Data Protection Act passed in the Rajya Sabha dated 09.08.2023. The Act came into effect on 11th August 2023. The Act will be applicable to the handling of digital personal data processed in India, whether the data is obtained online or offline and then converted to digital form.

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.

Main reasons for the delay is the spate of litigations by the promoters. Once the CIRP order is passed, the promoters get into the action with the sole objective of getting back the company at a cheaper price.

The lease premium and rent given to the Corporate Debtor are not included in Section 14(1)(D) of the Insolvency and Bankruptcy Code, 2016.

Machine learning, deep learning, artificial neural networks, rule-based expert systems, and natural language processing are a few examples of artificial intelligence technologies employed in worldwide insolvency and bankruptcy processes.

It is more crucial than ever to have an IBC-based legal framework to handle cross-border conflicts as the globalization of business and trade reaches new heights.

The Successful Resolution Applicant requested Maharashtra Industrial Development Corporation (hereinafter referred to as MIDC) for a new water connection to revive the operations at the plant of the Corporate Debtor.

The claims filed/to be submitted by the workers of the appellant must be decided upon and taken into consideration by the Liquidator even if RP has not submitted the claims towards the wages/salaries as part of CIRP costs.

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.

When a Resolution Plan is approved by the CoC in its commercial wisdom, it has to be presumed that the approval was given to a viable and feasible plan. Once approved, the Tribunal cannot interfere with the commercial wisdom.

The constitution of COC for one project instead of all is against the regular practice of CIRP. In the past two years, the NCLAT has passed similar orders in various cases and called them Reverse CIRP.

As per proviso to Section 12 of the IBC, the insolvency resolution process shall mandatorily be completed within a period of 330 days from the insolvency commencement date, including any extension of the period of CIRP granted under Section 12 of the IBC.

the Resolution Plan in question is in violation of section 30(2) (a) of the IBC. The NCLAT subsequently modified the Resolution Plan to include this claim in accordance with the law.

If a homebuyer failed to file his/her case then will his/her case will not be taken and his grievances won’t be solved? The answer to this question is “NO”! The reason here is that the limitation period in the case of a homebuyer is continuous in view of the non-handing over of the possession of the unit.

Claims that do not form part of the resolution plan will be extinguished on the date of the adjudicating authority’s acceptance of the resolution plan. This ruling has reaffirmed the IBC’s goal, which is for the Corporate Debtor to start over with a clean slate based on the resolution plan.