The National Company Law Tribunal (“NCLT”), is the forum which has extensive authority to rule on matters "arising out of" or "in relation to" the insolvency resolution of corporate debtors under the IBC regime. The law related to insolvency was fragmented before enactment of Insolvency and Bankruptcy Code, 2016. The Apex Court in the case of Innoventive Industries Ltd v ICICI Bank (2017) ibclaw.in 02 SC observed the significant objective behind enactment of IBC was to bring all cases dealing with insolvency resolution and liquidation under a single umbrella code.
In this article the Author have stated excerpts of judgements in simplified language which can help us in getting a better understanding of Reverse CIRP, further, also pointed out the pre-requisites for Reverse CIRP and differences between CIRP and Reverse CIRP.
In this article, the authors have pondered upon the question of prevalence between the IBC and PMLA.
The last couple of months and also in this month beginning a barrage of discussion papers on the various draft regulations were floated by IBBI ostensibly with the objective of making the code more exhaustive as well as effective. These discussion papers on draft regulations when crystalized into actual Regulations after taking into due consideration of the stakeholders’ comments, it becomes an integral part of the code and are expected to serve its primary objectives that were outlined in its Birth Certificate way back in 2016 when IBC was brought in through the parliamentary process prescribed under the Constitution. Let’s all participate actively in this journey towards making IBC as the flagship legislation of a New India
Can the landlord say or raise a plea before NCLT as there exists a pre-existing dispute, proceedings before the NCLT should not hamper the eviction proceeding pending in the Small Causes Court and hearing of eviction suit should not be stayed as stated under Section 14 of the Code. Can it even be said that provisions of the Code cannot prevail over the Rent Act.
There are very peculiar issues still subsisting in the IBC, as it is fairly new Code having prolonged teething problems, of which one of the major issues that is usually encountered while filing an application under Section 9 of the IBC, is determining the date of default. The present article ponders upon the determination of the suitable date of default under Section 9 Application of the Code, for the commencement of an insolvency proceeding. This article also analyses which invoice date should be taken into consideration in case of multiple invoices? It is necessary to determine which invoice date, amongst all, shall be used as the date of default.
This article is an attempt to examine the issue of admission of an insolvency petition where arbitration proceedings are pending/ongoing and the vice versa appointment of an Arbitrator (or the initiation of Arbitration proceedings) during the stage of pendency of an Insolvency Petition, in the light of the analysis of recent judgments and Orders.
This blog explores the evolution and application of the doctrine of substantial consolidation in the context of real estate insolvency, examining key cases and the potential it holds for streamlining the insolvency process and safeguarding stakeholders’ interests.
Writ Jurisdiction of High Court over matters decided by NCLT under IBC Rapaka SravyaStudent of the Post Graduate Insolvency Program (PGIP) at IICA Any party who feels his rights were subjected to prejudice by the NCLT's decision under Part II…
Through a catena of the orders, the tribunals have made it clear that the inherent jurisdiction of the Adjudicating Authority may be invoked to seek revival of the withdrawn insolvency proceeding in case of non-adherence to the settlement agreement. In a nutshell, the only prerequisite to be fulfilled for the revival of CIRP proceedings is either the NCLT has granted the liberty to seek the revival or if the settlement agreement itself permits the revival of CIRP proceedings in case of default, provided that the same has been brought on record of the NCLT while withdrawal of the insolvency proceeding.