How to Choose Best Legal Firm for Joint Insolvency Petition By Homebuyers
Homebuyers while filing the joint petition before NCLT under IBC laws, should chose the legal firm very carefully.
Search Results for: CIRP under NCLAT
Registration of default with NESL not mandatory
The NCLT Kolkata Bench imposed a mandatory condition on all the financial creditors to file information of their record of default with the National E-Governance Services Ltd. (NESL).
An Operational Creditor with an Arbitral Award can proceed as a Decree Holder
The National Company Law Tribunal has paved the way for operational creditors to revive their debt and proceed as decree holder.
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.
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.
Claim amount towards interest on loan alone cannot be termed as Operational Debt
A pre-existing dispute towards interest on the delayed payments before the issuance of the demand notice and that the alleged claim amount towards interest on loan alone, cannot be termed as an “Operational Debt”.
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.
Further litigation/alternative remedy cannot be pursued by creditors whose claim is taken into consideration within resolution plan
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 can now move RERA against Raheja Developers
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.
Invocation of guarantee during Moratorium
As per section 14 of the IBC 2016 and in the judgments it has been determined that during the moratorium period the invocation of guarantee against the ‘Company under Insolvency Proceedings/ CIRP.
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.
Exemption from the strict adherence to the timeline of 270 days of the Insolvency and Bankruptcy Code, 2016
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.
Insolvency Resolution Process of Corporate Person by Financial Creditor
Initiation process of Insolvency Resolution by a financial creditor in the easiest possible manner along with the time line that is required to be followed.
What is Moratorium and public announcement?
Once NCLT has issued moratorium under section 14 of Insolvency Code in respect of Company in liquidation, Bank cannot pursue proceedings for recovery of loan.
Mobilox v Kirusa- Supreme Court interprets ‘existence of dispute’ as per IBC
The Supreme Court of India in Mobilox Innovations Private Limited v Kirusa Software Private Limited has finally settled the widely debated question of what constitutes “existence of a dispute”.
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