Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights February 2020 Year 2020 This

The scope of Insolvency Code is to proceed in respect of an ...


Insolvency Code: Use Only for Undisputed, Clear Debts, Not Civil Disputes. Avoid Misuse in Ambiguous Cases.

February 11, 2020

Case Laws     Insolvency and Bankruptcy     Tri

The scope of Insolvency Code is to proceed in respect of an undisputed debt, the payment of which is defaulted. This Bench under Insolvency Code is not constituted to settle Civil disputes. Only in respect of a defined and unambiguous debt the Insolvency Proceedings are to be commenced.

View Source

 


 

You may also like:

  1. Initiation of CIRP - Operational Creditors - existence of debt and dispute or not - This petition has been filed to recover disputed debt, which is not the object of the...

  2. Pecuniary Jurisdiction - whether non-payment of TDS amount is debt or not - Present is a case where the Operational Creditor has misused the process of I&B Code in...

  3. The Corporate Debtor admitted outstanding operational debt owed to the Operational Creditor, citing adverse cash flow as the reason for non-payment, without attributing...

  4. Initiation of CIRP - the ‘Lease’ in the instant case, is a ‘Financial Lease’ and comes to an irresistible conclusion that there is ‘Financial Debt’ as per section 5(8)...

  5. Initiation of CIRP - existence of debt and dispute or not - Operational Creditors - NCLT admitted the application - The present is not a case where there is an...

  6. Initiation of CIRP - since the I&B Code is not a complete Code, provisions of Limitation Act are attracted to proceedings under it before NCLT and NCLAT as far as...

  7. Initiation of CIRP - The I&B Code, 2016 is not a ‘Debt Enforcement Procedure’. The application of an ‘operational creditor’ is not maintainable, if the ‘Corporate...

  8. Initiation of CIRP - existence of debt of dispute or not - There is no claim regarding the principal amount and the issue of contention is demurrage and detention...

  9. The circular issued by the Insolvency and Bankruptcy Board of India outlines the requirement for Insolvency Professionals (IPs) to file specific forms electronically to...

  10. Oppression and mismanagement - maintainability of suit of appellant - Cumulatively, unless, there is specific bar excluding the jurisdiction of the civil Court on any...

  11. Maintainability of Section 7 application under Insolvency and Bankruptcy Code (IBC) for non-payment of debt analyzed. Financial contract not mandatory for establishing...

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

  13. Whether the appellant's claim can be classified as a Financial Debt or Operational Debt under the Insolvency and Bankruptcy Code, 2016.

  14. Validity of application admitted for initiation of CIRP - It cannot be held that there was any dispute in regard to the transaction in question. It seems that in order...

  15. Initiation of CIRP - real estate project - The nature of Debt is a "Financial Debt" as defined under section 5(8) of the Code. It has also been established that there is...

 

Quick Updates:Latest Updates