Search Results for: resolution professionals

Benefits of Arbitration

Though arbitration has various advantages over traditional litigation but it is important to consider all of the options when preparing to initiate arbitration.

Voluntary Liquidation

IBBI changed the liquidation procedure to be of a fixed duration. The new rules require the process to be completed within one year of its inception.

CoC is empowered to consider revised financial offers keeping in mind the time limit set out by law: NCLAT

The NCLAT had to decide whether the NCLT/CoC may provide resolution applicants repeated chances to alter their individual resolution plans and whether the CoC was authorised to entertain fresh or revised resolution plans without exhausting available bids.

Powers and Duties of Liquidator under Voluntary Liquidation

Insolvency Professionals eligible to be appointed as Liquidator alongside written consent form within 10 days of the direction issued, and upon receipt of the proposal, the order of appointment of Liquidator is passed.

THE INSOLVENCY AND BANKRUPTCY CODE, 2016: AN OVERVIEW

IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.

Submissions of claims by homebuyers under IBC

Creditors who fails to the submit the claims with proof within 14 days can submit their claims within 90 days from the Insolvency Commencement date as per the amendment of Regulation 12(2).

Aggrieved homebuyers should approach NCLT or RERA?

NCLT and RERA have different functioning and approach to tackle cases of homebuyers, often homebuyers are confused on which remedy to choose.

How NCLT through IBC can help homebuyers to get refund from defaulting Builders

Hon’ble SC clarified the position of the homebuyers similar to that of a “financial creditor” under the IBC, after this the homebuyers were at a par with banks and financial institutions.

3 Years since IBC- A road to Success

Since IBC enactments, it is necessary to consider the hits and misses of this momentous legislation so as to truly exploit the potential of the insolvency regime.

How to file claims as homebuyers against Raheja developers

NCLT Principal Bench vide its order dated 20.08. 2019 has ordered insolvency proceedings U/S 7 of the Insolvency and Bankruptcy Code, 2016 against Real Estate Developer, M/S Raheja Developers Limited. Every creditor of M/s Raheja Developers need to file their claims before the Insolvency Resolution Professional(IRP).

Corpus or Interim funds arranged by the COC cannot be attached by any authority

After observing the current situation of the corporate debtor no creditor is willing to infuse more funds as they are afraid of losing the same through the enforcement of any law or authority under law.

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.

Home Buyers can approach NCLT in case of extraordinary delay in possession or refund

Insolvency and bankruptcy Law 2016, has categorised the home buyers debt as financial debt to the real estate company/builder and therefore, homebuyers can claim their dues as bank claims its debt.

The provisions of IBC will prevail over the provisions of SARFAESI Act

In the light of the provisions and section 238 of IBC, when there arises any inconsistency between the aforementioned two laws the provision of IBC will prevail over the provisions of SARFAESI Act, 2002.