1 comment on “Analysis on time limit under Section 12 of the Code for completion of CIRP”

Analysis on time limit under Section 12 of the Code for completion of CIRP

“Decoding the Code” Analysis on time limit under section 12 of the Code for completion of insolvency resolution process  (Updated up to 30.05.2019) As per the Insolvency and Bankruptcy Code, 2016 (the Code), the procedure involved in the Corporate Insolvency…

0 comments on “All about the Moratorium under IBC including judicial pronouncements”

All about the Moratorium under IBC including judicial pronouncements

"Decoding the Code" All about the Moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 including judicial pronouncements    Since the enforcement of the Insolvency and Bankruptcy Code, 2016 ('IBC' or 'the Code'), the moratorium term has been…

0 comments on “Persons who may initiate CIRP against Corporate Debtor”

Persons who may initiate CIRP against Corporate Debtor

"Decoding the Code" Persons who may initiate Corporate Insolvency Resolution Process(CIRP) Chapter-II of the Insolvency and Bankruptcy Code, 2016 (referred as 'IBC' or 'the Code') covers Corporate Insolvency Resolution Process(CIRP). As per Section 6 of the Code, following persons may…

0 comments on “Can a bank file an application for initiating CIRP against another (bank) when a default has occurred?”

Can a bank file an application for initiating CIRP against another (bank) when a default has occurred?

A financial creditor or an operational creditor cannot file application for initiating CIRP against financial service provider even if they maybe corporate entities because these are not corporate debtors under the Insolvency and Bankruptcy Code, 2016.  Financial Service provider can file application to initiate CIRP against any corporate debtor, if the corporate debtor commits defaults. However, if a bank takes loan from the another (bank) or from any financial service provider, the debt taker bank cannot file application for initiating CIRP against other bank(or against financial service provider) as debt owned bank is out of purview of the Code as a financial service provider as discussed in the this article.  Similarly, insurer is out of purview of the Code.