Section 14: moratorium -EASYLEGALTAX
The moratorium regarding Insolvency and Bankruptcy Code, 2016 ('IBC') implies a period wherein no legal procedures for recovery, enforcement of security interest, sale or transfer of assets, or termination of essential contracts can be established or proceeded against the Corporate Debtor. This brings up a fascinating issue on the issue of the pertinence of the Moratorium to the procedures under Section 138 of the Negotiable Instruments Act, 1891 (NI Act).
Whether an IRP can dispossess any person from Corporate Debtor's property which is under litigation
The above question of law has been referred by the Bench of NCLT, Mumbai. Ld. Member Judicial, Shri Bhaskara Pantula Mohan while deciding the Application filed by one Pravin Blaggan (who was in occupancy of the Shed) held that the IRP is allowed to take possession of the shed, whereas, Ld. Member Technical, Shri Nallesenapathy held that the IRP was not empowered to dispossess any person in the case in hand, especially when the same is sub judice before a civil court.
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.
What is Insolvency & Bankruptcy Code- EasyLegalTax
Insolvency and Bankruptcy Code 2016 is one of the biggest steps undertaken by India towards much required economic reform of country. That’s why Government has rolled out such a code in a very speedy manner for its implementation