Insolvency and Bankruptcy Code, 2016 (the Code) is enacted to
consolidate and amend laws pertaining to insolvency and resolution.
Part II of the Code deals with the Insolvency Resolution and
Liquidation for 'Corporate persons'. Under this part of the
code; financial creditors, operational creditors and corporate
debtors can initiate corporate insolvency process.
financial creditor includes a person to whom a financial debt is
owed1. And corporate person has been defined under sub
section 7 of section 3 and it stipulates that corporate person
includes company, limited liability partnership or any other person
incorporated with limited liability. And corporate debtor means a
person who owes a debt to any person2.
Section 7 gives power to financial creditor to file an
application against corporate debtor. This research note will
basically be discussing the grounds on the basis of which an
application under sect
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The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities.
The Insolvency and Bankruptcy Code, 2016 (IBC) has consolidated and amended the laws relating to reorganization and insolvency of corporate persons, partnership firms and individual firms.
Recently, NCLAT faced a situation in State Bank of India v. Mr. V. Ramakrishnan and Ors. [Company Appeal (AT) Insolvency no. 213 of 2017], where the State Bank of India had appealed...
Insolvency, explained simply, refers to an individual or an entity's inability to pay debts due from it. The recent and most illustrious enactment by the Parliament, the Insolvency and Bankruptcy Code, 2016 encompasses this wide-ranging arena of insolvency and bankruptcy.
The prohibition contained in section 14 of the Insolvency and Bankruptcy Code 2016, ("the Act") against the initiation and continuation of legal proceedings...
The moratorium in terms of Insolvency and Bankruptcy Code, 2016 (‘IBC') means a period wherein no judicial proceedings for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential contracts can be instituted or continued against the Corporate Debtor.
The Hon'ble Calcutta High Court on February 2, 2018, upheld the validity of Section 7, 8 and 9 of the Insolvency and Bankruptcy Code, 2016 in the case of Akshay Jhunjhunwala & anr. v. Union of India.
In proceedings with regards to the provisions of the Insolvency and Bankruptcy Code, 2016 the Bombay High Court has passed a landmark judgement ruling that an application under IBC may be made even in cases where ...