201806.14
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HOME BUYERS IN THE CLUB OF FINANCIAL CREDITORS

HOME BUYERS IN THE CLUB OF FINANCIAL CREDITORS UNDER IBC (AMENDMENT) ORDINANCE 2018-Amendment w.e.f. 6th June, 2018 With the background of pathetic condition of home buyers due to malpractice of builders and recent developments, an ‘Explanation’ has been added to Section 5(8)(f) of IBC as under; “An amount raised from an allottee under a real estate project…

201803.21
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IBC – A Savior for Employees

   IBC – A Savior for Employees The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) provides that all the employees and workmen must be considered within the meaning of the operational creditors as defined under Section 5 (20) of the IB Code which states that: “”Operational creditor” means a person to whom…

201712.23
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Essential Criteria For Financial Creditor Under IBC

Essential Criteria For Financial Creditor Under IBC In NIKHIL MEHTA AND SONS V. AMR INFRASTRUCTURE LTD. C.A. (I.B.) No. 543/KB/2017 arising out of C.P. (I.B.)/170/KB/2017 The NCLAT laid down essential criteria’s to be fulfilled for a Creditor to come within the meaning of ‘Financial Creditor’:- i.A person to whom a ‘Financial debt’ is owed and…

201712.11
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Insolvency Ordinance Faces Challenge

Insolvency Ordinance Faces Challenge The Insolvency Ordinance, has been challenged in the form of Writ Petition before the Punjab and Haryana High Court, by RMS Pvt. Ltd. Facts: RMS Pvt. Ltd. had defaulted on approximately Rs. 100 Crores worth of loan. The resolution plan for repayment of dues to the lenders, had been submitted by…

201711.29
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Changes & Impact Under IBC Through Changes By Ordinance

Changes & Impact Under IBC Through Changes By Ordinance               The Insolvency & Bankruptcy Code (Amendment) Ordinance, 2017                                                            Changes & Impact Assent- It received the assent of Honourable President of India on 23rd November,2017 Date of effect – It is effective from 23rd November,2017 itself. Aim – The following is the aim to…

201710.12
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IBC AND GST – GAME CHANGERS IN LAW

IBC AND GST – GAME CHANGERS Insolvency and Bankruptcy Code (IBC) and Goods and Services Tax(GST) are set to create new notions in law. IBC has been infused in various laws including GST laws. AMLEGALS anticipate that interesting issues will crop due to overlapping of debts under IBC in context with various laws. Whereas, GST will…

201709.23
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Existence of Dispute Under IBC-SC

                               “Existence of Dispute” Under IBC,2016 A bench of Supreme Court, comprising of Justice R.F. Nariman and Justice Sanjay Kishan Kaul, in Mobilox Innovations Private Limited Versus Kirusa Software Private Limited, in Civil Appeal No. 9405 of 2017 dealt on the issue  of existence of…