Analysis of acceptance or rejection of the application [Section 7(4) and Section 7(5)] and judicial pronouncements.
Category: Decoding the Code Non-Series
Rulings on clubbing concept in IBC to meet the minimum threshold amount of default to initiate CIRP
NCLT Benches, NCLAT, High Courts and Supreme Court rulings on clubbing concept in IBC is categorized in the following points: 1. Filing of jointly application to meet the minimum amount of the default 1.1 Filing of joint application by Operation Creditors to meet the minimum amount of the default 1.2 Filing of joint application by Financial Creditors to meet the minimum amount of the default 2. Clubbing of Interest in Principal amount to meet the minimum amount of the default 2.1 Clubbing of interest in case of Operational Debt 2.2 Clubbing of interest in case of Financial Debt 3. Clubbing of the two difference work orders/invoices/separate debt
Rulings on Regulation 21A of IBC Liquidation Process, whether period of 180 days is mandatory or directory
Recently, NCLT Kochi Bench comprising of Shri P. Mohan Raj, Member (J) and Shri Satya Ranjan Prasad, Member(T) held that the period of 180 days prescribed under Regulation 21A(2)(b) of IBBI (Liquidation Process) 2016 to is mandatory and cannot be extended. In this part of the Decoding the Code series, we analysis various cases laws on the time period prescribed under Regulation 21A(2)(b) of IBBI (Liquidation Process) 2016.
Landmark judgment on the Period of Limitation under IBC – Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr. – Supreme Court
Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. & Anr.[2020] ibclaw.in 16 SC Cases referred in the judgment Case Name Citation NCLAT (impugned order) [2019] ibclaw.in 23 NCLAT Innoventive Industries Ltd. v. ICICI Bank [2017] ibclaw.in 02 SC B.K.…
To identify preferential transactions under Sec. 43 of the Insolvency and Bankruptcy Code 2016 (IBC) in any CIRP, step to be taken by a Resolution Professional
On a motion made by the resolution professional after and in terms of the exercise aforesaid, the Adjudicating Authority, in its turn, shall have to examine if the referred transaction answers to all the descriptions noted above and shall then decide as to what order is required to be passed, for avoidance of the impugned transaction or otherwise. Looking to the legal fictions created by Section 43 and looking to the duties and responsibilities of the resolution professional and the Adjudicating Authority, ordinarily an adherence to the process illustrated hereinabove shall ensure reasonable clarity and less confusion; and would aid in optimum utilization of time in any insolvency resolution process.
Analysis of Minimum amount of default under Section 4 of Insolvency and Bankruptcy Code 2016 (IBC)
CIRPCIRP Application and withdrawal Analysis of Minimum amount of default under Section 4 of IBC Section 4 provides minimum threshold limit of default to file application to initiate Insolvency Resolution and Liquidation for Corporate Persons under the Code. The status…
Filing application by Financial Creditor before NCLT under Section 7 of the Insolvency and Bankruptcy Code 2016 (IBC)
How to file application before NCLT by Financial Creditor under section 7 of the Insolvency and Bankruptcy Code, 2016. Section 7 of IBC
Procedure of filing application by Operational Creditor before NCLT under Section 8 & 9 of the Insolvency and Bankruptcy Code 2016 (IBC)
How to file application under section 9 of IBC by Operational Creditors.
Initiation of CIRP by corporate applicant under Section 10 of the Insolvency and Bankruptcy Code 2016 (IBC)
Initiation of CIRP by corporate applicant under Section 10 of the IBC
Operational Debt and Operational Creditor under Insolvency and Bankruptcy Code 2016 (IBC)
How to file application before NCLT by Financial Creditor under section 7 of the Insolvency and Bankruptcy Code, 2016. Section 7 of IBC