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.
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Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?
The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”.
DHFL’s Insolvency: How it will affect the Creditors and Debtors in the Market
The institution of Insolvency proceedings against DHFL will result in Courts to venture out over new dimensions of prospective rights and liabilities of the financial service providers.
Aviva Life Insurance Company now a Corporate Debtor under IBC
Aviva Life is a joint venture between Dabur Invest Corp (Dabur group) and Aviva International Holding Ltd. This petition was filed against Aviva by Apeejay Trust for non-payment of rent and other relating dues totaling to over 27 lakh as claimed by Apeejay Trust in their petition.
Pendency of proceedings before debt recovery tribunal cannot affect the petition under 7 of IBC
If some other recovery proceedings are pending or the amount of claim is disputed before other tribunal or adjudicating body that won’t empower the adjudicating authority to reject the petition.
Resolution Plans to be shared with directors of corporate debtor to attend COC
The former directors of the corporate debtor shall not merely provide the financial status of the corporate debtor but more than that so that they are aware of the terms to which they are bound.
Maintaining the balance of interests of all the creditors
It is to be understood that the objective of IBC is not to provide benefit only to selective creditors but to protect the interests of all the stakeholders.
Balancing IBC and RERA- For protection of homebuyers’ interests
Approaching RERA has been rightly helpful for the homebuyers who have not received the possession or refund of the amount paid by them to the builders or developers.
Defense by the Corporate Debtor
In case of financial creditor being an applicant to the insolvency process, an application would be made to Adjudicating Authority and a copy of such application would be sent to the corporate debtor.
Supreme Court protect interests of Homebuyers in Jaiprakash Infratech Limited case
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.
Liquidation of Corporate Person- A way to recover bad debts
In this article we have discussed about liquidation, its initiation, contents and when Adjudicating Authorities can pass an order for it.
Corporate Debt Restructuring
Based on the experience in other countries restructuring of corporate debt and need for a similar mechanism in India, a Corporate Debt Restructuring System was evolved, and detailed guidelines were issued.
Is it legal to transfer debt recovery rights?
The company which is undergoing loss because of bad debts can sell its debts to a third party buys back its debts on an agreed amount.
Importance of Invoice/GR number in recovery of debt
You have a statutory right to claim interest and compensation on late commercial payments. But are you still not being served the payment that your invoice states very clearly?
Is Debt Fund Deliver Losses?
A debt fund can deliver losses. You would have noticed it last week, when you saw your one-day return in the red. Why does this happen? Debt funds can deliver losses in the three instances.
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