Whatsapp admissible as valid demand notice or pre-existing dispute under IBC
The Hon’ble NCLAT held the validity of the demand notice sent through whatsapp messenger app wherein the blue tick on the text implies the acceptance of the communication.
Search Results for: financial and operational creditors
Jurisdiction and Powers of NCLT
National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) were established due to the notification w.e.f. June 01, 2016, published by Ministry of corporate affairs.
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.
Promoters and Shareholders Promoters are not Creditors under IBC
The shareholders and promoters are not the creditors and thereby the resolution plan cannot balance the maximization of the value of assets of the corporate debtor
HRERA: Buyers of abandoned project have superior right to satisfy claims
Aggrieved homebuyers from the Piyush colonizer esteemed developer in the past started a housing project in the City of Faridabad, approached the HRERA bench stating their grievance.
Key Highlights on Insolvency and Bankruptcy Code, 2016
A detailed article on Key highlights of Insolvency and Bankruptcy Code, 2016 by Insolvency Professionals.
Liquidation under Insolvency and Bankruptcy Code
Earlier the winding up of the company was initiated and conducted under the Companies Act, 1956 while the same has got annulled after the advent of Insolvency and Bankruptcy Code.
Who all are Operational Creditors
operational creditors are those creditors where liabilities arise from transactions on operations.
RERA and the IBC to the rescue of homebuyers
The IBC (Amendment) Bill 2017 was passed by the Lok Sabha to form the base for covering loopholes in prevailing code and to increase the effectiveness of the resolution.
Operational Creditors still unable to gain from Insolvency Resolution
According to the terms of loan resolution in the Insolvency and Bankruptcy Code, the first preference on recovery is to secured financial creditors, followed by unsecured financial creditors, and then operational creditors.
Powers and Duties of Resolution Professional during Insolvency Process
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
Homebuyers relief is a matter of concern for financial Institutions to lend to developers
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
Insolvency Resolution and Liquidation for Corporate Person
This article discusses about the main components of this Code which forms the base of this very legislation.
IBC provides relief under this code to Homebuyers and MSME’s
The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers
Insolvency Resolution by Operational Creditor (Section 8)
An operational creditor as defined under s 5(20) of the Insolvency and Bankruptcy Code as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred
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