Time limit for completion of Insolvency Resolution Process -EasyLegalTax
As per Section 12 of the Insolvency and Bankruptcy code, the whole procedure involved in the Corporate Insolvency Resolution Procedure (CIRP) should be completed within 180 days. However, same can be duly extended up to 90 days. In nutshell, the resolution procedure should be completed within 270 days, failing to which the Adjudicating Authority will initiate Liquidation procedure under Chapter III of the Code.
Corporate Insolvency Resolution Process -EasyLegalTax
After the admission of application for corporate insolvency, submitted to the Adjudicating Authority by the corporate debtor, financial creditor or operational creditor under section 7,9 or 10 of the Insolvency and Bankruptcy Code, 2016 (“I & B Code”), the Corporate Insolvency Resolution Process (“CIRP”) commences.
RERA complaint against builder -EasyLegalTax
As the fastest growing economy of the world, India is witnessing heavy development in the form of setting up of new industries, new residential development. Rural population is heavily migrating around the metropolitan cities because of which heavy construction is going around the main cities of India like Mumbai, Kolkatta, Banglore, Delhi even many others. Mushrooming of builders with residential projects has been registered with heavy numbers but sadfully, the volume with which projects have been setup, out of which lots of builders had defaulted the money of innocent home buyers.