DCB Bank Limited- (Financial Creditor) filed application under Section 7 of the Code against M/s. Fort Biotech Private Limited- (Corporate Debtor) which was admitted on 8th March, 2019. Though no petition on behalf of the Corporate Debtor (M/s. Fort Biotech Private Limited) was maintainable through the suspended Board of Directors having taken over by the IRP on behalf of the Corporate Debtor, an application was filed for review or recall of the order dated 8th March, 2019 on the ground that the Corporate Debtor had not received the notice as there was a dispute between the landlord of premises with the Corporate Debtor. The Adjudicating Authority (NCLT), Jaipur Bench (Rajasthan) by impugned order dated 7th June, 2019 held that it has no power of review nor it can recall the order under Rule 11 of the National Company Law Tribunal Rules, 2016. NCLAT has affirmed the above decision of the NCLT.
RBI (Prudential Framework for Resolution of Stressed Assets) Directions 2019 RBI Circular: RBI/2018-19/ 203 DBR.No.BP.BC.45/21.04.048/2018-19 June 7, 2019 Prudential Framework for Resolution of Stressed Assets IntroductionIn exercise of the powers conferred by the Banking Regulation…
During proceeding under Section 230, if any, objection is raised, it is open to the Adjudicating Authority (National Company Law Tribunal) which has power to pass order under Section 230 to overrule the objections, if the arrangement and scheme is beneficial for revival of the ‘Corporate Debtor’ (Company). While passing such order, the Adjudicating Authority is to play dual role, one as the Adjudicating Authority in the matter of liquidation and other as a Tribunal for passing order under Section 230 of the Companies Act, 2013. As the liquidation so taken up under the ‘I&B Code’, the arrangement of scheme should be in consonance with the statement and object of the ‘I&B Code’.
Section 18 of the ‘I&B Code’ deals with ‘Duties of Interim Resolution Professional’. As per which, it is the duty of the ‘Interim Resolution Professional’ to take over the control and custody of any assets over which the ‘Corporate Debtor’ has ‘ownership rights’ as recorded in the balance sheet of the ‘Corporate Debtor’ which includes the assets that may or may not be in possession of the ‘Corporate Debtor. The term “assets” do not include the assets owned by a third party in possession of the ‘Corporate Debtor’It is the duty of the ‘Interim Resolution Professional’ to take control and custody of any asset over which the ‘Corporate Debtor’ has “ownership rights” as recorded in the balance sheet of the ‘Corporate Debtor’. Even if it is not in possession of the ‘Corporate Debtor’, a person who is in possession of the same is bound to hand over the same to the ‘Resolution Professional’, when title still vests with ‘Corporate Debtor’.
The Banning of Unregulated Deposit Schemes Ordinance, 2019
The Valuation Standards have been issued by the Institute of Chartered Accountants of India to set up concepts, principles and procedures which are generally accepted internationally having regard to legal framework and practices prevalent in India.
Insolvency provisions under the Sale of Goods Act, 1930 (Bare Act): SALE OF GOODS ACT, 1930 [3 of 1930] CHAPTER I PRELIMINARY Section 1: Short title, extent and commencement. 1. (1) This Act may be called the Sale of Goods Act, 1930.…