Insolvency and Bankruptcy Code, 2016.
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 National Company Law Tribunal has dismissed an insolvency application filed by Gemini Innovations, raising doubts over the “unnatural” facts listed by the company in its filing
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.
A detailed article on NCLT and DRT and the difference between them and how can corporate bodies approach NCLT against their borrowers/debtors.
In this article we will briefly cover the legal remedies one can resort to against their debtors in case there is default in paying the loan amount.
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