WebFeb 17, 2024 · Section 60(1) depicts a situation wherein CIRP or liquidation process has not been initiated, whereas u/s 60(2), the CIRP/liquidation process has already been initiated and is pending before the NCLT. Section 60(3) is concerned with the transfer of proceedings from the DRT to the NCLT when CIRP/liquidation proceedings are … WebJul 17, 2024 · In deciding that a foreign entity is competent to initiate CIRP proceedings under section 9 of the IBC, the NCLT has, rightly so, taken a creditor-friendly approach and followed Supreme Court’s lead in Macquarie Bank Ltd. v. Shilpi Cable Technologies Ltd., wherein the Supreme Court held that a foreign creditor could not be barred from the ...
Corporate Insolvency Resolution Procedure - India Law Offices
WebSep 26, 2024 · Following this, the Hyderabad bench of the NCLT on September 21 ordered the withdrawal of CIRP proceedings against Oil Country, while relieving the insolvency … WebMar 19, 2024 · The CIRP proceedings were initiated as the principal debtor, being a society, was not amenable to the insolvency proceedings under the code. Moreover, two separate insolvency applications were filed by the creditor and admitted simultaneously against the two corporate guarantors for the same claim amount and default. green flag rating by customers
Timeline for Corporate Insolvency Resolution Process
WebFeb 18, 2024 · However, there lies a lacuna in the IBC, as the law failed to protect government companies established in the interest of public from the clutches of insolvency proceedings. Nevertheless, the Supreme Court has settled the debate on the initiation of CIRP process against government companies, at least for the time being. – Soumyajit … WebApr 10, 2024 · The NCLAT observed that the NCLT is not a debt collection forum and IBC cannot be purely used to initiate the CIRP to penalize solvent company for non-payment of dues. The NCLAT, further observed that having accepted 6% interest, the second respondent was now claiming an interest at 18% p.a., recovery proceedings of this … WebJun 21, 2024 · Facts of the Case. In the instant case, the appellant bank (the financial creditor) had extended some credit facilities to the corporate debtor. The corporate … flush failed