The claims filed/to be submitted by the workers of the appellant must be decided upon and taken into consideration by the Liquidator even if RP has not submitted the claims towards the wages/salaries as part of CIRP costs.
The Pre-Packaged Insolvency Resolution Process (PPIRP) mechanism have helped the MSMEs to a great extent in order to revive their operations as a going concern.
A brief information of how a PPRIRP works in the real sense, making the resolution of Micro, small and medium scale enterprises not just speedy but also smooth.
Advantages of pre-Packaged Insolvency Resolution Process (PPIRP). A series on PPRIP. Read all the blogs to know PPRIP in detail.
the Insolvency Law Committee in 2020 constituted a sub-committee to study Pre-packaged Insolvency Resolution Process (PPIRP). On the basis of this subcommittee’s recommendations, the Insolvency and Bankruptcy Code was amended on 4/4/2021 through an ordinance to bring effect to this change.
PPIRP (Pre-packaged Insolvency Resolution Process) is an alternate for normal Insolvency Process. It has been announced for MSME Sector.
Corporate Insolvency Resolution Process (CIRP) cannot be initiated against government undertakings as it will defeat the very purpose of the provisions stated in article 12 of the constitution of India.
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.
In this article we will discuss about the insolvency process by an Operational Creditor and extensively cover the entire topic in the most precise manner.
In this article we will precisely discuss about the conduct of insolvency process by corporate debtor who is also called as corporate applicant.
Initiation process of Insolvency Resolution by a financial creditor in the easiest possible manner along with the time line that is required to be followed.
In this article we will discuss about the fast track method of filing an application under corporate insolvency resolution process.
In this article we have discussed about how an Operational creditor can file an application for initiation of Corporate Insolvency Process against it debtors.
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.
When it comes to a detailed and again rather complicated legal framework of insolvency law under the Insolvency and Bankruptcy Code, 2016,(IBC) the key point is the commencement of the Corporate Insolvency Resolution Process (CIRP). This process is intended to assist firms that are in deficit and also to aid in avoiding being caught in the financial debt trap.
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