CONSTITUTIONAL VALIDITY OF INSOLVENCY AND BANKRUPTCY CODE

By Richa Saraf, (legal@vinodkothari.com) Read more

Inapplicability of Limitation Act to Insolvency and Bankruptcy Code?

By Richa Saraf , (legal@vinodkothari.com)

 

In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the IBC is time barred, as the debt claim related to the years 2011, 2012 and 2013 and it was held that the Limitation Act, 1963[3] (Limitation Act) does not apply to IBC. Below we discuss the ruling along with its analysis: Read more

STATUS OF THE CLAIM MADE BY AN ALLOTTEE OF A PROPERTY AGAINST THE DEVELOPER OF SUCH PROPERTY

By Preksha Dugar, under the aegis of Vinod Kothari & Company

Introduction:

Delays in delivering possession by housing developers after receiving the consideration for the same to the respective allottees, has become a prominent issue in the recent times. The issue of the delays has been highlighted owing to the fact that despite incurring the complete expenditure for the apartments or flats, the allottees are rendered helpless financially when the huge sums of money spent by them are with the developers who are either insolvent or incapable of delivering the possession of such apartments or flats even after passage of years beyond the agreed date of delivery. The insolvency of the developer leaves the individual or the entity, which is the allottee in a disadvantageous position with the developer unjustifiably gaining while the interests of the allottee are prejudiced. Read more

Amendment in SAST and ICDR in line with the Insolvency Code.

By Rohit Sharma (resolution@vinodkothari.com)

Introduction

That any Act or Statute evolves and gaps in it are removed while the same become effective and is implemented – is a known theory.

With the implementation of the Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) and with passing days of such implementation, the gaps in the Code / linked statutes are being realized and accordingly corresponding amendments are being brought. Read more

Home buyers breathe a sigh of relief

By Vallari Dubey, (resolution@vinodkothari.com)

IBBI amends CIRP Regulations to include claims of other creditors

IBBI has taken a step towards making positive changes in the Insolvency and Bankruptcy Board of India (‘the Code’). The amendments being brought to Regulations pertaining to Corporate Insolvency Resolution Process, provides a relief to home buyers, who are stuck in the depth of undelivered or unfinished houses. With the aid of the amendments, such home buyers can now proceed to file their claims to the Resolution Professional under the Code. Read more

Home buyers breathe a sigh of relief: CIRP Reg. Amended in favour of other creditors