With the amendments came a surge of landmark decision that was laid down by various levels of the Judiciary system with respect to the evolution of Insolvency and Bankruptcy Code. Right from the inclusion of a construed time period for Corporate Insolvency Resolution Process to a timeline provided for e bidding processes. This article will majorly deal with cases which
The National Company Law Tribunal in the month of November initiated Corporate Insolvency Resolution Process against leading Delhi based construction group “Today Homes and Infrastructure” under Section 7 of the Insolvency and Bankruptcy Code, 2016 wherein a Financial Debtor can go against the Corporate Debtor. Facts of the case The Construction group has been constructing Project site called Royal Elegancia
This initiative taken by the government aims at introducing a shorter, time bound, online financial bidding process in corporate insolvency process under the Code of 2016- this in turn will ensure the timeline as proscribed under the Code to be followed at all times, will improve transparency and also will reduce unnecessary litigation. Current scenario The bidding process which is
Introduction The article will deal with the ingredients of order 37 of Civil Procedure Code. Further, cases and explanation will be given as to what will constitute a summary suit and what does not fall under the ambit. It is to be noted that, a summary suit cannot be constituted by any court without the official notification given by the
Introduction The act contains provisions to deal with domestic and international arbitration, and defines the law for conducting conciliation proceedings. The Table given below deals with differences between the 2015, Amendment Act and the 2018, bill. Further the note also discusses about: Initiation of 12 month period in an arbitration trial Evolution of the Concept of Interim Relief (lacunae in
In the matter of Nupower Renewables Private Ltd. vs. Cape Infrastructure Private Ltd. (07.07.2017 – NCLT – Chennai) : MANU/NC/0983/2017: The Application has been filed by the Applicant u/s. 9 of the Insolvency and Bankruptcy Code, 2016 claiming the advance amount paid by the Applicant to the Respondent along with interest. Two main issues were discussed as follows: Whether the
There are various statistics discussing the success rate of IBC Code and various circulars and notifications to that effect are released time and again, what more could be better than the statistics given by the respected Financial Minister herself. The speech provided by the Financial Minister Nirmala Sitharaman is a must read and must know for all the Finance enthusiast
Before the introduction to the two major sections of the IBC Code it is pertinent to understand and interpret the meaning of default. Under the Code default means nonpayment of debt when whole or any part or installment of the amount of the debt has become due and payable and is not repaid by the debtor or the Corporate Debtor,
Possibly the highest rate of Insolvency claims in the year of 2019, the bankrupt status of jet Airways not only came as a shocker to the common public but also the aviation industry as Jet Airways seemed to have always managed their funds well in terms of profit. In 2019, almost 15 percent of flights did not fly and the
Overview The Arbitration Act, 1996 and the Insolvency and Bankruptcy Code, 2016 upon its inception have provided multifarious options to aggrieved parties; the common ground with these two enactments is that it ensures a time bound process. The article essentially deals with, limitation act vis a vis the impact of Arbitration Act on the proceedings initiated under IBC. Finally, the
