Search Results for: Resolution Applicant

Debt without interest is also “Financial Debt” under IBC– Supreme Court

‘Financial Debt’ would have to be construed to include interest free loans advanced to finance the business operations of a corporate body.

If default has occurred, petition must be admitted: Supreme Court

The Supreme Court of India issued its first comprehensive ruling on the operation and functioning of the Insolvency and Bankruptcy Code, 2016 in the case of Innoventive Industries Limited vs ICICI Bank Limited.

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).

How is public announcement made?

An insolvency professional shall make a public announcement immediately on his appointment as an interim resolution professional and that the word ‘immediately’ means not later than three days from the date of his appointment.

IBC Ordinance – A Bargain for both Debtors and Creditors

The rationale of the Ordinance is certainly to ensure that Insolvency and Bankruptcy Code, 2016 lives up to its preamble that is – maximization of value of assets. The newly inserted Section 10A certainly brings about a balance of interest between creditors and debtors.

Insolvency Proceedings Limited to Individual Project and not other Projects of Real Estate Company: NCLAT

The NCLAT held that CIRP against Real Estate Company shall be limited to Project concerned and will not affect other projects of the developers.

Corporate Debtor cannot be blamed for delay in delivery of possession when delay occurs due to Force Majeure

Whether the delay in delivering possession is due to the Corporate Debtor & in case the delay is not due to the Corporate Debtor, but force majeure, it cannot be alleged that the Corporate Debtor has defaulted in delivering the possession.

Employee Benefits Constitute Operational Debt

A claim was made in respect of the non-payment of pending salary and other settlement benefits such as leave encashment, Leave Travel Allowance, and bonus.

Does amount advanced as loan without proper proofs/documentations constitute a Financial Debt?

The matter is that in a situation where the Applicant is unable to prove the amount advanced as loan without proper documentations, such loan amount would not meet the requirements of a “Financial Debt”. 

Claims towards the lease of immovable property do not fall within the definition of Operational Debt under IBC

NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.

Amount paid towards lease of immovable property not an Operational Debt- NCLAT

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.

How to withdraw application under section-12A of the Insolvency and bankruptcy code, 2016

The Insolvency And Bankruptcy Code (Second Amendment) Act, 2018, the NCLT has been granted powers under Regulation 30A read with section 12A

Remedy for Companies after strike-off order passed by ROC

All the struck–off companies can approach NCLT under section 252 of the company act for the revival of the struck-off company against the order of ROC.