Search Results for: proceedings under the NI Act

Delayed Possession Relief under Section 18 of RERA

A respondent has violated the provisions of section 18 of the RERA and hence the complainant is entitled to seek interest for the delayed possession under section 18 of the RERA.

Personal Guarantor under section 95 is exempted from section 10A of IBC, 2016

Section 10A proceedings are not applicable against the Personal Guarantor under section 95 of the Insolvency and Bankruptcy Code, 2016.

Apex Court redefines the ambit of the definition of a consumer with reference to commercial transactions

It was held that the Consumer Complaint of the appellant is not maintainable as the appellant is not a consumer as per section 2(1) d of the Consumer Protection Act,1986.

A banker’s Certificate is not mandatory to initiate CIRP under Section 9, NCLAT

A banker’s certificate is not mandatorily required for an operational creditor to begin Corporate Insolvency Resolution Process (CIRP) under section 9 of Insolvency and Bankruptcy Code, 2016.

Is Adjudicating Authority under obligation to accept an application against a Corporate Debtor u/s 7?

The Adjudicating Authorities have been given discretionary powers under section 7(5)(a) of I&B Code, 2016. The Authorities are required to apply their mind and take into consideration all facts and circumstances.

Article 1 of the Limitation Act, is not applicable to proceedings under the IBC Laws

Article 137 is having a wider scope than Article 1 of the Limitation Act and is not applicable to the proceedings under the Insolvency and Bankruptcy Code. Article 1 is also not applicable to the petition filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code.

Whether CIRP against Corporate Guarantor be initiated in respect of loan account of the principal borrower

Section 7 of the Code permits a financial creditor to initiate a CIRP procedure against the guarantor being a corporate debtor in accordance with the default committed by the principal borrower.

A NEW HOPE FOR THE DECREE HOLDERS UNDER THE IBC

Home buyers who have an order/decree/award for refund passed either by RERA or any consumer court or any court of law, can approach the NCLT under Section 7 of the Code for its default/non-payment, giving a new cause of action for the limitation period from the date the default occurred.

Application Filing by the Home Buyers/Allottees under IBC, 2016

the interest of the allottees is protected and the survival of real estate companies and completion of projects is ensured. As the amendment in the IBC has brought much needed clarity and provided the much-needed right to the home buyers/allottee.

Enforcement of Arbitration Award via Insolvency Proceedings: A Contrary Perspective

The enforcement proceedings for the foreign award (under S. 47-48) are the last and final stage where the debtor can resist the award from becoming binding/ enforceable for grounds listed under Section 48 of the Arbitration Act.

SARFAESI Act: A Brief Introduction

SARFAESI Act allows banks and financial institutions to recover their dues exceeding One Lakh Rupees by proceeding against secured assets of the borrower/guarantor without the intervention of the court/tribunals.

UP RERA Extend Delivery Date by Nine Months

UP RERA, considering the surge of Covid-19 and restrictions imposed on construction due to an increase in pollution, has extended the registration of the projects, by default, for which no promoter has to file an application before the Authority.

Arbitration: Rising alternative dispute resolution mechanism

The resolution of a dispute via an arbitration mechanism saves time and cost. The proceedings are conducted as agreed by the parties or accordingly. However, if the parties are not satisfied with the award, then it can be challenged also.

Recovery can be permitted against the assets of group companies: Bombay High Court

If the non-payment of a clear undisputed amount is being illegally and dishonestly avoided, whilst at the same time very large sums of money are being raised and spent by the same group or carrying on large real estate development projects.

Prosecution u/s 138 of NI Act cannot be quashed on grounds of acceptance of CIRP: Madras HC

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.