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IBC - Highlights / Catch Notes

Home Highlights April 2023 Year 2023 This

Admitting Section 7 application - Initiation of CIRP - where the ...

Insolvency and Bankruptcy

April 27, 2023

Admitting Section 7 application - Initiation of CIRP - where the Corporate Debtor did not file any reply and also did not file application for recall of order dated 23.11.2021 forfeiting right to file reply, the Adjudicating Authority did not commit any error in admitting Section 7 application.- AT

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  1. Corporate Insolvency Resolution Process - existence of eligible debt - Operational Creditor had provided security services to the Corporate Debtor and maintained a...

  2. Initiation of Corporate Insolvency Resolution Process - financial creditor - home buyers - failure to pay assured return /monthly rent - The applicants fall within the...

  3. Dismissal of Application u/s 7 for initiation of CIRP - Period of limitation - In the Application, which was filed u/s 7, the Appellant has not brought on record the OTS...

  4. Admission of section 7 application - financial debt owed by the Corporate Debtor or not - Home Buyers - The application was filed by respondents, who were allottees in a...

  5. CIRP admitted - locus of shareholder of the Corporate Debtor - prima-facie there is no specific law which allows any shareholder of the Corporate Debtor to challenge the...

  6. Corporate insolvency process - Each workman’s due is more than rupees one lakh and the ‘Corporate Debtor’ having defaulted to pay the amount, the application was fit to...

  7. Initiation of insolvency resolution of a personal guarantor of the Corporate debtors - The law doesn't envisage that the insolvency resolution of the personal guarantor...

  8. Initiation of CIRP - NCLT admitted the application - Power of NCLT to refuse the application - Refusal of banks to extend the Bank Guarantees of the Corporate debtor - ,...

  9. Maintainability of application - initiation of CIRP - While a written contract cannot be treated as a pre-requisite to proving the existence of financial debt, the...

  10. Initiation of CIRP - sub-sequent application was maintainable, as we find that financial debt is payable to the appellants, particularly the second appellant as there is...

 

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