Initiation of CIRP u/s 7 - financial debt in terms of IBC or not ...

Insolvency and Bankruptcy

December 14, 2023

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 the Appellant was a collaborator and not a financial creditor. There was no disbursement for time value of money by the Appellant within meaning of Section 5(8) of IBC. The Adjudicating Authority has correctly adverted to the real nature of the transaction between the parties to hold that the same cannot become the basis of filing a Section 7 application. - AT

View Source

← Previous Next →

Initiation of CIRP u/s 7 - financial debt in terms of IBC or not ...

Insolvency and Bankruptcy

December 14, 2023

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

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 - 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...

Admission of section 7 application - initiation of CIRP against the Corporate Debtor - existence of debt and default or not - When the Financial Creditor had repeatedly...

Initiation of CIRP u/s 7 of the IBC - financial debt or not - Period of limitation - Advance paid subject to execution of the share purchase agreement - NCLT rejected...

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

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

Initiation of CIRP - Financial Debt or not - It is clear that the amount provided by PEC as financial assistance, and claimed by it as financial debt under IBC, is...

Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for...

Initiation of CIRP - period of limitation - whether the issuance of Recovery Certificate would not trigger the right to sue. - A liability in respect of a claim arising...

Rejection of application against admission of CIRP u/s 7 application filed by the Financial Creditor - The tribunal pointed out that the corporate debtor’s financial...

Initiation of CIRP - Cut of date for deferring IBC provisions due to COVID-19 - Financial Distress or not - The date of the initiation of the CIRP is the date on which a...

Quick Updates: