Initiation of CIRP - Assignment of debt during pendency of the ...

Insolvency and Bankruptcy

December 16, 2022

Initiation of CIRP - Assignment of debt during pendency of the proceeding u/s 7 - there is no prohibition in the IBC or any of the Regulations from continuing the proceeding by an assignee. Section 5(7) of the IBC which defines ‘Financial Creditor’ also includes a person to whom such debt has been legally assigned or transferred to. By virtue of assignment, Respondent No.1 become the Financial Creditor and having stepped in the shoes of ‘Housing Development Finance Corporation Limited’, it has every right to continue the proceeding which was initiated by Respondent No.2. - AT

View Source

← Previous Next →

Initiation of CIRP - Assignment of debt during pendency of the ...

Insolvency and Bankruptcy

December 16, 2022

You may also like:

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

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...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

Initiation of CIRP - Since Adjudicating Authority has not relied upon the “confirmation and undertaking” and has come to a conclusion that there is a debt and default...

Initiation of CIRP u/s 7 - classification of Commission on sales - Financial Debt or not - threshold limit - The Adjudicating Authority analyzed the definition of...

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 u/s 7 - Financial Creditor or not - In so far as the findings of the Adjudicating Authority are concerned that both the parties being joint venture...

Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The...

Initiation of CIRP - NCLT rejected the application u/s 7 - The Corporate Debtor had accepted before the AA that it is not in a position to repay `debt’ because of...

Initiation of CIRP - Claim beyond the period of limitation - The Adjudicating Authority, exercising powers under Section 7 or Section 9 of IBC, is not a Debt Collection...

Initiation of CIRP - Operational Creditors - pre-existence of dispute - The NCLT, exercising powers under Section 7 or Section 9 of IBC, is not a debt collection forum....

Initiation of CIRP - threshold limit for triggering CIRP - joint application - The statute i.e., Section 7 of the IBC as amended vide Gazette Notification dated...

Threshold limit for triggering CIRP - Validity of Section 7 of the Insolvency and Bankruptcy Code, 2016 - Initiation of CIRP by Financial Creditors - The statute i.e.,...

Initiation of CIRP u/s 7 - financial debt in terms of IBC or not - The terms and conditions of the Agreement between the Appellant and the Respondent makes it clear that...

Initiation of CIRP - application made on the basis of an Assignment Deed - the Respondent No.1 having clearly stepped into the shoes of SBI and on having acquired the...

Quick Updates: