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 powers of the management of controlling the assets of the Corporate Debtor or Company is transferred to the Resolution Professional or the liquidator as the case may be.
The insolvency and bankruptcy code, 2016 has seen many ups and downs since the enactment but out of all the most long and debatable topic or issue concerning law was pertaining to the rights of Home buyers/Allottee under the code.
In case of financial creditor being an applicant to the insolvency process, an application would be made to Adjudicating Authority and a copy of such application would be sent to the corporate debtor.
The IBC has clearly outlined the powers and duties of the resolution professional that he can exercise during the insolvency resolution process
This article discusses about the main components of this Code which forms the base of this very legislation.
The duties of liquidator have been elaborately mentioned in this article to make aware about his position as an Officer.
The government could soon promulgate an ordinance to make changes to the Insolvency and Bankruptcy Code that will provide relief to small businesses and homebuyers
The government must amend the IBC to recognize the legitimate claim of home buyers. After all, they use their lifetime savings to invest in a house.
Steps that can be initiated by corporate creditors against their debtors in case of default and when the debtor refuses to accept the notice and come to a settlement.
The scheme as provided under the Code stipulates a mechanism wherein the Insolvency Resolution Process is reckoned upon any default upon non-payment of debt due.
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
The regulator is planning to come out with a discussion paper on compliance with SEBI standards by listed companies undergoing insolvency resolution process.
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