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When a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders | Whether a claim is admissible or not is a question, which need to be looked into by the Resolution Professional – Harpal Singh Chawla Vs. Vivek Khanna and Ors. – NCLAT New Delhi

When CIRP was commenced against the Corporate Debtor, all Financial Creditors are entitled to file claim as per the CIRP Regulations, 2016. The real-estate allottees are Financial Creditors as per provisions of the IBC and in event any real-estate allottee has a claim against the Corporate Debtor, he is fully entitled to file a claim on commencement of the CIRP against the Corporate Debtor. It is true that when a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders. Whether a claim filed by a Financial Creditor in a class, deserves admission, is a question, which need to be first looked into by the RP as per the statutory regulations governing the collation and verification of the claim.

When a unit holder is handed over possession and a Conveyance Deed has also been executed, no claim survives of such unit holders | Whether a claim is admissible or not is a question, which need to be looked into by the Resolution Professional – Harpal Singh Chawla Vs. Vivek Khanna and Ors. – NCLAT New Delhi Read Post »

A shareholder who is not a member cannot maintain an application under section 241 of the Companies Act 2013 – Nipha Trade and Commerce Pvt. Ltd. Vs. Girish Malpani – NCLT Hyderabad Bench

The Adjudicating Authority held that no rights arise till such registration takes place. The completion of the transaction by having the name entered in the register of members relates it back to the time when the transfer was first made. The company recognises no person except one whose name is on the register of members, upon whom alone calls for unpaid capital can be made and to whom only the dividend declared by the company is legally payable. Of course, between the transferor and the transferee, certain equities arise even on the execution and handing over of ‘a blank transfer’, and among these equities is the right of the transferee to claim the dividend declared and paid to the transferor who is treated as a trustee on behalf of the transferee.

A shareholder who is not a member cannot maintain an application under section 241 of the Companies Act 2013 – Nipha Trade and Commerce Pvt. Ltd. Vs. Girish Malpani – NCLT Hyderabad Bench Read Post »

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