ILB is an initiative of GLC & Partners

HomeTagInsolvency Archives - Page 2 of 2 - Indian Law Blog

In the case of Lokhandwala Kataria Construction Pvt. Ltd (Corporate Debtor) v. Nisus Finance & Investment Managers LLP (civil appeal NO. 9279 OF 2017), the main issue before the Hon’ble Supreme Court was that whether the Adjudicating Authority could utilize its inherent powers under Rule 11 of the NCLAT Rules, 2016 to allow an application...

Section 6 of the Insolvency and Bankruptcy Code, 2016 (the “Code”) provides for “Persons who may initiate corporate insolvency resolution process” wherein the financial creditor, operational creditor or the corporate debtor itself, may “initiate the insolvency resolution process”. An application for insolvency of a corporate debtor or corporate person may be filed under Sections 7, 8 and...

The Insolvency and Bankruptcy Code, 2016 (the “Code”) allows initiation of an insolvency process, under Section 6 in the prescribed manner, by financial creditors, operational creditors or the corporate debtor itself. Section 5(20) has defined an ‘operational creditor’ as “a person to whom an operational debt is owed and includes any person to whom such debt...

Once the Corporate Insolvency Resolution Process (the “CIRP”) has been initiated under Sections 7, 8 and 9 of the Insolvency and Bankruptcy Code,2016 (the “Code”), the Resolution Professional (the “RP”) shall constitute a Committee of Creditors (the “CoC”) under Section 21 of the Code. Section 21(2) of the Code states that the CoC “shall comprise...

An Insolvency Law Committee (“the Committee”) was set up on 16th November 2017 to recommend issues to the Government that are arising from implementation of the Insolvency and Bankruptcy Code, 2016 (“the Code”). The Committee in its report (the “Report”) dated 26th March 2018 has made several recommendations for amendments to the Code, including reducing...