Submission and Updation of Claims during Liquidation – Is there a difference?
July 2019 amendment to the Liquidation Regulations introduced the concept of updating of claims already filed during CIRP. The Article analyses this amendment to understand the difference between submission and updation of claims.
Read MoreCIRP APPLICATION CAN BE ADMITTED EX-PARTE
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
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
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 MoreNCLT HAS THE POWER TO EXCLUDE THE PERIOD OF DELAY IN APPOINTING THE “RP” IN PLACE OF THE “IRP”: NCLAT
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 MoreA TAKE ON THE JOURNEY OF THE INDIAN INSOLVENCY LAW
A TAKE ON THE JOURNEY OF THE INDIAN INSOLVENCY LAW The Insolvency and Bankruptcy Code, 2016 was enacted in India as an Economic Reformation Legislation to promote economic freedom of businesses in India ensuring that the economic assets of the Nation are put to best alternative use. Resolution of the stressed asset is at the
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