The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.
Nirav Modi scam and the ICICI Bank controversy were amongst the top notch cases that the NCLT is dealing with and Government is taking keen interest in resolving these issues.
Reserve Bank of India’s (RBI’s) controversial February 12 circular that bankruptcy proceedings will kick in 180 days.
The government has made it clear that it doesn’t want any defaulting promoters back until they clear their dues.
The homebuyers have got a huge sigh of relief, and are finding it easier to get their money back which was a big deal before the enactment of IBC.
The ministry of corporate affairs is readying what many believe to be IBC 2.0. The ordinance recommended by the Union Cabinet on Wednesday was part of the plan.
The ministry of corporate affairs showed that over 2,100 companies have cleared their outstanding amounts, a majority of which came after the government amended the IBC.
An Insolvency and Bankruptcy Board of India (IBBI) will be established. This Board (IBBI) will oversee the work of Insolvency and Bankruptcy of corporate persons, firms and individuals.
In this article we have discussed about liquidation, its initiation, contents and when Adjudicating Authorities can pass an order for it.
A article on how to rectify defects if any in the application for initiation of Corporate Insolvency Resolution Process along with case laws.