The Insolvency and Bankruptcy Code, 2016 (hereinafter referred
as "the Code") passed by the Parliament is a welcome
overhaul of the existing framework dealing with insolvency of
corporate, individuals, partnerships and other entities. It paves
the way for much needed reforms while focusing on creditors driven
insolvency resolution. One of the main essences of the Code is Time
Bound Resolution Process of the financial assets of the company.
The Code gives timeline of 180 days for Corporate Insolvency
Resolution Process (hereinafter referred as "CIRP"),
which can be extended to 270 days, for completion of the resolution
process1. However, the Code also provides provisions to
expedite more the resolution process in the form of Fast Track
Insolvency Resolution Process. It aims to accelerate the insolvency
resolution process of certain categories of corporate debtors with
lesser complexities. The fast track process which can be initiated
by a creditor or the cor
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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 ...