The issues that are adversely affecting the efficiency and effectiveness of the resolution process and for increasing the possibility of resolution, value of resolution plan, and ending timely resolution.
The reviewing court can reverse the original decision or amend it as needed. With the passing of time, the judiciary has been paving the way for clearing the doubt regarding the power to review and recall.
Reverse CIRP is still in an experimentation process and we should wait for more cases in which Reverse CIRP is applied and then observe its effect.
The Supreme Court has made an attempt to shed light on this matter recently in K. Paramasivan v. The Karur Vysya Bank Ltd. An appeal is preferred before the apex court under which the NCLAT decision is challenged.
In the recent case given by the retired Hon’ble Supreme court Judge CJI Ramana. He said that in case of any conflict, the IBC will override the Customs Acts.
The Apex Court used its authority under Article 142 to allow the CIRP proceedings to be withdrawn and to adjudicate all outstanding issues between the parties in the greater interest of the homebuyers.
Proposed Amendments in a circular issued on 18.01.2023, the Ministry of Corporate Affairs has proposed numerous changes in IBC.
Specifically in insolvency proceedings, mediation as a tool can be employed to resolve issues and clear the bottleneck in the resolution process which had led to delays.
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.
Buyers say that RERA orders are not getting implemented and this is forcing them to approach NCLT and there is a need to check abuse and maximize the value of assets.
The actions of the CoC by not accepting the Applicant’s Resolution Plan were void in nature and held that the Applicant must be given a fresh opportunity to participate in the process of submission of the Resolution Plan.
To provide a relief to MSME and to offer them some respite from this pandemic, the process of pre-packaged insolvency resolution was introduced. This PIRP was introduced by way of ordinance dated 04.04.2021 by the Ministry of Law and Justice.
The Adjudicating Authority dismissed the Application and held that it is a case of collusive Application whereby the Corporate Debtor is trying to seek benefits of Moratorium u/s 14 of the IBC and other advantages in accordance with other provisions of IBC 2016.
IBC was introduced to reorganise, restructure or to consolidate the existing framework into a single law for the purpose of Insolvency and Bankruptcy.
PPIRP (Pre-packaged Insolvency Resolution Process) is an alternate for normal Insolvency Process. It has been announced for MSME Sector.
join For Updates