The period of lockdown imposed by the Central Government in the wake of COVID-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown.
Withdrawal of money by a Company director from the accounts of the company during the CIRP, the same will attract criminal proceedings against the Directors
A notice of dispute to a claim under the IBC (Section 9), 2016 is not admissible if made over a telephonic communication and not supported by phone records.
The resolution plan can be challenged by an aggrieved person as per the grounds mentioned in Sub-Section (3) of Section 61 of the Code.
There is a reaffirmation that the moratorium granted by the Court does not cover pending criminal litigation.
The Appellants cannot be permitted to pursue alternative remedy of suit/arbitration proceeding even if pending as Resolution Plan is binding on all the stakeholders.
Homebuyers who have been stuck due to CIRP and were unable to move before any court/ forum can now finally feel relieved and move before the developer company for any grievance.
Claims towards rent of leasehold property do not fall within the definition of the operational debt in terms of Section 5(21) of the Insolvency and Bankruptcy Code, 2016.
This article aims to caution and summarize the Corporate Insolvency Resolution Process with respect to buyers seeking revival and completion of Project.
In order to avoid rejection of the claims, the filing of claim should be done by an expert person having knowledge of Insolvency laws.
Corporate Insolvency Resolution Process initiated against Housing Development and Infrastructure Limited. Claims have been invited by the IRP from the creditors of the Company.
What happens once the application by a financial creditor or operational creditor or by corporate applicant is admitted before the NCLT which under the code is termed as adjudicating Authority.
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.
An application under section 7 filed by the Operational Creditor is barred due to pending Arbitration Proceedings as the on-going arbitration proceedings signifies the pre-existence of dispute
The Corporate Insolvency Resolution Process has to be completed in 180 days along with the provision of 90 days of extension or maximum allowed time is 270 days.
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