Initiation of CIRP - As per the ‘Companies (Acceptance of ...

Non-repayment of deposits triggers Tribunal jurisdiction u/s 74(2); Corporate Debtor faces insolvency process.

February 23, 2021

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - As per the ‘Companies (Acceptance of Deposits) Rules, 2014’, the term ‘deposit’ is defined under rule 2(1) (c ) in an inclusive fashion. The meaning of ‘deposit’ is elongated by covering receipts of money in any other form. For approaching the jurisdiction of the ‘Tribunal’ as per Section 74(2) of the ‘Companies Act, 2013’, even a partial failure by the Company to repay the deposit was sufficient. - the ‘Respondent/’Corporate Debtor’ squarely comes within the ambit of definition of ‘Financial Debt’ - AT

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Initiation of CIRP - As per the ‘Companies (Acceptance of ...

Non-repayment of deposits triggers Tribunal jurisdiction u/s 74(2); Corporate Debtor faces insolvency process.

February 23, 2021

Case Laws Insolvency and Bankruptcy AT

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