The application filed by the homebuyers under section 7 of IBC shall be maintainable. Therefore the homebuyers are advised to approach NCLT under IBC to recover their stuck money in a time-bound manner.
An insolvency petition admitted u/s 7 ,9 or 10 can only be withdrawn by the appellant with approval from 90% of the creditors.
Section 248(1) of Companies Act 2013 provided for suo moto power of ROC to struck off the company name If registrar has reasonable cause to believe.
The Supreme Court rejected an appeal by Dalmia Bharat , one of the bidder who lost out to UltraTech Cement in the second round of bidding, to stay the resolution process of Binani Cement.
The NCLT has suggested to IBBI that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”.
The National Company Law Tribunal has dismissed an insolvency application filed by Gemini Innovations, raising doubts over the “unnatural” facts listed by the company in its filing
The regulator is planning to come out with a discussion paper on compliance with SEBI standards by listed companies undergoing insolvency resolution process.
In this article we have discussed about the procedures of filing a case before NCLT and the required documents.