Search Results for: Corporate Debtor

Application for initiation of corporate insolvency resolution process by operational creditor (section 9)

In this article we have discussed about how an Operational creditor can file an application for initiation of Corporate Insolvency Process against it debtors.

Corporate Insolvency Resolution Process (IRP)

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.

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.

Importance of debt recovery for Corporates

The secret to any successful business is good customer relations. Don’t allow too much time to pass without notifying your client that credit terms have been broken.

NCLT can issue non-bailable warrants against persons under IBC: NCLAT

The directors of the suspended corporate debtor filed an appeal against the National Company Law Tribunal’s (“NCLT”) ruling that rejected their request to have a non-bailable warrant issued against them.

How IBC can be helpful to Start-Up?

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.

Lease Premium & Lease Rent not included in Explanation to Section 14(1)(D) of the IBC, 2016

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.

Should resolution professionals admit time-barred claims of homebuyers?

the Resolution Professional could have included their claims as liabilities to the Corporate Debtor in the Information Memorandum created in accordance with Regulation 36 of the Corporate Insolvency Resolution Process (CIRP) Regulations.

Landowner in a development agreement cannot be considered a Financial Creditor

The Corporate Debtor would carry on construction and out of total saleable construction 32% will be of landowner and remaining 68% will be of the Corporate Debtor.

Water connection cannot be restored automatically to the successful resolution applicant

The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.

NCLT Delhi Imposes Cost of Rs.1 Lakh on Suspended Director

The court fined the suspended director of the corporate debtor (the applicant) Rs. 1 lakh for starting several legal actions to obtain the same remedy and wasting valuable judicial time.

Change in the Constitution of CoC will not affect its prior decision

A change in the composition of the Committee of Creditors (CoC) of the Corporate Debtor will affect its previous decision and the same will be binding on the newly included members of CoC.