Moratorium Under Insolvency and Bankruptcy Code -EasyLegalTax
Insolvency and Bankruptcy Code, 2016 (“IBC”) has given new hope to the financial market in India. Before IBC the debt recovery system in India was in a complete clutter, which was affecting the Indian Economy. The IBC has introduced the concept of moratorium under Section of the I & B Code in a Company which undergoes the corporate insolvency resolution process (in short CIRP) as soon as a Petition/Application either filed by a Financial Creditor or an Operational Creditor or a Corporate Applicant is admitted.
Obligation under “TAKE OR PAY” agreement:-is it operational Debt under IBC - EasyLegalTax
For filing Complaint for recovery of money under IBC the one should be either financial creditor or operational creditor. To qualify as creditor in either of the category- financial or operational creditor the one must be qualified as per the definition of owing financial debt or operational debt. It is always been and debated issue that weather a particular nature of debt will be termed as d e b t under the IBC law or not.
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