Initiation of CIRP - The Assignment to Suraksha is not a bona ...

Insolvency and Bankruptcy

September 15, 2022

Initiation of CIRP - The Assignment to Suraksha is not a bona fide one, peculiar to the facts of the attendant case and the loan amounts do not satisfy the essential requisites of a ‘Financial Debt’ as envisaged under the Code. This Tribunal observed that the fundamental scope & objective of IBC is ‘Resolution’ and ‘Maximization of Assets’ and not ‘Recovery’ of loans which do not strictly fall within the definition of ‘Financial Debt’ as defined under Section 5(8) of the Code. - AT

View Source

← Previous Next →

Initiation of CIRP - The Assignment to Suraksha is not a bona ...

Insolvency and Bankruptcy

September 15, 2022

You may also like:

Penalty u/s 271(1)(c) - The Revenue may or may not agree with this understanding of law of the assessee but the fact that there can be a bona fide view to that effect...

Exclusion of appellant from the Committee of Creditors (CoC) - The Resolution Professional deemed Rare ARC (appellant) akin to a related party, thus ineligible for CoC...

Suspension of initiation of CIRP - On the basic principle of statutory interpretation, the provision of Section 10A is capable of only one meaning that is suspension of...

Penalty for non deduction of tax at source - bona fide belief proved - penalty set aside - AT

CIRP - Financial Creditor - Assignment of debt - Requirement of registration of assignment deed - requirement of proper stamping of the assignment deed - There are no...

Delay in implementation of approved Resolution Plan - In the present case, the Approved Resolution Plan has been alleged to be contravened by the Successful Resolution...

Initiation of CIRP - Period of limitation - It is now well settled that the provisions of the Limitation Act are applicable to proceedings under the IBC as far as may be...

Non-compliance of summons - inquiries are continued even after a decade - the assessee is not required to demonstrate the bona fides to the hilt and no infallible proof...

Refund alongwith the interest - generation of e-way bill in the name of petitioner was a bona fide mistake or not - Apparently, courier receipt/invoice and eway bill,...

Classification of goods - toys, viz., Talking Parrot - bona fide belief - penalty, as imposed on the appellant/assessee is not justified in the facts of the present case - HC

CIRP - Bona fide Home Buyers’ of the Villa - This ‘Tribunal’, keeping in mind of the surrounding facts and circumstances of the instant case, on a careful consideration...

Initiation of CIRP - threshold of Rupees One Crore - Default by Corporate Debtor is a condition precedent which gives right to the Operational Creditor to file...

Initiation of CIRP - time limitation - assignment of debt - it is clear that the debt has been assigned to the first Respondent and as on the date of the assignment it...

Initiation of CIRP - If the CIRP is initiated against one of the Corporate Debtors, after such initiation the Financial Creditor cannot trigger CIRP against the other...

Withdrawal from CIRP on the ground that the Applicant is in the process of re-structuring the debt of the Corporate Debtor - As a matter of fact, in this case no...

Quick Updates: