The fast track process which can be initiated by a creditor or the corporate debtor itself cuts down the time taken to complete an insolvency resolution to almost half as compared to the regular process under the IBC.
The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.
The IBC would prevail over The Customs Act, to the extent that once the moratorium is imposed in terms of Sections 14 or 33(5) of the IBC, as the case may be, the respondent authority has a limited jurisdiction to assess/determine the quantum of custom duty and other levies.
Case of “Sundaresh Bhatt, Liquidator of ABG shipyard vs. Central Board of Indirect Taxes and Customs, in which it was held that the IBC provisions will prevail over the provisions laid down in the “Customs Act, 1962” and also set aside the order of the NCLAT”.
The adoption of the Model Law will help in the ease of doing business and significantly increase the inflow of FDI into India by way of cross-border mergers and acquisitions.
In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
Criminal Procedure Jurisprudence explains the evidentiary value that social media posts carry. Certainly, there are advantages and good policy reasons for accessing social media evidence used in criminal proceedings.
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.
Confused between the Insolvency Process & Liquidation? The procedure and differences between Insolvency Process and Liquidation is explained.
CIRP is a process to determine the capability of repayment of the defaulted corporate. For this purpose, IRPs are appointed. They evaluate the assets and liabilities to determine the capability of repayment.
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.
To provide a relief to MSME and to offer them some respite from this pandemic, the process of pre-packaged insolvency resolution was introduced. This PIRP was introduced by way of ordinance dated 04.04.2021 by the Ministry of Law and Justice.
If the corporate debtor’s resolution plan was authorised and declared binding on the corporate debtor and its workers, members, creditors, guarantors, and other stakeholders under Section 31 of the Code, criminal proceedings under Section 138 will continue.
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