CIRP APPLICATION CAN BE ADMITTED EX-PARTE
- By: Ranjitha Jain Dhanakeerthi
- Insolvency Law
- Jun 1
- Comments (0)
According to Section 7 of the code, application for initiation of CIRP is admitted after ascertaining the existence of default in respect of debt owed. In this case, the CD has acknowledged the existence of default but neither repaid it nor filed any reply-affidavit to the notices which clearly indicates that there is no violation of principles of natural justice by the Adjudicating Authority. Accordingly, the NCLAT dismissed the appeal.
Read MoreIBC (Amendment) Ordinance, 2019: Practical Difficulties in filing CIRP Application by Home Buyers
- By: Manoj Basniwal
- Virtualaw
- Feb 29
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The Insolvency and Bankruptcy (Amendment) Ordinance, 2019, introduced many important amendments and one among them is the threshold requirement for initiation of CIRP by home buyers. The Author made an attempt to highlight practical difficulties in filing CIRP application by home buyers after this Ordinance.
Read MoreDIRECTORS’ DUTIES DURING TWILIGHT ZONE
- By: Vijay Sekar
- twilightzone
- Feb 17
- Comments (0)
During twilight zone, it is highly likely that the directors or the senior management might enter into vulnerable transactions which can be prejudicial to the interests of stakeholders. The Author made an attempt to highlight the do’s and dont’s of a director during twilight zone.
Read MoreSC: NOT INCLINED TO INTERFERE WITH THE DECISION OF CoC OF DHFL TO COMMENCE LENDING OPERATIONS
- By: Prakul Thadi
- Supreme Court
- Feb 4
- Comments (0)
The Supreme Court rejected the plea of depositors of DHFL and opined that it is not inclined to interfere with the decision of CoC. This article is an attempt to explore FRDI Bill assuming DHFL is being resolved under FRDI.
Read MoreWITHDRAWAL OF CIRP APPLICATION: ONLY POSSIBLE WAY TO REGAIN CONTROL BY PROMOTERS UNDER IBC
WITHDRAWAL OF CIRP APPLICATION: ONLY POSSIBLE WAY TO REGAIN CONTROL BY PROMOTERS UNDER IBC Withdrawal of application for initiation of corporate insolvency resolution process (“CIRP”) after its admission was originally not part of the Insolvency and Bankruptcy Code, 2016 (“Code” or “IBC”) as passed by the Parliament nor its originally notified rules or regulations. It
Read MoreFALL OF ‘DEFAULTER’S PARADISE’: HOW THREE YEARS LATER, IBC IS INDIA’S MOST AGILE ECONOMIC REFORM.
FALL OF ‘DEFAULTER’S PARADISE’: HOW THREE YEARS LATER, IBC IS INDIA’S MOST AGILE ECONOMIC REFORM. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 was promulgated by the President on December 28, 2019. This is the fourth amendment to the Insolvency and Bankruptcy Code, 2016 (“Code” or “IBC”) ever since it was enacted three years ago
Read MoreFINANCIAL STRESS & INSOLVENCY ISSUES FOR MSMEs
FINANCIAL STRESS & INSOLVENCY ISSUES FOR MSMEs Micro, Small and Medium Enterprises (MSMEs) are amongst the strongest drivers of economic development, innovation, and employment. The sector also contributes in a significant way to the growth of the Indian economy with a vast network of about 63.38 million enterprises. The sector contributes about 45% to manufacturing
Read More“GOVERNING LAW” CLAUSE OF AN AGREEMENT CANNOT RESTRICT THE JURISDICTION OF NCLT: NCLAT
- By: Prakul Thadi
- NCLAT
- Dec 13
- Comments (0)
“GOVERNING LAW” CLAUSE OF AN AGREEMENT CANNOT RESTRICT THE JURISDICTION OF NCLT: NCLAT CASE SUMMARY EXCEL METAL PROCESSORS LIMITED – Appellant Vs BENTELER TRADING INTERNATIONAL GMBH AND ANR. – Respondents (Company Appeal (AT) (Insolvency) No. 782 of 2019) Judgment dated 21.08.2019 by Justice S. J. Mukhopadhaya and Justice A.I.S. Cheema 1. Issue in Consideration: Whether the
Read MoreNCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT
- By: Prakul Thadi
- Resolution Appicant
- Dec 13
- Comments (0)
NCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT CASE SUMMARY Mrs. Vandana Garg – Appellant vs Reliance Capital Ltd. & Anr. – Respondent (Company Appeal (AT) (Insolvency) No. 603 of 2019) Order dated July 2, 2019 by Justice S.J. Mukhopadhaya (Chairperson), Justice A.I.S.
Read MoreMONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT
- By: Prakul Thadi
- NCLAT
- Dec 13
- Comments (0)
MONEY RECEIVED AS LOAN WITH REGARD TO FUTURE SUPPLIES OF MATERIAL BE TREATED AS FINANCIAL DEBT: NCLAT CASE SUMMARY Gaurav Agrawal, Director M/s. Albus India Ltd. – Appellant vs M/s Tuf Metallurgical (P) Ltd. & M/s Albus India Ltd. – Respondents (Company Appeal (AT) (Ins) No.212 of 2019) Order dated September 4, 2019 by
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