Tag: crip
Payment received for shares, duly issued cannot be a debt under Insolvency and Bankruptcy Code. Personal loan to Promoter/Director cannot trigger CRIP -SC ABACUS Case Law CitationABCAUS 3375 (2020) (08) SC Important case law relied upon by the parties:Innoventive Industries Ltd. v. ICICI Bank and Anr.B. K. Educational …
Limitation period for making application for initiation of CIRP is three years from date of default. IBC not a money recovery legislation for creditors – SC ABACUS Case Law CitationABCAUS 3365 (2020) (08) SC Important case law relied upon by the parties:B. K. Educational Services Pvt. Ltd. vs. …
Useful and important judgments for Insolvency Professionals conducting Liquidation Process giving Significant directions and observations Insolvency and Bankruptcy Board of India (IBBI) has issued a communication consisting of significant directions and observations derived from the judgments of the Adjudicating Authority (AA), the National Company Law Appellate Tribunal (NCLAT), …
Ordinance to suspend initiation of corporate insolvency resolution process The President of India has promulgated the Insolvency and Bankruptcy Code (Amendment) Ordinance 2020. As per the Ordinance, COVID-19 pandemic has impacted business, financial markets and economy and created uncertainty and stress for business. Further the Ordinance …
MCA notifies framework for insolvency and liquidation proceedings of Financial Service Providers (FSPs) other than banks. Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and …
Income Tax/Sales Tax Department and local authority are Operational Creditor under Insolvency and Bankruptcy Code, 2016 – NCLAT ABCAUS Case Law Citation: ABCAUS 2838 (2019) (03) IBBI Important Case Laws Cited/relied upon by the parties Central Bank of India vs. State of Kerala & Ors.─ (2009) 4 SCC …
MCA notifies persons who can file application for initiating CRIP against corporate debtor on behalf of financial creditor MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 27th February, 2019 S.O. 1091(E).—In exercise of the powers conferred by sub-section (1) of section 7 of the Insolvency and Bankruptcy Code, …
IBBI, has issued a Chart of Responsibilities of IRP / RP and CoC in a CIRP for the help of Insolvency Professionals and Committee of Creditors involved in the Corporate Insolvency Resolution Process. Insolvency and Bankruptcy Board of India 7th Floor, Mayur Bhawan, Connaught Place, New Delhi-110001 Facilitation …
Limitation Act applicable to IBC 2016 from its inception for CRIP applications filed under Sections 7 and 9 – Supreme Court ABCAUS Case Law Citation: ABCAUS 2569 (2018) (10) SC The present case laws deals with Section 238A of the Insolvency and Bankruptcy Code, 2016 (Code), which was inserted …
Jaypee Infratech Insolvency proceedings to continue at NCLT-We cannot be unmindful of interests of 92% of home buyers who preferred possession of homes-SC ABCAUS Case Law Citation: ABCAUS 2460 (2018) 08 SC The instant writ had been filed under Article 32 of the Constitution for protecting the interests …
