Recently, The National Company Law Tribunal (NCLT), Kolkata ruled in the case of Mahavir Industrial Corporation vs. Hindustan Controls and Equipment Private Limited that it lacks the jurisdiction to set aside an arbitral award even if it has been passed in course of moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC). The …
Before the enactment of the Insolvency and Bankruptcy Code, 2016[1](IBC), the legislative framework in India relating to the legal basis of the Insolvency and Restructuring conduct of the corporate persons, limited liability partnership firms, individuals and partnership firms was very disintegrated. The existence of multiple laws and complexities resulted in delays in the timely resolution …
Introduction To counteract the impact of COVID-19 on the economic system, the Government of India (GOI) has declared a slew of legislative / regulatory relaxation initiatives as well as specialized financial programmes in a variety of fields To cope with the global recession, the minimum amount for starting the Corporate Insolvency Resolution Process (CIRP) …
Critical Analysis of the changes in IBC Threshold Read More »
The Insolvency and Bankruptcy Code, 2016 is divided into three distinct parts. The following are the III Parts of the code: I. Preliminary II. Insolvency Resolution and Liquidation for Corporate Persons III. Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms Individuals and corporates are the two types of guarantors that usually guarantee a …
Introduction On 14th August 2020, the National Company Law Appellate Tribunal (“NCLAT”) in Sushil Ansal v. Ashok Tripathi, held that a ‘decree-holder’ would not come under the definition of ‘financial debt’ under section 5(8) of the Insolvency and Bankruptcy Code, 2016 (“the Code”), therefore, application under section 7 of the Code was not maintainable. This …
“Decree Holders” Under IBC: NCLAT’s Contentious Precedent Read More »
