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When a power company is financially distressed, its creditors can initiate an insolvency resolution process where IBC in the Power Industry play important role, to either restructure the debt or find a new investor to take over the project. This framework facilitates a more streamlined approach to managing financial difficulties within the power sector, which […]
The goal of IBC Promotes Entrepreneurship by establishing a transparent and time-bound process for resolving distressed businesses. The streamlined process under the IBC can increase lenders’ confidence in providing credit to new businesses, as they have a clearer understanding of the potential recovery mechanisms in case of default. Let’s look into this in more detail. […]
The National Company Law Tribunal (NCLT) issued an order dated 22.12.2023, directing all litigants, advocates, or parties to follow the pre-requisite outline on formatting, proper book marking of Petition/Applications/Pleadings/Documents, electronic signature using e-Sign, retention of originals etc. at time of E-filing Matters in NCLT portal https://efiling.nclt.gov.in, which came into effect on 01.01.2024. It mentions mandatory […]
When a company is unable to meet its financial obligations and the Adjudicating Authority has decided that it must be wound up, the company will undergo liquidation proceedings in the Insolvency and Bankruptcy Code, 2016 (“the IBC”). The IBC provisions outline the process for initiating the liquidation of a corporate debtor under certain conditions, which […]
The Insolvency and Bankruptcy Code, 2016 (IBC) provides for a speedy and efficient dispute mechanism for the resolution process. Under the IBC, the different classes of people may initiate the process, one of whom is operational creditors. Section 9 of IBC allows for an operational creditor to file an application with the Adjudicating Authority to […]
The Arbitration and Conciliation Act, 1996 (hereon forward known as “the Act”) governs both domestic and international arbitration, including the enforcement of foreign arbitral awards. It is essentially a legal framework for resolving disputes outside of traditional court systems through a process where parties mutually agree to appoint an arbitrator to make a binding decision […]
Critical Analysis Of Section 29A has emerged as a comprehensive legislation with a speedy and specific procedure for dealing with the issue of insolvency. One of the main objectives of the IBC is to provide the corporate debtor with a resolution plan. Before the Amendment Act, of 2017, there were no specific criteria or qualifications […]
Insolvency proceedings are important to resolve the financial issues of companies and require all parties involved in such proceedings to be genuine and provide accurate information. In India, the Insolvency and Bankruptcy Code, 2016 (IBC) is the comprehensive framework to address insolvency and ensure timely resolution. Doctrine of Antecedent Debt is the primary goal to […]
All insolvency cases involve several legal issues, such as restructuring of the company, asset distribution, debt recovery, etc. The jurisdiction of the Adjudicating Authority, the National Company Law Tribunal NCLT under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC). These matters may require that one case be present before different courts, leading to […]
There are several stakeholders involved in making the resolution process effective, including the Committee of Creditors under Section 21 of IBC. The CoC has a crucial role in the outcome of the proceedings, their decisions determine the revival or liquidation of the distressed companies. The Insolvency and Bankruptcy Code, 2016 (IBC) governs the formation of […]
