Search Results for: proceeding

Relief for MSMEs in Response to COVID-19, No Fresh Insolvency Proceedings for 1 Year

The Ministry of Corporate Affairs had earlier limited initiation of fresh insolvency proceedings for a period of 6 months which now stands extended to 1 year.

Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT

The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.

No bar to Initiate Insolvency Proceedings pendency the action under SARFAESI Act or RDBFI Act

The pendency of actions under the SARFAESI Act or actions under the RDDBFI Act, 1993 does not create an obstruction for applying Section 7 of Insolvency and Bankruptcy Code 2016, especially given Section 238 of IBC.

Are Builders more threaten by NCLT proceedings than RERA?

A growing number of Builders, Developers, Promoters and stakeholders in the Real Estate Industry are backing RERA to be the first applicable redressal mechanism to homebuyers.

Insolvency proceedings initiated against Kasata hometech

This proactiveness has been further accelerated by the landmark judgment of the Hon’ble Supreme Court in the Pioneer case.

Rajasthan RERA: Winding-up proceedings under Companies Act shall not bar RERA proceedings

No suit or legal proceeding against the company can be commenced or continued against the company after the passing of the winding up order except with the permission of the Tribunal.

Moratorium period u/s 14 of Insolvency and Bankruptcy Code, is not applicable on the criminal proceedings under prevention of money laundering Act

Moratorium Period under section 14 of the code shall not apply upon such proceedings under the prevention of money laundering act.

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.

Initiation of Disciplinary Proceedings against the Insolvency Professional

Any aggrieved person can take a legal action against the Insolvency Professional who contravenes any of the provisions of the Code or violates or deviates from the professional duty entrusted upon him/her.

Insolvency Application viz-a-viz Ongoing Arbitration Proceedings

An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute

Insolvency proceedings by Allottee/Homebuyer

The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.

When can Insolvency proceedings commence?

When the corporate debtor starts making default in the payment of the amount to its creditors and it goes on for some time, subsequently that corporate debtor/company is deemed as insolvent.